Aug 3 (Reuters) – 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.
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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% jump from the prior quarter
• Its focus on mining pushed quarterly production to a record, with about 932 bitcoin mined in the second quarter
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• Bitcoin prices slid over 11% 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.
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• Revenue jumped to about $67 million from $30.3 million a year earlier.
(Reporting by Utkarsh Shetti in Bengaluru)
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