American Bitcoin shares advanced after the company swung to a profit in its first quarterly earnings as a public traded company and co-founder Eric Trump projected confidence about the crypto market.
Shares were up 4% to $4.93.
Eric Trump, who co-founded the company with his brother Donald Trump, Jr., told The Wall Street Journal on Friday he had no concerns about this week’s crypto selloff, calling it a prime opportunity to buy into the market.
“I think volatility is your friend,” Eric Trump said. “Anybody who can’t embrace volatility in cryptocurrency should probably get out of it.”
Trump added that he was working to tokenize the Trump International Hotel & Tower in Dubai for digital trading through the blockchain.
American Bitcoin posted a third-quarter profit of $3.5 million and revenue of $64.2 million, compared with a loss of $576,000 and revenue of $11.6 million a year earlier.
Write to Elias Schisgall at [email protected]
