Stock Price for Crypto Firm Founded By Trump’s Son Plummets 40%
Key Facts
The price for ABTC collapsed 42% as of 12 p.m. EST, recovering slightly after falling as much as 51% in the hour after markets opened.
Eric Trump is American Bitcoin’s co-founder and chief strategy officer, while Donald Trump Jr. is listed on the company’s website as an investor.
The company debuted on the Nasdaq in September and stock prices surged after a merger with another bitcoin mining company, but share prices have since declined about 78% since their September high.
American Bitcoin says it holds over 3,000 bitcoin obtained through “Bitcoin mining and strategic at-market purchases,” according to its third quarter earnings report, with $64.2 million in revenue and $3.5 million in net income during the quarter.
The…
