Eric Trump's Bitcoin Company Is Imploding

TL;DR

American Bitcoin Corp collapsed 90% because it was built to inflate share price using the Trump name, not to create real value.

Key Points

• 1.Eric Trump co-founded American Bitcoin Corp (ABTC) in early 2025 with HUT 8 contributing $126 million worth of mining rigs in exchange for 80% equity; the Trump sons contributed nothing but their name for a free 20% stake.
• 2.ABTC went public via a reverse merger with Griffon Digital Mining (a near-bankrupt penny stock) in September 2025, debuting on the NASDAQ at a $5 billion valuation despite owning only $126 million in assets.
• 3.After going public, ABTC nearly doubled its share count from ~550 million to over 1 billion shares through aggressive "at the market" offerings, raising over $400 million from retail investors.
• 4.The share price collapsed from nearly $10 at merger close to just over $1 by early 2026 — a roughly 90% decline — while retail investors absorbed massive losses from continuous share dilution.
• 5.The Trump sons each hold ~75 million shares worth ~$90 million with a near-zero cost basis, while ABTC's Bitcoin holdings (5,410 BTC worth ~$380 million) still trade at a substantial premium to real asset value.