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

Aug 3 : 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 per cent 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 per cent 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.