American Bitcoin Plunges Over 95% From Peak, Executes Reverse Split to Maintain Nasdaq Listing

American Bitcoin, the Bitcoin mining company co-founded by Eric Trump, has plunged more than 95% from its September peak over the past 10 months, according to market reports. The decline forced the company to execute a 1-for-15 reverse stock split to maintain its Nasdaq listing, reducing outstanding shares from approximately 1.09 billion to roughly 73 million. Eric Trump, who owns roughly 6% and serves as chief strategy officer, has seen his stake value fall by more than $600 million.

Despite recently accumulating 500 BTC to bring total holdings above 8,000 BTC, the Bitcoin treasury strategy failed to protect shareholders from the repricing. American Bitcoin reported a $117.2 million impairment on Bitcoin reserves and a $118.2 million operating loss in the first quarter.