American Bitcoin, a cryptocurrency mining company backed by two sons of U.S. President Donald Trump, reported a second-quarter net loss as a decline in bitcoin prices offset record mining production and higher revenue.
The company said its bitcoin holdings increased by 14% during the quarter to more than 8,000 bitcoins, while its mining operations produced a record 932 bitcoins between April and June.
Bitcoin prices fell by more than 11% during the second quarter, reflecting broader market volatility driven by heightened geopolitical tensions, which pushed investors away from riskier assets, including cryptocurrencies.
“Despite bitcoin headwinds in Q2, we stayed focused on what we can control,” Chief Executive Officer Mike Ho said.
American Bitcoin posted a net loss of $57.2 million for the quarter, compared with a profit of $3.4 million in the same period last year.
Despite the loss, the company’s revenue more than doubled to approximately $67 million, up from $30.3 million a year earlier, driven by increased mining activity.
