American Bitcoin Reports Quarterly Loss But Boosts Bitcoin Stash
Bitcoin Magazine
American Bitcoin Reports Quarterly Loss But Boosts Bitcoin Stash
Publicly traded Bitcoin treasury and mining company American Bitcoin’s stock jumped on Monday following news that the firm’s crypto holdings had increased.
The company (NASDAQ: ABTC) reported a second-quarter loss on Monday due to the decline in Bitcoin’s price but still added the largest cryptocurrency to its holdings, boosting its stack from 7,021 to 8,002 coins. Its stock was trading over 5% higher Monday afternoon in New York.
American Bitcoin now has a reserve worth over $510.6 million today’s prices, after the company’s “highest quarterly production on record.” It now has the 16th largest Bitcoin treasury, according to Bitcoin Treasuries data.
“Our conviction in Bitcoin remains absolute, and our goal is simple: to deliver relentless growth, quarter after quarter, and build the preeminent American Bitcoin powerhouse for the long haul,” Eric Trump, American Bitcoin Co-Founder and Chief Strategy Officer, said.
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