yahoo Press
Trump brothers-backed American Bitcoin swings to second-quarter loss
Images
The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational. Aug 3 (Reuters) - American Bitcoin, backed by two of U.S. President Donald Trump's sons, swung to a second-quarter loss on Monday, hurt by a selloff in the cryptocurrency. Market volatility from surging geopolitical tensions has pushed investors into a risk-off mode, piling pressure on crypto asset prices. Here are some details: • American Bitcoin's holdings in the asset grew to over 8,000 in the quarter, a 14% jump from the prior quarter • Its focus on mining pushed quarterly production to a record, with about 932 bitcoin mined in the second quarter • Bitcoin prices slid over 11% in the quarter from April to June. • "Despite bitcoin headwinds in Q2, we stayed focused on what we can control," CEO Mike Ho said. • Net loss in the quarter was $57.2 million, compared with a profit of $3.4 million in the year-ago period. • Revenue jumped to about $67 million from $30.3 million a year earlier. (Reporting by Utkarsh Shetti in Bengaluru)
Comments
You must be logged in to comment.