Eric Trump Co-Founded American Bitcoin Shares Fall Over 95% From Peak, Bloomberg Reports

Shares of American Bitcoin, co-founded by Eric Trump, have fallen more than 95% from their peak, wiping out over $600 million in market value over the past 10 months for his roughly 6% stake, Bloomberg reported. According to ChainCatcher, the company carried out a 1-for-15 reverse stock split this week to maintain its Nasdaq listing eligibility, and the stock hit a record low on Wednesday. American Bitcoin has continued its bitcoin mining and accumulation strategy, adding 500 BTC on Monday and bringing its holdings to more than 8,000 BTC. In the first quarter, the company recorded a $118.2 million operating loss after taking a $117.2 million impairment on its bitcoin reserves.