American Bitcoin Corp, the crypto mining company co-founded by Eric Trump, is deep in the red. Its stock has crashed more than 95% from its peak, erasing over $600 million from the value of Eric Trump’s stake in just ten months.
Eric Trump just lost the family $600 million on a disastrous Bitcoin bet
Eric Trump spent Thursday morning bragging about getting an airport named after his dad. Hours later, the world learned he had just vaporized more than $600 million of the family fortune.
According to a new… pic.twitter.com/M6DrQqLJLT— James Tate (@JamesTate121) July 10, 2026
The stock hit an all-time low this week, trading at under $6. That’s a long way from its high of $139.65, which it reached just five trading days after it began trading on the Nasdaq in September 2024.
This week, the company carried out a 1-for-15 reverse stock split to stay listed on the Nasdaq.
Eric Trump holds roughly 6% of the company and serves as its chief strategy officer. Donald Trump Jr. is listed as an adviser, though his stake has not been disclosed.
The company’s origins are worth noting. It started as American Data Centers Inc., a venture backed by the Trump brothers through Dominari Holdings. When it launched in February 2025, Eric Trump said it was “crucial for the development of AI infrastructure in the United States.”
Just one month later, the company switched direction. It struck a deal with Hut 8 Corp to receive mining equipment in exchange for an equity stake, then reverse-merged with Gryphon Digital Mining and rebranded as American Bitcoin Corp.
That pivot away from data centers would prove costly.
As Bitcoin prices fell, other miners moved fast. Riot Platforms, Cipher Digital, MARA Holdings, and TeraWulf all announced deals to expand into AI data centers. Their shares are up an average of more than 60% this year.
American Bitcoin went the other way. The company’s assets are tied up in mining hardware and Bitcoin holdings. Its day-to-day operations are run by Hut 8 under an exclusive service deal, which leaves most of the AI data center options with Hut 8 — not American Bitcoin.
Hut 8, which has leaned hard into AI infrastructure, has seen its shares more than double this year.
In the first quarter, American Bitcoin posted a $118.2 million operating loss, including a $117.2 million markdown on its Bitcoin treasury.
Despite that, the company bought another 500 Bitcoin on Monday and now holds over 8,000 BTC. Eric Trump says selling would need to be “beyond catastrophic” to consider.
Analysts say the math is simple. “The price of Bitcoin needs to be moving up for the business model to work,” said Mark Palmer of Benchmark Co.
Meanwhile, President Donald Trump reported at least $1.4 billion in crypto earnings in 2025 from his own family’s digital asset ventures.
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