Eric Trump announced on local time May 7 that American Bitcoin Corp (ABTC), the Bitcoin mining company he co-founded, has accumulated over 8,000 BTC in its treasury. The announcement highlighted the company's 52% Q1 mining yield and ongoing accumulation strategy despite crypto market volatility. The disclosure triggered investor criticism on social media, with users questioning whether Trump's repeated 'buy the dip' messaging during Bitcoin price corrections contributed to shareholder losses as ABTC stock declined approximately 94% since its listing.
American Bitcoin Reports $59M Q4 Net Loss
American Bitcoin Corp recorded a $59 million net loss in Q4, reversing from a $3.5 million profit in the previous quarter. For the full year, the company generated $185 million in revenue but posted a net loss of $153 million. According to Bitcoin Treasuries, ABTC ranks 16th among publicly traded companies in Bitcoin holdings, with Strategy holding the top position at approximately 840,000 BTC. The company's current holdings of over 8,000 BTC represent a market value of approximately $50,000 based on figures cited in the source.
Investors Question Trump's Buy-the-Dip Messaging
Social media users criticized Eric Trump's accumulation announcement by resharing his previous posts encouraging investors to "buy the dip" during market downturns. According to crypto media outlet CCN, some users alleged that Trump's optimistic messaging over the past year coincided with Bitcoin price corrections of 20-30% or more, potentially amplifying investor losses. One user questioned whether legal action could be pursued, stating "They keep telling shareholders to buy while they themselves realize profits. Someone needs to investigate." CCN reported no evidence confirming that Eric Trump or American Bitcoin sold Bitcoin during the periods when Trump posted buy recommendations.
ABTC Stock Declines 94% Since Listing
American Bitcoin Corp was established in March through a partnership between mining company Hut 8, Eric Trump, and Donald Trump Jr. The company achieved a Nasdaq listing in September via a merger with Gryphon Digital Mining. According to financial media outlet Benzinga, ABTC stock has declined approximately 94% since its listing. The company executed a 15-to-1 reverse stock split last month, but the stock fell an additional 38% following the consolidation. ABTC maintains a strategy of long-term Bitcoin accumulation through both self-mining operations and direct purchases, with plans to continue expanding holdings through mining output and strategic acquisitions.
FAQ
How much Bitcoin does American Bitcoin Corp currently hold?
American Bitcoin Corp announced on local time May 7 that its Bitcoin holdings exceed 8,000 BTC, ranking the company 16th among publicly traded companies in Bitcoin treasury size according to Bitcoin Treasuries.
What were American Bitcoin's financial results for the most recent quarter?
American Bitcoin Corp reported a $59 million net loss in Q4, compared to a $3.5 million profit in the previous quarter. For the full year, the company recorded $185 million in revenue and a $153 million net loss.
