The bitcoin miner owned by the Trump family has posted losses for three consecutive quarters, with its stock price down more than 90% from its peak.

American Bitcoin has once again recorded a quarterly loss as the crypto market bear run continues to erode its asset value, forcing the company to carry out a reverse stock split to maintain its Nasdaq listing status.

On Monday, August 3rd, the Bitcoin mining company American Bitcoin, co-founded by the Trump family, announced a net loss of $57 million for the second quarter, or a loss of $0.80 per share, marking the third consecutive quarter of losses.

Although the quarterly loss has narrowed from $82 million in the previous quarter and revenue rose slightly from $62 million to $67 million, the prolonged bear market has caused the company’s share price to fall about 95% from its post-listing peak.

During the same period, the price of Bitcoin fell 14%, directly dragging down the value of the company’s holdings.

In July this year, the company was forced to implement a 1-for-15 reverse split to maintain its Nasdaq listing qualification. On Monday, the stock opened about 3.3% lower, then rebounded with the broader market, rising nearly 8% at one point.

American Bitcoin, co-founded by Eric Trump and Donald Trump Jr. and headquartered in Miami, is one of the few publicly listed companies in the crypto sector still dedicated solely to Bitcoin mining.

Amidst an industry-wide shift toward artificial intelligence infrastructure services, the company has chosen to maintain its pure-play mining focus.

Eric Trump, Chief Strategy Officer, stated on a post-earnings call:

Bitcoin never moves in a straight line, and we never assumed it would when we started this company. We understand the headwinds the industry faces this year, but our belief remains unchanged.

As of June 30th, the company held about 8,000 Bitcoins, an increase of roughly 14% from the first quarter. However, with the spot price of Bitcoin at about $63,150 on Monday—down about 45% from a year ago—company asset valuations continue to be suppressed.

Since the surge in Bitcoin prices following the U.S. presidential election, numerous companies have announced their positioning as "digital asset treasury companies," racing to purchase Bitcoin.

Although American Bitcoin has also been grouped into this trend by the market, Eric Trump has expressly rejected this label. He stated:

What frustrates me is being categorized among treasury companies, those inactive DATs who can only buy Bitcoin and other crypto at the market price—they are fundamentally different from us. Our advantage lies in the fact that we don’t buy at market price; our mining cost is about half the market price.

The company said that despite market headwinds, its mining operational efficiency continues to improve and its hashrate is expanding.

American Bitcoin is one of several crypto ventures under the Trump family. Their crypto portfolio also includes the decentralized finance platform World Liberty Financial and other projects.

According to previous financial disclosures, Trump earned at least $1.4 billion from his crypto-related ventures last year, making him one of the highest earners in the U.S. crypto space.

For investors, American Bitcoin’s consecutive losses and steep share price decline reflect the high-risk nature of a single, all-in Bitcoin exposure strategy in current market conditions.

As industry divergence intensifies, whether miners can leverage their cost advantage to outlast the bear market remains to be tested by the market.