American Bitcoin Reports Record Q3 Profits Driven by Mining Operations
American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., reported significant profitability for the third quarter of 2023, according to financial statements released on Friday.
The company, which focuses on cryptocurrency mining and trading, saw revenues soar to $64.2 million, a notable increase from $11.6 million during the same period last year. Additionally, its gross margin improved by 7% compared to the previous quarter.
This profitability is attributed to enhanced profit margins and robust production, with 563 Bitcoin mined in Q3 alone. This amount accounts for over half of the total production of 1,006 Bitcoin for the first nine months of 2023.
Eric Trump, the company's co-founder and Chief Strategy Officer, commented during a conference call: "Since our initial public offering on Nasdaq, we have added over 3,000 Bitcoin to our reserves, positioning ourselves among the leading publicly listed Bitcoin treasuries globally."
Eric Trump serves as the co-founder and strategic president of American Bitcoin, while Donald Trump Jr. is a significant shareholder. This venture is part of a broader series of cryptocurrency initiatives launched by the Trump family, which also includes a meme coin and World Liberty Financial, a digital currency enterprise in which former President Trump has invested.
