According to Bloomberg, shares of American Bitcoin co-founded by Eric Trump are down more than 95% from their peak. Over the past 10 months, the market value of its roughly 6% stake has shrunk by more than $600 million. This week, the company carried out a 1-for-15 reverse stock split to maintain its Nasdaq listing eligibility, and the stock hit a new all-time low on Wednesday. American Bitcoin still adheres to a strategy of Bitcoin mining and accumulation. On Monday, it again added 500 BTC, bringing its holdings to more than 8,000 BTC. In the first quarter, it recorded an operating loss of $118.2 million after a $117.2 million impairment related to its Bitcoin reserves.

BTC-1.63%
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