The Bitcoin mining venture co-founded by Eric Trump and Donald Trump Jr. experienced a sharp decline in its stock price following a recent sale of shares. On Tuesday, American Bitcoin (traded as ABTC) saw its stock plummet nearly 50%, dropping from $3.58 to $1.80 in just the first hour of trading. By the end of the day, the stock had slightly recovered, closing at $2.19, which still represented a 38% drop.
Eric Trump commented on the situation, noting that the unlocking of pre-merger private placement shares allowed early investors to cash in, which he anticipated would cause volatility. In September, American Bitcoin merged with Gryphon Digital Mining, making its shares available on the Nasdaq.
Eric maintains that the company’s fundamentals are “virtually unparalleled,” asserting he wouldn’t be selling any of his holdings. However, it’s worth noting that ABTC stock has seen an 80% decline from its peak of $9.40 last September.
Matt Prusak, president of Bitcoin in the US, mentioned that further fluctuations could be expected in the upcoming week as stock prices stabilize. He reflected on having experienced significant downturns in the past.
The Trump family has explored various other digital investments, including Memecoin and World Liberty Financial, which adds a layer of interest. Critics suggest these ventures serve as a means for wealthy individuals to gain favors without being transparent, raising concerns about foreign influence on the administration.
Democratic Congressman Jamie Raskin highlighted a House Judiciary Committee report that accused Trump of leveraging his office for personal financial gain, claiming the family held $11.6 billion in crypto assets and generated over $800 million from crypto sales in the first half of 2025.
In May, there were protests against perceived influence-peddling outside the Trump National Golf Course in Virginia, coinciding with an exclusive dinner hosted for top cryptocurrency investors by President Trump.
Despite the Trump family’s ventures into cryptocurrencies, volatility remains a significant issue. Reports indicate that their fortune has dropped roughly $1 billion amid a downturn in the cryptocurrency market, with their net worth now around $6.7 billion, down from $7.7 billion in September. This decline is largely attributed to their crypto investments suffering significant losses during a global market crash that erased over $1 trillion in value.
