American Bitcoin shares have fallen more than 95% from their peak, according to Bloomberg, cutting over $600 million from the value of Eric Trump’s roughly 6% stake.
Summary
- American Bitcoin’s stock lost over 95% despite its treasury growing beyond 8,000 BTC this month.
- The reverse split lifted ABTC’s quoted price but left the company’s underlying market value unchanged.
- A $117.2 million Bitcoin charge drove Q1 losses while mining costs fell sharply per coin.
The Bitcoin miner and treasury company reached a record low on Wednesday after months of selling pressure. ABTC closed at $6.13 on July 10, the latest available market close.
The fall followed a 1-for-15 reverse stock split that took effect after trading on July 2. Split-adjusted trading began on July 6 under the same Nasdaq ticker. The company reduced its issued share count from about 1.09 billion to roughly 73 million. A reverse split raises the quoted share price but does not increase the business’s total value.
Reverse split fails to stop selling pressure
American Bitcoin used the reverse split to support compliance with Nasdaq’s minimum bid-price rule. Shareholders approved the move at the company’s annual meeting in June. Crypto.news reported the approval on June 25, when ABTC remained under pressure despite the planned change. The stock then fell after split-adjusted trading started.
The company has not said the split can reverse its market decline. Reverse splits can help a listed company meet exchange rules, but investors still price its earnings, assets, debt and outlook. Bloomberg’s calculation places the stock more than 95% below its peak. That decline reflects split-adjusted prices rather than a direct loss caused by the share consolidation.
Bitcoin reserve grows beyond 8,000 BTC
American Bitcoin continues to mine and accumulate Bitcoin while its share price falls. The company added 500 BTC in its latest update, taking its reserve above 8,000 BTC. As crypto.news reported on July 7, the treasury had more than tripled since the company’s Nasdaq debut. The firm also said its satoshis-per-share measure had nearly tripled.
Eric Trump promoted the treasury growth and described the company’s operating model as “virtually unmatched” during an earlier selloff. That statement represents his view, not an independent measure of performance. The company’s strategy combines large-scale Bitcoin mining with direct purchases. It keeps mined coins rather than selling them to cover routine costs, according to management.
Bitcoin charge weighs on first-quarter results
American Bitcoin reported a $118.2 million operating loss for the first quarter of 2026. The result included a $117.2 million non-cash charge tied to the lower market value of its Bitcoin holdings. The company reported an $81.8 million net loss and $62.1 million in mining revenue. Bitcoin fell about 22% during the quarter.
Management said the accounting charge masked stronger mining operations. Chief executive Mike Ho said the “underlying business was profitable” after excluding the mark-to-market adjustment, and said American Bitcoin did not sell any coins. The company mined 817 BTC during the quarter and cut its production cost per Bitcoin to $36,200, down from $46,900 in the prior quarter.
The balance sheet still links American Bitcoin stock closely to Bitcoin prices and mining economics. Lower Bitcoin prices reduce the market value of its reserve and can weaken revenue per mined coin. Higher power, equipment or hosting costs can also narrow margins. Hut 8 provides key infrastructure and remains central to the company’s mining setup.
American Bitcoin’s growing reserve gives shareholders Bitcoin exposure, but treasury growth has not supported its market price. The company must keep Nasdaq compliance while funding mining and purchases. Its next results will show whether lower production costs can offset Bitcoin prices and whether the 8,000-BTC reserve can support the business without pressure on shareholders.
