American Bitcoin Corp. (NASDAQ:ABTC) co-founder Eric Trump on Wednesday pointed to JPMorgan Chase & Co.’s (NYSE:JPM) shift in stance on Bitcoin (CRYPTO: BTC) as a major win for the cryptocurrency sector over traditional banking powerhouses.
Trump Says Crypto ‘Won The Race’
At CoinDesk’s Consensus event in Miami, Trump stated that JPMorgan went from calling Bitcoin a “joke asset” to allowing institutional clients to use it as collateral for loans in just 18 months.
“It’s all gonna become digitized, and the banks have fought like hell. They kept that from happening, and we broke the banks,” he added. “We’ve won this race.”
Trump said that institutional cryptocurrency adoption is just getting started, and the speed of growth over the next couple of years would be “monumental.”
JPMorgan didn’t immediately return Benzinga’s request for comment.
Trump’s Firm Reports Second Straight Quarterly Loss
American Bitcoin released financials for the first quarter after the market close, reporting a loss of $0.08 per share and revenue of $62.12 million, missing analyst forecasts on both metrics.
The company reported its second straight quarter of losses. Since its Wall Street debut in September, the ABTC stock has plunged 84%.
During the quarter, American Bitcoin mined 817 BTC at a 47% cost discount, while growing its reserves to 7,000 BTC valued at $566 million. As of this writing, it stood as the world’s 16th-largest corporate holder of Bitcoin.
American Bitcoin’s ‘Guiding Star’
Trump, however, remained upbeat during the firm’s earnings call.
“We are incredibly proud of this company,” he said. ” It's amazing how much we've accomplished in that period of time. I would argue that there are very few companies anywhere, certainly in this space, that have grown to the size and scale that we have.”
He reiterated Bitcoin accumulation as American Bitcoin’s “guiding star,” adding that they want to accumulate the most BTC at the “cheapest” rates.
Price Action: At the time of writing, BTC was exchanging hands at $81,058.80, down 0.49% in the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares fell 1.60% in after-hours trading after closing 1.63% higher at $1.25 during Wednesday’s regular session.
Benzinga's Edge Stock Rankings show a weaker price trend in the medium- and long-term periods, but strong performance in the short term.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Maxim Elramsisy On Shutterstock.com
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