(Bloomberg) — Bitcoin mining company Hut 8 Corp., which recently partnered with President Donald Trump’s sons on a new venture, said its first-quarter earnings swung to a loss and revenue tumbled by more than 50%.
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The Miami-based company posted $21.8 million in revenue for the first quarter, a nearly 58% drop year-over-year. It also recorded a quarterly loss of $134.3 million compared to net income of $250.7 million in the first quarter of last year.
The declines have been largely driven by a Bitcoin software update called halving that slashed mining revenue as well as operational downtime that was undertaken to upgrade its mining machines, Hut 8’s Chief Executive Officer Asher Genoot said Thursday on its earnings call. While the halving took place last April, and happens every four years, it often has a long-lasting impact on miners.
Hut 8, in late March, announced that it’s launching a mining venture called American Bitcoin Corp. after acquiring a majority interest in American Data Centers Inc., a company formed by investors including Eric Trump and Donald Trump Jr. This new venture will go public, Genoot reiterated during Thursday’s earnings call.
Hut 8’s shares rose as much as 17% on Thursday as the company reinforced its plan to invest in American Bitcoin and continue strategic accumulation of the cryptocurrency. Bitcoin pushed past $100,000 for the first time since February as of 12:08 p.m. in New York.
While carving out its mining operations into this separate entity, Hut 8 will continue to build out its high-performance computing data centers for artificial intelligence firms with land and power assets under development in Louisiana, Genoot said. Doing so has enabled the company to tap into a more diverse source of funding, he added.
The venture with Hut 8 further expands the US president’s ties to the cryptocurrency sector along with the decentralized finance platform World Liberty Financial, a stablecoin backed by the US dollars and memecoins featuring the president and the first lady Melania Trump.
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