American Bitcoin, the Hut 8-owned bitcoin mining company tied to Eric Trump and Donald Trump Jr., has sharply underperformed BTC since becoming publicly listed through a reverse merger, according to Protos. After adjusting for its reverse stock split, the company has lost roughly 92% of its value since the merger. Over the same stretch, bitcoin itself fell by about one quarter.
The company has said it was created through the strategic contribution of substantially all of Hut 8’s ASIC fleet into a new venture led by Eric Trump and Donald Trump Jr. During the period in which the stock lost more than 90%, Eric Trump served as chief strategy officer, while Donald Trump Jr. advised the firm as senior adviser. American Bitcoin has described itself as a pure-play BTC accumulation platform that combines scaled bitcoin mining operations with disciplined accumulation strategies.
On the financial side, American Bitcoin reported a net loss of more than $150 million for 2025. In the first six months of 2026, it posted another $138 million in net losses, which the report said was largely driven by the falling price of BTC. Protos added that the recent rebound in bitcoin prices could reduce some of those losses in future quarters if BTC does not fall again.
American Bitcoin, the Hut 8-owned bitcoin mining firm, has badly lagged BTC since the reverse merger that took it public. According to Protos, the company has lost about 92% of its value since the merger after accounting for its reverse stock split. Over the same period, BTC fell by roughly one quarter.
How the company was formed
American Bitcoin has said it was created through the strategic contribution of substantially all of Hut 8’s ASIC fleet into a new venture led by Eric Trump and Donald Trump Jr.
More specifically, Eric Trump served as chief strategy officer during the more than 90% decline. Donald Trump Jr. advises the company in his role as senior adviser. Protos said the firm has been presented as a pure-play BTC accumulation platform that combines scaled bitcoin mining operations with disciplined accumulation strategies, yet its decline has far outpaced bitcoin’s own drop.
Losses in 2025 and 2026
American Bitcoin reported a net loss of more than $150 million for 2025. In the first six months of 2026, it added another $138 million in net losses, largely driven by the falling price of BTC.
Protos also noted that the recent rebound in BTC prices could trim some of those losses in coming quarters if bitcoin does not fall again.
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