American Bitcoin (ABTC), a cryptocurrency firm backed by two of U.S. President Donald Trump's sons, reported a third-quarter profit on Friday that more than doubled, benefiting from wider margins in its bitcoin mining and accumulation operations.

The company, co-founded by Eric Trump, who serves as Chief Strategy Officer, and with Donald Trump Jr. as a major shareholder, has capitalized on the growing investor interest in crypto, which has surged this year amid expectations of lighter regulatory oversight under the Trump administration. While Bitcoin’s rally has slowed in recent weeks, the token remains near record levels.

"While others paid spot, we generated bitcoin below market through scalable, asset-light mining operations. Coupled with disciplined at-market purchases," Eric Trump said in a statement, highlighting the company’s dual strategy of mining and strategic acquisitions.

American Bitcoin, a majority-owned subsidiary of Hut 8 Corp., joins a growing portfolio of crypto ventures linked to the Trump family, which includes a meme coin and World Liberty Financial, a crypto company partially owned by the president.

Bitcoin mining involves specialized computers solving complex calculations that both secure the network and generate new bitcoins. The company has successfully expanded its mining capacity while strategically increasing its bitcoin reserves.

For the three months ended September 30, American Bitcoin reported revenue of $64.2 million, a significant increase from $11.6 million in the same period last year. The firm also reported a net income of $3.5 million, reversing a $0.6 million loss in the prior-year quarter.

As of November 5, American Bitcoin held 4,004 bitcoins, valued at roughly $400 million based on recent market prices, underscoring the rapid growth of corporate crypto treasuries this year.

While the Trump administration has emphasized making the U.S. a global leader in the crypto sector, critics have raised concerns about potential conflicts of interest given the family’s extensive business involvement in the space.