American Bitcoin’s ABTC stock on Tuesday lost over half its market value in just 30 minutes on Tuesday. The crash triggered multiple trading halts as the miner, co‑founded by Eric Trump, got dragged down with the rest of the crypto market, as Bitcoin dropped more than 30% from its October peak, slamming every risky crypto bet still standing.
The wipeout followed Monday’s massive liquidation event, where nearly $1 billion in leveraged crypto positions vanished.
By Tuesday, markets had temporarily steadied. But that meant nothing for American Bitcoin. The damage was done.
Crypto miner sinks after early rally fizzles
American Bitcoin launched earlier this year as a spinout from Hut 8 Corp. The mining venture gained early hype. Traders pushed the stock up fast. But since its September peak, the company has now lost over 78% of its value.
By November, American Bitcoin reported a net income of $3.5 million and $64.2 million in revenue for the third quarter. The earnings didn’t matter. The market was already punishing anything linked to crypto.
That includes the Trumps. Donald Trump Jr., who holds shares in American Bitcoin, has also seen losses stack up. The family’s other crypto plays are hurting too.
WLFI, the token tied to the Trump-backed DeFi platform World Liberty Financial, is down more than 30% from September. ALT5 Sigma, which holds WLFI, is down over 80% from its high.
Eric, who helped launch the miner, didn’t flinch. He told Bloomberg News that he’s not backing off. “What a great buying opportunity,” he said. “People who buy dips and embrace volatility will be the ultimate winners. I have never been more bullish on the future of cryptocurrency and the modernization of the financial system.”
Bitcoin’s history is full of deep drops, but the Trumps don’t just hold coins. They’ve embedded themselves across the crypto industry. That spread helps blunt some of the financial hits. But the bleeding hasn’t stopped.
Trump Media takes on losses as Bitcoin gamble turns red
Trump Media & Technology Group Corp., which runs the Truth Social platform, hit a record low on Wednesday.The company’s dive lines up with its increasing exposure to crypto.
Donald Trump, who’s back in the White House as President, holds the largest stake in the company. That stake, controlled by a trust overseen by Donald Jr., has now lost around $800 million since September.
Trump Media is not profitable, but that didn’t stop it from going deeper into crypto. In a July filing, the company revealed it had spent roughly $2 billion buying Bitcoin and related assets. Its holdings include 11,500 Bitcoins, which were bought at around $115,000 each. With prices down, that position is now sitting on a 25% paper loss.
And the bets didn’t stop there. Trump Media also bought a big stash of CRO, a token created by Crypto.com, a Singapore-based crypto exchange. By the end of September, the value of that holding was about $147 million. Since then, CRO has dropped roughly 50%.
Crypto.com is also now working directly with Trump Media. The two are building a new prediction platform called Truth Predict.
The app is being designed to let users bet on sports and political events, adding another layer to the Trumps’ growing crypto ecosystem. The project is still in development, according to Bloomberg.
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