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

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August 3, 2026 7:46 AM EDT

FILE PHOTO: Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin Corp., speaks during the the opening bell ceremony at the Nasdaq Market in New York City, U.S., September 16, 2025. REUTERS/Brendan McDermid/File Photo

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)


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