Crypto Firm Tied to Trumps Sees Shares Sink as Lockup Ends
(Bloomberg) — American Bitcoin Corp. stock plunged on Tuesday after restricted shares of the crypto miner co-founded by Eric Trump were freed up to be traded.
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The selloff was swift. Shares lost more than half of their value in less than 30 minutes as the equity lockup expired, triggering repeated trading halts. The stock pared declines later in the trading session, falling 35% to $2.33 as of 2:30 p.m. in New York.
Shares from a private placement that took place before American Bitcoin merged with Gryphon Digital Mining Inc. became available on Tuesday, according to the crypto miner and a post on the social media platform X by Trump.
“We expect near term volatility as those shares come to…
