Trumps’ American Bitcoin sinks 8.4% ahead of reverse stock split to stay listed
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- American Bitcoin stock fell to an all-time closing low of 62 cents on Wednesday, down more than 63% year-to-date and over 92% since it began trading on the Nasdaq on September 3
- American Bitcoin is pursuing a reverse stock split to stay listed on the Nasdaq, mirroring moves by peers like Nakamoto, which completed a 1-for-40 split in May after its stock hit 16 cents
- The company was co-founded by Donald Trump Jr. and Eric Trump early last year and went public via a merger with Gryphon Digital Mining, with the Trump brothers and crypto miner Hut 8 together owning roughly 98% of the combined entity
- American Bitcoin reported a first-quarter loss of $81.7 million in May
- Bitcoin was trading around $60,000 early Thursday, down 32% year-to-date and having more than halved from its October peak above $126,000
Why it matters: American Bitcoin's 92% collapse since its September Nasdaq debut, paired with the Trump brothers' and Hut 8's combined ~98% ownership, leaves a razor-thin public float vulnerable to delisting pressure. A reverse split mechanically lifts the share price to satisfy Nasdaq's minimum bid requirement, but does nothing to address the company's $81.7 million quarterly loss or the broader crypto downturn dragging on shares.
