American Bitcoin Corp., backed by the Trump family, reported a $59 million loss in the fourth quarter, and its stock price has fallen by about 90% from its peak.

American Bitcoin Corp., a mining company backed by the Trump family, reported a net loss of $59 million in the fourth quarter. The company, which went public on Nasdaq during the crypto boom, has seen its stock price fall by about 90% since its September high, significantly shrinking its market capitalization, as the industry has experienced a major correction since 2022. Following the earnings release, the company's stock price fell again by nearly 3%, to just over $1 per share. (Bloomberg)