Trump brothers-backed American Bitcoin swings to second-quarter loss
Trump brothers-backed American Bitcoin swings to second-quarter loss Aug 3 (Reuters) - American Bitcoin ABTC.O, 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)
((UtkarshUmesh.Shetti@thomsonreuters.com;))