American Bitcoin, a cryptocurrency miner reported on Friday that its third-quarter profit more than doubled, fueled by wider margins and strong demand in the digital asset market.
According to Reuters; The crypto sector has seen heightened interest this year as investors anticipate looser oversight under the Trump administration. Bitcoin continues to trade near record highs, despite a recent slowdown in its rally.
Eric Trump serves as American Bitcoin’s co-founder and chief strategy officer, while Donald Trump Jr. is a major shareholder.
“While others paid spot, we generated bitcoin below market through scalable, asset-light mining operations coupled with disciplined at-market purchases,” Eric Trump said in a statement.
Bitcoin mining uses specialized computers to solve complex calculations that secure the network and generate new coins.
American Bitcoin, a majority-owned subsidiary of Hut 8 Corp., is among several crypto ventures tied to the Trump family, including a meme coin and World Liberty Financial, a crypto company partly owned by the president. The administration has pledged to position the United States as a global crypto leader and adopt a lighter regulatory framework.
Critics, including government ethics experts and political opponents, argue that Trump’s pro-crypto stance raises concerns about potential conflicts of interest.
Crypto treasuries have also expanded rapidly this year as companies added tokens to their balance sheets to capitalize on rising prices.
American Bitcoin reported revenue of $64.2 million for the quarter ended Sept. 30, up from $11.6 million a year earlier. The company held 4,004 bitcoins as of Nov. 5, valued at roughly $400 million based on bitcoin’s previous close.
The miner posted third-quarter net income of $3.5 million, compared with a $600,000 loss in the same period last year. Shares rose 0.6% in premarket trading following the results.