The Nasdaq-listed Bitcoin miner American Bitcoin said it produced a record 932 BTC in the second quarter, generating $67 million in mining revenue—a rise of 8% compared to the previous quarter. The company, co-founded by Eric Trump and Donald Trump Jr., reported a net loss of $57.2 million for the period, though the loss narrowed from $81.8 million in Q1.
The firm completed a 1-for-15 reverse stock split in June to avoid delisting from the Nasdaq, according to filings. As of 30 June, American Bitcoin held 8,002 BTC, with 3,090 tokens pledged to Bitmain under equipment agreements.
Bitcoin Treasuries, a data aggregator, ranked American Bitcoin as the 16th-largest Bitcoin treasury company “at the time of writing,” though the position may have shifted. Hut 8, the majority owner of the company, has not publicly commented on the latest financial results.
The share price closed at $5.52 on Friday, following the earnings report released on Monday. Pre-market trading on Monday saw volatility ahead of the disclosure.
Written by Oliver Grant
Markets Desk
