Trump-Linked American Bitcoin (ABTC) Posts $59M Q4 Loss as Bitcoin Slump Hits Treasury Holdings
Bitcoin Magazine
American Bitcoin Corp. reported a $59 million Q4 net loss due to the falling value of its bitcoin treasury holdings.Summary
American Bitcoin Corp. (ABTC), a mining company linked to the Trump family, reported a fourth-quarter net loss of $59 million, primarily driven by a non-cash loss of $227 million from revaluing its bitcoin treasury holdings following a 23% drop in Bitcoin's price during Q4. The company's Q4 revenue was $78.3 million, slightly missing estimates. ABTC ended the year holding 5,401 BTC, which has since increased to over 6,000 BTC, partly funded by a $150.5 million stock offering during the quarter. Despite the paper loss, the company maintained a 53% gross mining margin. Shares of ABTC, which went public in September before Bitcoin hit a record high, have since fallen nearly 90% from their peak.
(Source：Bitcoin Magazine)