Trump brothers-backed American Bitcoin swings to second-quarter loss

Trump brothers-backed American Bitcoin swings to second-quarter loss

Mon, August 3, 2026 at 2:46 PM GMT+3 1 min read

• BTC-USD -0.81%
• ABTC -6.44%

Aug 3 (Reuters) - American Bitcoin, backed by two of U.S. President ‌Donald Trump's sons, swung to a ‌second-quarter loss on Monday, hurt by a ​selloff in the cryptocurrency.

Market volatility from surging geopolitical tensions has pushed investors into a risk-off mode, piling pressure on ‌crypto asset prices.

Here ⁠are some details:

• American Bitcoin's holdings in the asset grew ⁠to over 8,000 in the quarter, a 14% jump from the prior ​quarter

• Its ​focus on ​mining pushed quarterly ‌production to a record, with about 932 bitcoin mined in the second quarter

• Bitcoin prices slid over 11% in the quarter from April to June.

• "Despite ‌bitcoin headwinds in Q2, ​we stayed focused on ​what we ​can control," CEO Mike ‌Ho said.

• Net loss in ​the ​quarter was $57.2 million, compared with a profit of $3.4 million in the year-ago ​period.

• Revenue ‌jumped to about $67 million from $30.3 ​million a year earlier.

(Reporting by Utkarsh ​Shetti in Bengaluru)