Trump-Backed ABTC Holds 8,000 BTC — Retail Bagholders Hold 95% Losses 🪨

American Bitcoin Corp. ($ABTC) reported crossing 8,000 Bitcoin ($BTC) this month, even as its stock trades more than 95% below its post-listing peak. The company, co-founded by Eric Trump and advised by Donald Trump Jr., continues to accumulate $BTC and mine at company-record levels, yet shareholders who bought in around its September 2025 Nasdaq debut have absorbed a near-total drawdown. Forbes reported the firm carried a roughly $13.2 billion valuation at listing while holding only about $270 million in $BTC, and that retail investors have lost approximately $500 million since the debut while founder-aligned holders saw gains of about $90 million.

The equity structure sits behind the disconnect. American Bitcoin operates as a majority-owned subsidiary of Hut 8, which holds roughly 80% after contributing its self-mining operations, with the Trump family controlling about 20% and Eric Trump's personal stake near 6%. To fund $BTC purchases, the company leaned heavily on share issuance, expanding its float and diluting existing holders. A 1-for-15 reverse stock split, effective in early July, reduced the share count from more than 1.09 billion to about 73 million, a step the company described as necessary to maintain compliance with Nasdaq's minimum bid price requirement. Despite that move, Satoshis Per Share rose about 20% in the first quarter as the share base continued to expand.

Operationally, American Bitcoin mined 817 $BTC in the first quarter, a company record, with margins near 52% even as $BTC fell roughly 22% over the period. Eric Trump has said the fleet mines at a 47% discount to spot. Forbes disputed that figure, placing the all-in cost at roughly $90,000 per coin after depreciation and overhead. A $117.2 million financing figure appeared in source filings tied to the accumulation program. Eric Trump publicly dismissed the Forbes reporting as motivated, writing on X, "