American Bitcoin Sees Narrower Loss Amid Increased Mining Revenue

American Bitcoin, the Miami-based cryptocurrency company backed by two sons of former US President Donald Trump, has reported a narrower first-quarter loss. The net loss for the quarter was $81.8 million, down from $100.6 million in the same period last year.

The improvement in the company's financials can be attributed to increased revenue from Bitcoin mining, which jumped to $62.1 million in the quarter compared to $12.3 million a year earlier. The company's strategic reserve also grew to over 7,000 Bitcoins as of March 31.