In the latest financial report, American Bitcoin (ABTC), co-founded by Eric Trump and Donald Trump Jr., has announced significant profits for the third quarter (Q3) of the year. The company, operating as a miner and buyer of the world’s largest digital asset, experienced a profit boost due to improved margins.
Throughout the quarter, the company acquired over 3,000 BTC through a combination of mining operations and strategic purchases, joining companies like Strategy (formerly MicroStrategy) in accumulating Bitcoin and betting on its long-term prospects.
Eric Trump also emphasized the success of American Bitcoin’s strategy in the third quarter, underscoring the efficiency of their scalable and asset-light mining operations in generating Bitcoin below market rates.
Ho further emphasized the company’s strong performance in the third quarter, showcasing accelerated growth in mining capacity, revenue, and gross margin improvements, he stated:
Our third-quarter performance reflects the speed, discipline, and precision with which we are executing against our differentiated Bitcoin accumulation model. We more than doubled our mining capacity, more than doubled revenue, and grew gross margin by seven percentage points quarter-over-quarter.
On Friday, the company’s stock, ABTC, surged by 5% toward the $5 mark. Meanwhile, Bitcoin has continued to decline in price since mid-October, reaching $95,328 at the time of this writing — a 24% drop from its all-time high.
Featured image from DALL-E, chart from TradingView.com
