"American Bitcoin's stock unraveled in real time Tuesday. The mining and Bitcoin-treasury company co-founded by Eric Trump saw its stock plunge more than 50% in the first hour of trading, triggering multiple halts and wiping out months of speculative gains. The company, listed on Nasdaq under the ticker ABTC, had already been reeling from Bitcoin's steep pullback over the past month. But the speed of Tuesday's sell-off stunned even veteran crypto-equity watchers."
"Eric Trump and Donald Trump Jr. helped launch American Bitcoin earlier this year. Eric serves as co-founder and chief strategy officer. Donald Trump Jr. is listed as an investor. Their involvement gave the company immediate name recognition, but also tied ABTC's identity to one of the most politically charged families in America. The firm was spun out of Hut 8 and went public in September through a reverse-merger with Gryphon Digital Mining. The market liked the story at first."
American Bitcoin's Nasdaq-listed shares plunged over 50% in the first hour of trading, triggering trading halts and erasing months of gains. The collapse followed a broader crypto sell-off that liquidated nearly $1 billion in leveraged positions and sent Bitcoin briefly into the mid-$85,000s. Eric Trump co-founded the miner and bitcoin-treasury firm, and Donald Trump Jr. is an investor, tying the company to a politically prominent family. The firm was spun out of Hut 8 and went public via a Gryphon Digital Mining reverse merger in September, when shares peaked. Insider lockups prevent major insider sales until March 2026. Bitcoin recovered above $91,000, but the stock remained deeply down.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]