Trump brothers-backed American Bitcoin swings to quarterly loss amid crypto selloff
BNN Bloomberg
American Bitcoin, backed by two of U.S. President Donald Trump’s sons, swung to a fourth-quarter loss on Thursday amid a weakness in the digital assets space.
Concerns over stretched valuations in artificial-intelligence stocks and uncertainty around the timing and scale of U.S. Federal Reserve rate cuts have pressured risk assets, dragging bitcoin to quarterly lows and leaving many so-called digital asset treasury (DAT) companies on an unsteady footing.
American Bitcoin, a miner of the world’s largest cryptocurrency, sells it at a premium or holds for a surge in the price. However, in the reported quarter the sector saw a selloff with bitcoin tumbling nearly 23% in the three months.
The company runs industrial-scale mining operations, relying largely on infrastructure provided by Hut 8 to produce bitcoin at costs below prevailing market prices.
Stocks of crypto treasury companies typically move in line with the token’s price as shifts in prices directly affect the value of reserves.
Shares of American Bitcoin, which was co-founded by Eric Trump and where Donald Trump is a stockholder, have lost nearly 22% in the past twelve months.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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