American Bitcoin stock tumbles 50% as BTC proxy trade unravels
ABTC shares plunged by more than 50% in early trading as the broader crypto market downturn triggered a sharp repricing of mining and treasury stocks.
Shares of American Bitcoin Corp (ABTC), the Bitcoin-mining and treasury company headed by Eric Trump, plunged on Tuesday as difficult market conditions continued to pressure crypto-linked equities.
ABTC, which debuted on the Nasdaq in early September following a reverse merger with Gryphon Digital Mining, lost more than half its value in early trading. The stock reached an intraday low of $1.75, representing a 51% decline on the day, according to data from Yahoo Finance.
The shares are now down roughly 78% from their post-listing high of $9.31 on Sept. 9, underscoring the broad unwinding across the digital-asset sector and its spillover into related equities.