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The Trump family-associated mining company ABTC once again reports quarterly losses, but the losses have narrowed.
BlockBeats News, May 7 — Bitcoin mining company American Bitcoin (ABTC), supported by Eric Trump, the son of Donald Trump, announced its latest financial report. The company recorded losses for the second consecutive quarter, but the loss narrowed compared to previous periods due to increased Bitcoin mining revenue.
The report states that American Bitcoin improved its financial performance by enhancing mining farm operational efficiency amid the current bearish crypto market environment, but the company’s performance still heavily depends on Bitcoin price movements. Previously, the company experienced a sharp decline in stock price due to a crypto market correction.
American Bitcoin recorded a loss of approximately $59 million in the fourth quarter of last year, with its stock price dropping about 90% from its peak. American Bitcoin was founded with the support of Hut 8, Eric Trump, and Donald Trump Jr., and is regarded as an important part of the Trump family’s crypto business portfolio.