American Bitcoin, a cryptocurrency company backed by two of U.S. President Donald Trump's sons, reported a net loss of $57.2 million in the second quarter of 2026, a sharp reversal from a $3.4 million profit in the same period last year. The loss was attributed to a selloff in cryptocurrency amid market volatility driven by rising geopolitical tensions, which pushed investors into a risk-averse stance and pressured crypto asset prices.

Despite these headwinds, American Bitcoin increased its holdings to over 8,000 bitcoins in the quarter, marking a 14% rise from the previous quarter. The company's focus on mining led to a record quarterly production of approximately 932 bitcoins. However, bitcoin prices declined by more than 11% from April to June 2026.

Revenue for the quarter nearly doubled to about $67 million, up from $30.3 million a year earlier. CEO Mike Ho stated, "Despite bitcoin headwinds in Q2, we stayed focused on what we can control."

The company's performance highlights the challenges faced by crypto firms amid fluctuating market conditions, even as operational milestones are achieved.

Sources