American Bitcoin, co-founded by Eric Trump, has seen its share price drop more than 95% from its peak, according to Bloomberg. Over the past 10 months, the value of his roughly 6% stake has fallen by more than $600 million. The company carried out a 1-for-15 reverse stock split this week to maintain its Nasdaq listing, and the stock hit a record low on Wednesday. Even with the steep decline, American Bitcoin has kept to its mining-and-accumulation plan. It added another 500 BTC on Monday, taking total holdings to more than 8,000 BTC. In the first quarter, the company reported a $117.2 million impairment on its bitcoin reserves and posted an operating loss of $118.2 million.
American Bitcoin, co-founded by Eric Trump, has fallen more than 95% from its peak, Bloomberg reported. Over the past 10 months, the value of his roughly 6% stake has dropped by more than $600 million.
The company carried out a 1-for-15 reverse stock split this week to keep its Nasdaq listing. Its shares hit a record low on Wednesday.
American Bitcoin is still sticking with its bitcoin mining and accumulation strategy. On Monday, it bought another 500 BTC, bringing its holdings to more than 8,000 BTC.
In the first quarter, the company recorded a $117.2 million impairment on its bitcoin reserves and posted an operating loss of $118.2 million.
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