Shares of American Bitcoin (ABTC), the Bitcoin mining and treasury company co-founded by Eric Trump, have plummeted more than 95% from their peak, according to Bloomberg. The collapse has erased over $600 million from the value of Trump’s approximately 6% stake in just ten months, raising serious questions about the company’s future and the broader confidence in crypto-linked stocks.
The decline continued even after a 1-for-15 reverse stock split that took effect on July 2, aiming to lift the price above Nasdaq’s minimum bid requirement. Split-adjusted trading began on July 6, reducing the share count from 1.09 billion to about 73 million shares. Despite this mechanical boost, selling pressure persisted, and ABTC closed at a new record low of $6.13 on July 10.
Meanwhile, American Bitcoin’s Bitcoin treasury has grown to over 8,000 BTC, more than tripling since its Nasdaq debut. The company mined 817 BTC in Q1 2026 and cut its production cost per coin to $36,200, down from $46,900. Eric Trump has touted the treasury growth, calling the company’s model “virtually unmatched.” However, a $117.2 million non-cash impairment charge on its Bitcoin holdings, driven by a 22% drop in BTC price during the quarter, resulted in a net loss of $81.8 million despite $62.1 million in mining revenue.
CEO Mike Ho insisted the “underlying business was profitable” when excluding the accounting charge, and the company held all mined coins. The firm’s balance sheet remains tightly linked to Bitcoin prices and mining economics, and the next earnings will reveal whether lower production costs can offset market headwinds. Infrastructure partner Hut 8 remains central to operations.
