Shares in Eric Trump’s cryptocurrency mining business, American Bitcoin Corp, experienced a dramatic plunge, losing over 50% of their value in less than half an hour on Tuesday. This rapid decline coincided with a broader selloff in the cryptocurrency market that some analysts are describing as the beginning of a “crypto winter.”
As Bitcoin’s value has sharply decreased since the start of October, the stock of American Bitcoin, trading as ABTC, dropped to $1.90, down from a previous closing price of $2.39. Earlier in the month, the stock had soared to a high of $9.31 on September 9 but has since experienced a staggering 78% drop. At its lowest, the share price returned to levels not seen since May.
Eric Trump has touted American Bitcoin as a significant player in the global cryptocurrency market, claiming that the Texas-based company manages 2% of the world’s bitcoin supply. “I truly believe we are building one of the greatest crypto companies anywhere on earth,” he remarked, echoing sentiments often expressed by his father.
The decline in ABTC shares is part of a larger trend impacting digital assets, with Bitcoin itself plummeting more than 30% from its early October peak of $126,272 to approximately $92,133. Deutsche Bank analysts noted that the global cryptocurrency market had seen a reduction of about $1 trillion in total value in recent weeks.
American Bitcoin, which was spun off from Hut 8 Corp earlier this year, reported a third-quarter net income of $3.5 million, with revenue reaching $64.2 million in November, according to Bloomberg. However, the turbulent market conditions have raised questions about the sustainability of the company’s growth.
Eric Trump’s foray into cryptocurrency is just one aspect of the family’s broader investment strategy in the sector. The Trump family ventured into the crypto space back in 2022 with the launch of an NFT and later established World Liberty Financial in 2024, followed by the creation of their own cryptocurrency, the $Trump token, in 2025.
Other crypto endeavors linked to the Trump family have also experienced significant downturns. For instance, WLFI, a token associated with World Liberty Financial, has seen its value decrease from 26 cents in early September to about 16 cents.
The family’s wealth has also been affected by these shifts in the cryptocurrency market. Bloomberg estimated the family’s fortune to be $7.7 billion in September, but it has since dropped to around $6.7 billion as cryptocurrency values slump.
During his presidency, Donald Trump signed an executive order aimed at fostering the growth of the digital asset industry, highlighting his shift from skepticism to support for cryptocurrencies, especially during his second presidential campaign when he became the first major U.S. presidential candidate to accept donations in cryptocurrency.
Meanwhile, shares in Trump’s media company, Trump Media & Technology Group, which began acquiring Bitcoin this year, have also taken a hit, trading around $11, a steep decline from $42 in early February.
Despite the downturn in market values, Eric Trump remains optimistic, suggesting that the current situation presents a “great buying opportunity.” He articulated his belief that those who invest during these volatile periods will ultimately emerge as winners, expressing an unwavering bullish attitude about the future of cryptocurrency and the evolution of the financial system.
