American Bitcoin reports 932 BTC production in Q2, lifting revenue to $67 million while reducing net loss to $57.2 million.
Nasdaq-listed American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., produced a record 932 BTC in the second quarter, driving mining revenue up 8% to $67 million from $62.1 million in Q1. The company narrowed its net loss to $57.2 million from $81.8 million in the prior quarter.
Despite improved production and revenue, the miner remains unprofitable. It held 8,002 BTC as of June 30, with 3,090 BTC pledged as collateral for equipment purchases. The company also executed a 1-for-15 reverse stock split to maintain its Nasdaq listing after its share price fell below exchange requirements.
The results highlight ongoing challenges for publicly traded miners, including financial strain and exposure to Bitcoin price volatility.