American Bitcoin Corp. shares have plunged more than 95% from their peak. This decline erased over $600 million from the personal stake of co-founder Eric Trump. Hut 8 remains the majority owner of the bitcoin mining firm.
The company’s strategy of exclusively mining and holding bitcoin has alienated investors. Competitors saw stock surges after repurposing infrastructure for the booming AI data center market.
American Bitcoin executed a 1-for-15 reverse stock split to maintain its Nasdaq listing. The firm reported a $118.2 million operating loss for the first quarter.