American Bitcoin Stock Plunges Over 95%, Eric Trump's $600M Stake Eroded in 10 Months

BTC-1.08%

According to Bloomberg, American Bitcoin's stock has fallen over 95% from its peak, with Eric Trump's roughly 6% stake losing over $600 million in value over the past 10 months. The company completed a 1-for-15 reverse stock split this week to maintain Nasdaq listing compliance, hitting a record low on Wednesday.

American Bitcoin continued its Bitcoin acquisition strategy, adding 500 BTC on Monday to bring its total holdings above 8,000 BTC. The company reported a $118.2 million net operating loss in the first quarter, including a $117.2 million impairment charge on its Bitcoin reserves.

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