The Trump family’s American Bitcoin will undergo a 1:15 reverse split to maintain its Nasdaq listing eligibility.

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BlockBeats News, July 2 - American Bitcoin, a Bitcoin mining and treasury company founded 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 bid price requirement of $1.

The reverse split will take effect after the market closes on Thursday and will continue trading under the ticker ABTC at the adjusted price starting Monday. Under the arrangement, every 15 shares of Class A and Class B common stock will be automatically consolidated into 1 share, reducing the total number of outstanding shares from approximately 1.09 billion to about 73 million. The reverse split plan was approved at the annual shareholder meeting in June.

American Bitcoin's stock price fell to an all-time low of approximately $0.64 on Wednesday, with a year-to-date decline of over 64%. The company currently holds 7,500 BTC, making it the 16th largest publicly traded Bitcoin holder globally.

BTC3.02%
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