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CoinWorld News, American Bitcoin, a Bitcoin mining and reserve company backed by Eric Trump and Donald Trump Jr., announced that it will implement a 1:15 reverse stock split next week to meet Nasdaq's minimum $1 share price requirement. The reverse split will take effect after the close of trading on Thursday, with each 15 shares of Class A and Class B common stock being consolidated into 1 share, reducing the number of outstanding shares from approximately 1.09 billion to approximately 73 million. ABTC shares fell to an all-time low of about $0.64 on Wednesday, with a cumulative decline of over 64% year-to-date. The company previously disclosed a net loss of $81.8 million in the first quarter due to unrealized losses on its Bitcoin holdings. As of now, the company holds approximately 7,500 BTC, making it the 16th largest publicly traded Bitcoin holder globally.