- ABTC +9.13% BTC-USD +0.83% HUT +6.21%
American Bitcoin Corp. (NASDAQ: ABTC), a Bitcoin (BTC) mining firm co-founded by Eric Trump, saw its shares crash more than 50% in less than 30 minutes on Dec. 2, prompting multiple trading halts.
At press time, ABTC was down nearly 40%, trading at $2.2050.
The drop is interesting since Bitcoin is on a recovery path. At press time, it was trading at $91,653.98, having climbed 7.8% in the past 24 hours.
ABTC shares crash on Dec. 2 (Source: Yahoo Finance) More News:
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Market chatter suggested the steep share price plunge could be tied to insider lockup sales. However, Securities and Exchange Commission filings indicate a 180-day lockup period preventing most existing American Bitcoin shareholders from selling until March 3, 2026, as per CoinDesk.
Once hailed as a promising spinout from Hut 8 Corp. (Nasdaq: HUT), American Bitcoin’s stock has now fallen about 60% in the past six months. Hut 8 owns 80% of American Bitcoin, while Eric, his brother Donald Trump Jr., and other shareholders own the remaining 20%.
On Nov. 14, the company reported third-quarter net income of $3.5 million, and revenue for the quarter stood at $64.2 million, more than double the previous quarter's revenue. As of Sept. 30, American Bitcoin was holding 3,418 Bitcoin.
Related: Eric Trump has a bold plan to make real estate accessible for everyone
This story was originally published by TheStreet on Dec 2, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
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