On Tuesday, December 2, 2025, shares of American Bitcoin Corp. (ABTC), the bitcoin mining firm co-founded by Eric Trump and Donald Trump Jr., plummeted nearly 50% in early trading after a lockup period for pre-merger private placement shares expired. The stock opened at a previous close of $3.58 and quickly fell to a low of $1.80, before recovering slightly to close at $2.19, marking a daily decline of 38.83%. The volatility prompted multiple trading halts on Nasdaq, where ABTC has been trading since its merger with Gryphon Digital Mining in September.
In response to the sell-off, Eric Trump took to X to address shareholders, stating, "Today our pre-merger private placement shares unlocked — these early investors are freely available to cash in on their profits for the first time, which is why we will see volatility." He emphasized that the company's fundamentals are "virtually unmatched" and confirmed he is not selling any of his personal shares.
Despite the sharp drop, American Bitcoin reported strong third-quarter results last month, with revenue surging to $64.2 million from $11.6 million year-over-year, and net income reaching $3.5 million compared to a net loss of $0.6 million a year earlier. CEO Michael Ho highlighted that the company more than doubled its mining capacity and revenue quarter-over-quarter.
The firm has been actively expanding its bitcoin reserves, holding approximately 4,090 BTC in its treasury as of November 13, 2025. However, ABTC's shares have been on a downward trend since peaking at $9.31 in September, representing a 76.5% decline from that high.
The sell-off reflects broader weakness in crypto-related equities, with stocks like Coinbase down 20% and Circle down 39% over the past month. Analyst Brian Dobson of Clear Street noted that more equity unlocks are scheduled for 2026, advising investors to monitor upcoming expirations closely.
