Eric Trump-backed American Bitcoin falls more than 95% from peak
Shares have dropped from their Sept. 9, 2025 high despite a growing bitcoin treasury, lower mining costs and a 1-for-15 reverse split aimed at maintaining Nasdaq compliance.
American Bitcoin Corp. (Nasdaq: ABTC), the bitcoin miner and treasury company co-founded by Eric Trump, has fallen more than 95% from its split-adjusted peak, erasing more than $600 million from the value of his roughly 6% stake, according to Bloomberg. The company, which began trading on Nasdaq in early September 2025 through a merger with Gryphon Digital Mining, peaked at a Sept. 9, 2025 close of $139.65 and later carried out a 1-for-15 reverse stock split to support compliance with Nasdaq’s minimum bid-price rule. Even as the stock fell to a record low close of $6.13 on July 10, the company said its bitcoin treasury had grown beyond 8,000 BTC after a recent 500-BTC addition, while first-quarter 2026 results showed mining production costs fell to $36,200 per bitcoin from $46,900 in the prior quarter. However, the quarter also included a $117.2 million non-cash charge tied to the lower market value of its bitcoin holdings, contributing to a $118.2 million operating loss and an $81.8 million net loss.
- reverse stock split: A corporate action that reduces the number of shares outstanding and raises the quoted share price without changing the company’s overall market value.
- non-cash charge: An accounting expense that reduces reported profit without requiring an immediate cash payment.
- mark-to-market adjustment: An accounting revaluation that updates an asset’s recorded value to reflect current market prices.