TLDR
- American Bitcoin shares have fallen more than 95% from their peak.
- Eric Trump’s roughly 6% stake lost over $600M in value.
- American Bitcoin completed a 1-for-15 reverse stock split.
- The company recently lifted its Bitcoin treasury above 8,000 BTC.
- American Bitcoin reported a $118.2M Q1 operating loss.
American Bitcoin shares have fallen more than 95% from their peak, cutting over $600 million from the value of Eric Trump’s roughly 6% stake, even as the Bitcoin miner continues to grow its BTC treasury above 8,000 coins.
American Bitcoin Slides After Reverse Split
American Bitcoin closed at $6.13 on July 10 after months of selling pressure, Bloomberg reported. The stock reached a record low last week, despite the company completing a 1-for-15 reverse stock split aimed at supporting compliance with Nasdaq’s minimum bid-price rule.
The reverse split took effect after trading on July 2, and split-adjusted trading began on July 6 under the same Nasdaq ticker. The move reduced the company’s issued share count from about 1.09 billion to roughly 73 million shares.
A reverse split raises the quoted share price by reducing the number of shares outstanding, but it does not increase the company’s market value. American Bitcoin has not said the share consolidation can reverse the stock’s broader decline.
The selloff has weighed heavily on Eric Trump’s stake. His roughly 6% holding has lost more than $600 million in value over the past 10 months, based on the reported stock decline.
Bitcoin Treasury Growth Fails to Lift Shares
American Bitcoin continues to mine and accumulate Bitcoin while its share price falls. The company recently added 500 BTC, lifting its holdings above 8,000 BTC.
The treasury has more than tripled since the company’s Nasdaq debut. American Bitcoin has also said its satoshis-per-share measure has nearly tripled, pointing to growth in Bitcoin exposure per share.
Eric Trump previously promoted the company’s Bitcoin treasury growth and described its operating model as “virtually unmatched.” That statement reflects his view of the business model, while the market has continued to price the stock lower.
The company’s strategy combines large-scale Bitcoin mining with direct Bitcoin purchases. Management has said American Bitcoin keeps mined coins rather than selling them to cover routine operating costs.
That approach gives shareholders exposure to Bitcoin, but it also ties the company’s value closely to BTC prices, mining costs and investor appetite for Bitcoin treasury stocks. The recent stock drop shows that treasury growth alone has not been enough to support the market price.
Bitcoin Charge Drives Q1 Loss
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 posted an $81.8 million net loss and $62.1 million in mining revenue during the quarter. Bitcoin fell about 22% during the same period, reducing the reported value of the company’s BTC reserve.
Chief Executive Mike Ho said the “underlying business was profitable” after excluding the mark-to-market adjustment. He also said American Bitcoin did not sell any coins during the quarter.
The company mined 817 BTC in the quarter and reduced its production cost per Bitcoin to $36,200, down from $46,900 in the prior quarter. Lower production costs may help margins, but Bitcoin price moves remain a major factor for reported results.
Hut 8 provides key infrastructure for American Bitcoin and remains central to the company’s mining setup. Power costs, equipment efficiency and hosting terms will continue to affect mining profitability.
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