Crypto

Trump family\'s American Bitcoin pledges 38.6% of BTC holdings as collateral for mining rig purchases

American Bitcoin (ABTC), co-founded by Eric Trump (에릭 트럼프), has tied up 3,090 of its 8,002 bitcoins as collateral for mining equipment purchases, equal to 38.6% of its holdings. The company keeps the coins on its balance sheet while retaining redemption rights. Disclosures put the pledged bitcoin’s book value at $184.90 million and non-current mining rig purchase liabilities at $371.70 million. ABTC posted a $57.20 million net loss under U.S. accounting standards and raised $33.60 million by selling 2.15 million Class A shares.

Crypto

American Bitcoin expands holdings to 8,002 bitcoins despite $57.2 million loss

American Bitcoin (ABTC) posted a second-quarter net loss of $57.2 million due to valuation losses from a bitcoin price decline, but increased its bitcoin holdings to 8,002 from 7,021 by quarter-end. The company said it mined about 932 bitcoins in the quarter, a record. Its shares rose more than 5 percent after the earnings release as the market focused on its expanding reserves.