Eric Trump Shrugs Off Crypto Rout, Eyes Real Estate Tokenization — WSJ
By Vicky Ge HuangEric Trump said he has "zero concern" about the recent sell-off in cryptocurrencies after his bitcoin-mining company reported earnings for the first time as a publicly traded company.Risk-off sentiment swept across the crypto market this week, with bitcoin sliding further below $100,000 on Friday. This drop leaves the price more than 20% below its early-October all-time high above $126,000."I think volatility is your friend," said Trump in an interview. "Anybody who can't embrace volatility in cryptocurrency should probably get out of it...It's actually a great opportunity for us to buy."Trump's comments came on the heels of American Bitcoin's third-quarter earnings, which showed a net income of $3.5 million on revenue of $64.2 million. That compares with a loss of $576,000 on revenue of $11.6 million a year ago.The company said it acquired more than 3,000 bitcoin last quarter through mining and at-market purchases, increasing its bitcoin reserve holdings to 3,418 at the end of September.Shares of American Bitcoin, which became a publicly traded company after a reverse merger with Gryphon Digital Mining in September, inched lower Friday morning.Separately, Trump said he is working to tokenize the Trump International Hotel & Tower in Dubai and another unannounced project. Tokenization refers to the conversion of the ownership of assets into tradable tokens on the blockchain.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).