Dow Jones| Nasdaq | S&P 500 | US Stock Market Today | Live: Eric Trump’s Bitcoin bet wipes $600 million off family wealth
American Bitcoin Corp., co-founded by Eric Trump, has seen its shares plunge over 95% from peak levels, erasing over $600 million from his stake amid a broader crypto downturn, Bloomberg reports. The company’s focus on Bitcoin mining has lagged peers that pivoted toward AI-driven data centers, which have delivered stronger returns.
While competitors diversified into high-performance computing, American Bitcoin stuck to accumulating Bitcoin, even as losses mounted and it undertook a reverse stock split to retain its Nasdaq listing. Despite the downturn, the firm continues to add to its Bitcoin holdings, betting on a future price recovery.