"Shares in Eric Trump's crypto mining business lost more than half their value in less than 30 minutes on Tuesday. The nosedive of American Bitcoin Corp, which triggered repeated trading halts, followed the steep decline of many cryptocurrencies and crypto-linked companies into what some observers are calling the onset of a crypto winter. Bitcoin's value has fallen sharply since the start of October and erased a year of large gains."
"Shares in American Bitcoin, which trades as ABTC, dropped to $1.90 after closing a day earlier at $2.39. The stock was previously at the lower level in May, before peaking at $9.31 on Sept 9 and then falling 78% to today's trading value. Eric Trump, the president's second-born son, claimed last month on X that the Texas-based crypto miner handles 2% of the world's bitcoin supply."
Shares of American Bitcoin Corp plunged more than half their value in under 30 minutes, triggering repeated trading halts. The decline followed a broader sell-off across cryptocurrencies and crypto-linked companies signaling a crypto winter. Bitcoin fell over 30% from an October peak, erasing a year of gains and prompting analysts to estimate roughly $1tn in market value lost. ABTC fell to $1.90 from $2.39 after peaking at $9.31, a 78% drop from that peak. American Bitcoin originated from Hut 8 and reported Q3 net income of $3.5m on $64.2m revenue. Trump family crypto ventures include a 2022 NFT, World Liberty Financial (2024) and the $TRUMP token (2025); WLFI fell from 26 to about 16 cents.
Read at www.theguardian.com
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