American Bitcoin Reports Record Q2 Bitcoin Production, Narrows Loss

American Bitcoin posted record Bitcoin production in the second quarter, as higher mining output lifted revenue while the Trump family-linked miner remained in the red.

The Nasdaq-listed company, co-founded by Eric Trump and Donald Trump Jr., reported Q2 results on Monday, with record production of 932 Bitcoin helping lift mining revenue 8% to $67 million from $62.1 million.

The company reported a net loss of $57.2 million, narrowing from a $81.8 million Q1 loss.

American Bitcoin completed a 1-for-15 reverse stock split last month to maintain its Nasdaq listing after its shares fell below the exchange’s minimum bid requirement.

The Nasdaq-listed ABTC shares closed down 6.4% on Friday at $5.52 ahead of the earnings release and edged up less than 0.5% in premarket activity on Monday, according to Yahoo Finance.

The company, majority owned by Hut 8, said it held about 8,002 BTC as of June 30 and had pledged about 3,090 tokens under agreements with Bitmain to purchase mining equipment. It was ranked as the 16th-largest Bitcoin treasury company by data aggregator Bitcoin Treasuries at the time of writing.