Trump-linked bitcoin mining company lost $153 million last year
American Bitcoin, linked to the Trump family, reported a $59 million Q4 loss due to falling bitcoin prices impacting its holdings.Summary
American Bitcoin (ABTC), a bitcoin mining company partially owned by Eric Trump and Donald Trump Jr., reported a $59 million loss in the fourth quarter. This loss was largely driven by the plummeting price of Bitcoin, which forced the company to record a $227 million non-cash loss due to new FASB guidelines requiring crypto holdings to be marked to market, as Bitcoin's price fell 23% during the period. The company, which went public in September, is pursuing a strategy of mining and open-market purchases, funded by stock sales, and now holds over 6,000 BTC. Despite the quarterly loss, revenue rose 22% from Q3, and the company maintained a 53% gross margin on mined bitcoin. Shares are down nearly 90% from their peak last year.
(Source：CoinDesk)