Trump Bros' American Bitcoin Stock Rises After Q3 Revenue Spike

The Trump family-backed American Bitcoin mining firm announced its quarterly results, revealing a significant revenue increase. The company's stock, trading under the ABTC ticker on Nasdaq, initially dropped to $4.50 before rebounding to $4.83, marking a roughly 2% increase for the day. Despite a volatile market where Bitcoin prices declined to below $95,000, American Bitcoin reported over double the revenue compared to the previous year in its Q3 results. Eric Trump, co-founder and chief strategy officer, expressed strong belief in Bitcoin as an investment. The firm, aiming to be the most efficient Bitcoin miner in the U.S., currently holds over 4,000 Bitcoin, valued around $381 million. American Bitcoin formed this year from a joint venture including Hut 8 and was involved in a stock merger with Gryphon Digital Mining.

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