Mining company American Bitcoin, linked to the Trump family, achieves profitability in Q3 with revenue doubling

Foresight News reported, according to CoinDesk, that American Bitcoin, a crypto mining company in which Donald Trump Jr. and Eric Trump hold a 20% stake, announced third-quarter profits, with net income rising to $3.47 million, reversing a loss of $576,000 from the previous year. Revenue soared fivefold to $64.2 million. After merging with Gryphon Digital Mining and spinning off from an exchange's mining business, American Bitcoin became an independent publicly listed company. The exchange retained about 80% of the shares.

During the quarter, American Bitcoin increased its bitcoin holdings by 3,000, bringing its total holdings to 3,418. According to a post on X earlier this month, its total holdings have reached 4,004.