American Bitcoin (ABTC.US), supported by the Trump family, bucked the trend and increased its Bitcoin holdings to 8,000 for the third consecutive quarter

The Zhitong Finance App learned that American Bitcoin (ABTC.US), a Bitcoin mining company and treasury company supported by the Trump family, lost money for the third consecutive quarter due to falling Bitcoin prices. The Miami-based company announced on Monday that it lost $57 million in the second quarter, or $0.80 per share, compared to a loss of $82 million in the first quarter; revenue for the second quarter was $67 million compared to $62 million in the previous quarter.

American Bitcoin was founded with the participation of Eric Trump, son of US President Trump, and Donald Trump Jr. In the context of many mining companies transforming into AI infrastructure providers, the company is one of the few listed companies that still focus on Bitcoin mining.

American Bitcoin Chief Strategy Officer Eric Trump said in a statement: “Our confidence in Bitcoin is unwavering, and our goal is very clear: to achieve continuous quarterly growth and build America's leading Bitcoin giant in the long term.”

Although the company claims that mining efficiency continues to improve and the scale of computing power continues to expand, the cryptocurrency bear market continues to drag down its stock price, and the stock prices of other companies with large or leveraged exposure to Bitcoin are also under pressure. As of June 30, the number of bitcoins held by American Bitcoin increased to about 8,000, an increase of about 14% over the first quarter.

The company had a high-profile listing in September last year, but its stock price plummeted by a cumulative total of about 95% from its high point, forcing the company to carry out a 1:15 reverse stock split in July to maintain its NASDAQ listing position.

During Trump's re-election as President of the United States and Bitcoin prices soared, a large number of companies announced their transformation into digital asset treasury companies (DATs), and American Bitcoin was one of them. These companies raise capital by issuing stocks or bonds, and invest the vast majority of the raised capital into cryptocurrency assets.

Trump began supporting the crypto industry during the 2024 election campaign and promoted several key regulatory initiatives during his second term, including new legislation for stablecoin issuers. He also appointed a number of rule-makers deemed friendly to the industry.

However, the much-publicized US “Digital Asset Market Clarity Act” is slowing down, and the latest results of Coinbase (COIN.US) and Strategy (MSTR.US) are disappointing, and market risk appetite has further cooled down. Bitcoin fell below $63,000 on Friday, hitting a new low in about two weeks.

American Bitcoin is one of many crypto projects set up by the Trump family. Other projects include the decentralized finance platform World Liberty Financial. According to financial disclosure information, Trump was the biggest profiteer in the US crypto sector last year, drawing at least 1.4 billion US dollars from crypto-related businesses.

As of press time, American Bitcoin was down 0.97% in the premarket.