Bitcoin Miner Tied to Trump Family Pummeled by Crypto Crash - Digg
American Bitcoin Corp., backed by the Trump family, reported a $59 million loss for Q4 2023 amid a crypto crash that has eliminated nearly 90% of its market value since September. The company faces a $227 million unrealized loss due to the decline in Bitcoin's value, impacting broader Trump family crypto holdings, including World Liberty Financial and a memecoin associated with the president.
Bitcoin Miner Tied to Trump Family Pummeled by Crypto Crash
American Bitcoin Corp., backed by the Trump family, reported a $59 million loss for Q4 2023, amid a crypto crash that has wiped out nearly 90% of its market value since September. The firm, which doubled down on a Bitcoin mining and hoarding strategy championed by Eric Trump, is now facing a $227 million unrealized loss from the drop in Bitcoin's value. This downturn affects the broader Trump family's crypto interests, including World Liberty Financial and the president's own memecoin.
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