American Bitcoin Corp (ABTC) opened for trading on July 6 on a split-adjusted basis following a 1-for-15 reverse stock split executed on July 2. The stock was expected to begin trading at $8.40 but has since slipped to $7.70 — already below the post-split open price.
The reverse split was a direct response to Nasdaq’s minimum $1.00 share price requirement. Before the split, ABTC was trading at $0.56, putting it at risk of being removed from the exchange.
The move reduced ABTC’s total share count from approximately 1.09 billion down to around 73 million. While it technically solves the delisting problem, reverse splits are rarely welcomed by investors.
They’re seen as a cosmetic fix — pushing the price up without addressing what drove it down in the first place.
ABTC has now fallen around 91% since it went public via a SPAC merger last September. The 52-week high sits at $153.60, making the current $7.70 price a painful comparison.
The company’s market cap stands at $6.36 billion.
First quarter 2026 results showed revenue of $62.1 million, down 20.7% from the prior quarter. The primary cause was a drop in Bitcoin prices, which directly impacts mining revenue.
Bitcoin fell from an all-time high of $126,000 last October to around $58,000 in June. That kind of price move hits mining companies hard.
On the cost side, ABTC managed to cut its cost per Bitcoin mined by 23%, which helped keep gross margins above 50%. That’s a decent operational result in a tough environment.
No analyst upgrades or downgrades followed the Q1 report.
According to InvestingPro analysis, ABTC’s RSI currently sits in oversold territory. That might catch the eye of some traders looking for a bounce.
However, the platform’s Fair Value model suggests the stock remains overvalued even at these levels. That’s an uncomfortable mix.
ABTC is majority-owned by Canadian miner Hut 8 (HUT), which co-founded the company alongside Eric Trump. Hut 8 has had a very different year — HUT stock is up 344% over the last 12 months, currently trading at $97.14.
American Bitcoin runs large-scale mining operations and also accumulates Bitcoin on its balance sheet as a core part of its strategy.
As of July 6, ABTC is trading at $7.70 against a 52-week high of $153.60, with the reverse split now in effect and the stock already dipping below its expected post-split open price of $8.40.
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