Trump-affiliated mining company American Bitcoin recorded a record output in the second quarter, and losses narrowed

Comparatively, American Bitcoin, a US listed Bitcoin mining company, announced financial results for the second quarter. Driven by the increase in mining production, the company's quarterly output reached a record high, revenue growth, and net loss narrowed compared to the previous quarter.

According to the data, American Bitcoin mined 932 bitcoins in the second quarter, driving an 8% year-on-year increase in mining revenue to $67 million, up from $62.1 million in the first quarter. The company's net loss was $57.2 million, a significant decrease from $81.8 million in the first quarter.

American Bitcoin was co-founded by Eric Trump (Eric Trump) and Donald Trump Jr. (Donald Trump Jr.), and is linked to the Trump family. Currently, most of the shares are held by Bitcoin mining company Hut 8.

As of June 30, the company held approximately 8002 BTC, and secured approximately 3,090 BTC as part of the relevant arrangement due to an agreement with Bitmain to purchase mining machines. According to Bitcoin Treasury data, American Bitcoin was the 16th largest Bitcoin reserve company in the world at the time.

Previously, as the stock price fell below the NASDAQ minimum quotation requirement, American Bitcoin completed a 1 split of 15 reverse stock splits in July to maintain listing eligibility. The company's stock closed down 6.4% to $5.52 on Friday, rising slightly in pre-market trading after earnings were released.

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