American Bitcoin loses 95% of its value
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- American Bitcoin has lost more than 95% of its value since its market debut.
- The decline cut more than US$600 million from Eric Trump's stake in the company.
- Investors have favoured Bitcoin miners expanding into AI over pure crypto mining businesses.
American Bitcoin has fallen more than 95% from its peak, cutting more than US$600 million from the value of Eric Trump's stake.
The company has struggled while several rival Bitcoin miners gained investor support by expanding into AI data centre services.
American Bitcoin recently completed a 1-for-15 reverse stock split to keep its Nasdaq listing and continues focusing on Bitcoin mining and holding Bitcoin (CRYPTO:BTC).
The company says its strategy remains centred on building its Bitcoin reserves despite weaker market performance.
American Bitcoin was created through a partnership with Hut 8 and holds about 8,000 Bitcoin in its corporate treasury.
The company's performance shows investors are currently placing higher value on miners with AI businesses than those focused only on Bitcoin mining.
At the time of reporting, Bitcoin price was $62,702.22.
