Trump Family-Linked American Bitcoin (ABTC) Posts Q3 Profit, Doubles Revenue

American Bitcoin (ABTC), a bitcoin mining firm linked to the Trump family, reported a significant turnaround in its financial performance for the third quarter, achieving a net income of $3.47 million, compared to a loss of $576,000 in the same period last year. The company's revenue surged to $64.2 million, more than doubling from a year earlier, marking its first full quarter as a public entity after merging with Gryphon Digital Mining and spinning off from Hut 8’s operations. In the past month, ABTC increased its bitcoin holdings to 4,004 BTC, up from 3,418 BTC. Despite the positive earnings report, ABTC shares fell over 13% in pre-market trading due to broader market trends, with bitcoin's price declining by 7% within 24 hours. The firm expanded its mining capacity by approximately 2.5 times to reach 25 exahash per second.

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