The Trump family's supported American Bitcoin (ABTC.US) has reported losses for three consecutive quarters, while increasing its Bitcoin holdings to 8,000 coins against the trend.

Due to the decline in Bitcoin prices, American Bitcoin (ABTC.US), a Bitcoin mining and treasury company supported by the Trump family, reported a loss for the third consecutive quarter. The Miami-based company announced on Monday that it incurred a loss of $57 million in the second quarter, translating to a loss of $0.80 per share, compared to a loss of $82 million in the first quarter; revenue for the second quarter was $67 million, up from $62 million in the previous quarter. American Bitcoin was co-founded by Eric Trump and Donald Trump Jr., the sons of former U.S. President Donald Trump. Amid the backdrop of several mining companies transforming into AI infrastructure providers, the company remains one of the few publicly traded firms that still focuses on Bitcoin mining. Eric Trump, Chief Strategy Officer of American Bitcoin, stated in a press release, "Our confidence in Bitcoin is unwavering, and our goals are clear: to achieve continuous quarter-over-quarter growth and to build a leading Bitcoin giant in the United States over the long term." Despite the company claiming that mining efficiency is continuously improving and the scaling of computing power is expanding, the ongoing cryptocurrency bear market continues to weigh down its stock price, with other companies holding significant or leveraged exposure to Bitcoin also facing pressure on their stock prices. As of June 30, American Bitcoin's holdings of Bitcoin increased to approximately 8,000 coins, a growth of about 14% compared to the first quarter. The company went public with much fanfare in September of last year, but its stock price has plummeted by approximately 95% from its peak, forcing the company to conduct a 1-for-15 reverse stock split in July to maintain its listing on Nasdaq. During Trump's potential re-election as President of the United States and the surge in Bitcoin prices, many companies have announced their transformation into digital asset treasury companies (DATs), with American Bitcoin being one of them. These companies raise funds through stock or bond issuances and invest the majority of the funds raised into cryptocurrency assets. Trump began supporting the crypto industry during his 2024 campaign, promoting several key regulatory measures during his second term, including new legislation targeting stablecoin issuers. He has also appointed some regulators seen as friendly to the industry. However, the much-discussed U.S. Digital Asset Market Clear Act has seen slow progress, and the latest disappointing performances from Coinbase (COIN.US) and MicroStrategy (MSTR.US) have further cooled market risk appetite. Bitcoin fell below $63,000 last Friday, hitting a new low in about two weeks. American Bitcoin is one of many crypto projects associated with the Trump family, with other projects including the decentralized finance platform World Liberty Financial. Financial disclosures indicate that Trump was the largest beneficiary in the U.S. crypto space last year, recording at least $1.4 billion from crypto-related businesses. As of the time of writing, American Bitcoin's pre-market trading was down 0.97%.