Trump Family-Linked American Bitcoin Doubles Revenue in Q3 Amid Aggressive Mining Expansion
American Bitcoin, linked to the Trump family, reported a strong Q3 with $64.2 million in revenue and expanded its mining capacity significantly.Summary
American Bitcoin (NASDAQ: ABTC), a cryptocurrency mining firm backed by Eric Trump and Donald Trump Jr., reported a strong third quarter, achieving $64.2 million in revenue, a 453% year-over-year increase, and turning a net loss into a $3.47 million net income. The Miami-based miner, which recently spun out from Hut 8 and merged with Gryphon Digital Mining, aggressively scaled operations, increasing its mining capacity by 2.5 times to 25 exahash per second (EH/s) during Q3. The company also significantly grew its treasury, accumulating over 3,000 BTC during the quarter to end Q3 with 3,418 BTC, which grew further to 4,004 BTC this month. Despite strong fundamentals, ABTC shares fell amid a broader crypto market pullback. Eric Trump emphasized the firm's focus on production, accumulation, and long-term value creation.
(Source：Bitcoin Magazine)