(Reuters) -American Bitcoin, backed by two of U.S. President Donald Trump’s sons, on Friday reported a third-quarter profit that more than doubled as the miner and buyer of the world’s largest digital asset benefited from wider margins.
Crypto has drawn strong interest this year, with investors betting on looser oversight under the new Trump administration and bitcoin trading at record levels, even though the token’s rally has slowed in recent weeks.
Eric Trump is American Bitcoin’s co-founder and chief strategy officer, while Donald Trump Jr. is a major stockholder in the company.
“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 bitcoin.
The company, a majority-owned subsidiary of Hut 8 Corp, is the latest in a series of crypto ventures by the Trump family, including a meme coin and World Liberty Financial, a crypto company partly owned by the president.
The Trump administration has pledged to make the U.S. a global leader in the crypto space and promised a lighter regulatory approach.
Trump has also faced criticism from government ethics experts and political opponents who say his stance raises concerns about potential conflicts of interest.
Meanwhile, crypto treasuries have also grown quickly this year as companies add large token holdings to their balance sheets to capture rising prices.
American Bitcoin reported revenue of $64.2 million in the three months ended September 30, compared with $11.6 million in the prior-year period.
It held 4,004 bitcoins as of November 5. Based on the digital asset’s previous close, the holding is worth roughly $400 million.
The company posted a net income of $3.5 million in the third quarter, compared with a loss of $0.6 million for the prior-year period.
Its shares ticked up 0.6% in premarket trading after results.
(Reporting by Manya Saini in Bengaluru; Editing by Shreya Biswas)
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