Trump Bros' American Bitcoin Stock Rises After Q3 Revenue Spike

The Trump family-backed Bitcoin mining firm, American Bitcoin, reported a significant revenue increase in its quarterly results, causing its stock to rise despite bearish trends in the market for other miners. Operating under the ABTC ticker on Nasdaq, the company's stock initially dipped to $4.50 but later rebounded to approximately $4.83, a 2% increase within the day. The firm saw its revenue more than double compared to the previous year, marking its first financial report since going public in September. Eric Trump, the firm’s co-founder and chief strategy officer, expressed strong confidence in Bitcoin as an asset class. Despite overall declines in Bitcoin prices, the company has amassed over 4,000 Bitcoin, valued around $381 million. Established earlier this year with Hut 8 and later merging with Gryphon Digital Mining, American Bitcoin aims to position itself as a leading Bitcoin treasury and miner in the U.S.

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