Trumps’ American Bitcoin reports record BTC output, narrower Q2 loss
Trump-linked Bitcoin miner produced a record 932 BTC in the second quarter, lifting mining revenue 8% as its net loss narrowed from the previous quarter.
Trump-connected Bitcoin mining firm American Bitcoin reported a record 932 BTC produced in the second quarter, resulting in an 8% increase in mining revenue. Despite the higher output, the company continued to operate at a loss, narrowing its net loss from $81.8 million in Q1 to $57.2 million in Q2. The Nasdaq-listed firm, co-founded by Eric Trump and Donald Trump Jr., disclosed its Q2 results on Monday.
The company, which is primarily owned by Hut 8, had a total of approximately 8,002 BTC in its treasury as of June 30, with about 3,090 tokens pledged under agreements with Bitmain to acquire mining equipment. American Bitcoin completed a 1-for-15 reverse stock split last month to comply with Nasdaq's minimum bid requirement for listed shares.
The company's ABTC shares experienced a 6.4% decline to close at $5.52 on Friday, but slightly recovered to gain less than 0.5% in premarket trading on Monday. As of the latest data, American Bitcoin is ranked as the 16th-largest Bitcoin treasury company by Bitcoin Treasuries.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
