American Bitcoin produced a record 932 BTC during the second quarter, according to company reports. The Nasdaq-listed company, co-founded by Eric Trump and Donald Trump Jr., also saw its mining revenue increase by 8% to $67 million, up from $62.1 million in the previous quarter.
The company reported a net loss of $57.2 million for the second quarter. This figure represents a narrowing of the loss from the $81.8 million reported in the first quarter.
Total Bitcoin held by American Bitcoin as of June 30
As of June 30, American Bitcoin held approximately 8,002 BTC. At the time of writing, the company was ranked as the 16th-largest Bitcoin treasury company by data aggregator Bitcoin Treasuries.
American Bitcoin is majority owned by Hut 8. The company has pledged approximately 3,090 tokens under agreements with Bitmain to purchase mining equipment.
Following a period where shares fell below the Nasdaq minimum bid requirement, the company completed a 1-for-15 reverse stock split last month to maintain its listing. American Bitcoin (ABTC) shares closed down 6.4% at $5.52 on Friday, according to Yahoo Finance.
