Eric Trump's cryptocurrency firm takes a nosedive, losing half its value in a flash
In a dramatic turn of events, shares in Eric Trump's cryptocurrency mining business, American Bitcoin Corp (ABTC), plummeted by over 50% in less than 30 minutes on Tuesday, mirroring the broader crypto market's downturn. This sudden drop comes as many cryptocurrencies and crypto-linked companies are experiencing a so-called 'crypto winter', with Bitcoin's value plummeting since October, wiping out a year's worth of gains.
ABTC's shares, which traded at $2.39 the day before, dropped to a mere $1.90, a staggering 78% decline from its September peak of $9.31. This isn't the first time the company has faced such volatility; it previously traded at a similar level in May. Meanwhile, the crypto market as a whole has seen a 30% plunge from its October peak, with $1 trillion in value evaporating since then, according to Deutsche Bank analysts.
Eric Trump, the president's son, had high hopes for the Texas-based miner, claiming it handles 2% of the world's Bitcoin supply. However, the company's performance seems to contradict his optimistic statements. American Bitcoin, formed from Hut 8 Corp earlier this year, reported a net income of $3.5 million on $64.2 million in revenue in the third quarter, as per Bloomberg.
The Trump family's crypto ventures extend beyond American Bitcoin. They launched World Liberty Financial in 2022, an NFT company, and a cryptocurrency named $TRUMP in 2025. Other Trump-affiliated crypto projects, like WLFI, are also suffering, with its value dropping from 26 cents to around 16 cents. Despite these setbacks, the family's overall fortune, estimated at $7.7 billion in September, has taken a hit, now standing at $6.7 billion.
Ironically, President Trump, once a crypto skeptic, has embraced the digital asset industry. He signed an executive order to support its growth and appointed crypto-friendly officials. However, his stance has evolved, and he now accepts cryptocurrency donations, a significant shift from his previous skepticism.
The Trump family's social media company, Trump Media & Technology Group (TMTG), which has been acquiring Bitcoin, is also feeling the heat, with shares trading at $11, down from $42 in February. Despite the crypto market's turmoil, Eric Trump remains bullish, calling the recent drop a 'great buying opportunity' and encouraging investors to embrace volatility.
