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

American Bitcoin (ABTC), linked to the Trump family, reported a profitable third quarter, marking a significant turnaround from a loss in the previous year. During its first full quarter as a public company, ABTC achieved a net income of $3.47 million, an increase from a $576,000 loss last year. Revenue soared to $64.2 million, a fivefold increase compared to the previous year. The Miami-based company, 20% owned by Donald Trump Jr. and Eric Trump, expanded its Bitcoin mining capacity, increasing its holdings to 4,004 BTC. Following the report, ABTC shares fell more than 13% in pre-market trading amid a broader decline in the cryptocurrency market. The company's mining capacity grew to 25 exahash per second with an average efficiency of 16.3 joules per terahash. This financial performance comes after ABTC became a public entity through a merger and a spin-out from Hut 8's operations, which still maintains an 80% stake in the company.

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