00:00It's Benzinga, bringing Wall Street to Main Street.
00:02American Bitcoin swung to a second quarter net loss
00:05as lower Bitcoin prices weighed on results, according to Reuters.
00:10Bitcoin prices fell more than 11% during the April through June quarter
00:14as market volatility and geopolitical tensions pressured crypto assets.
00:19The company, backed by two of Trump's sons, reported a net loss of $57.2 million
00:25compared with a profit of $3.4 million a year earlier.
00:30Revenue rose to about $67 million from $30.3 million.
00:35American Bitcoin increased its Bitcoin holdings by 14% to more than 8,000
00:39and mined a record 932 Bitcoin during the quarter.
00:43CEO Mike Ho said the company remained focused on factors it could control
00:46despite the Bitcoin headwinds.
00:48For all things money, visit Benzinga.com.
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