The numbers are hard to look at. If you put $10,000 into American Bitcoin Corp, the Bitcoin mining company co-founded by Eric Trump and Donald Trump Jr., around this time last year, that position is worth approximately $260 today. A loss of 97 percent in twelve months.
The stock, trading under the ticker ABTC on NASDAQ, was changing hands at around $14 a year ago on a pre-split adjusted basis.
Today it sits near $5.86, and that figure comes after a 1-for-15 reverse stock split the company executed on July 6, 2026, which mechanically inflated the per-share price without changing the underlying value.
What went wrong
American Bitcoin was positioned as the most politically connected Bitcoin mining play in the market. The company integrates scaled Bitcoin mining operations with disciplined accumulation strategies, with Eric Trump serving as Chief Strategy Officer.
The pitch was simple, ride Bitcoin higher with a company that had the Trump brand, political tailwinds, and an operational edge in mining efficiency.
The execution was messier. The stock dropped more than 70 percent since its debut, and a share lock-up expiry sparked a near 40 percent plunge in a single session. Volatility became a defining feature of the stock rather than an occasional drawback.
Bitcoin itself compounded the problem, the underlying asset fell roughly 50 percent from its all-time high of $126,000, dragging every mining company’s economics with it.
For a company whose entire business model depends on Bitcoin’s price staying elevated enough to make mining profitable, that slide hit hard. Gross margins held above 50 percent operationally, but the market stopped caring about operational metrics when the Bitcoin price was in freefall.
Add rising energy costs, tightening competition among miners, and the post-halving squeeze on block rewards, and the environment turned hostile fast.
The reverse split problem
American Bitcoin set a 1-for-15 reverse stock split, with Class A common stock beginning trading on a reverse split-adjusted basis on July 6, 2026.
Reverse splits are typically a distress signal, companies use them to avoid delisting when a share price falls too low. They do not change the company’s value, only the optics of the per-share price.
Trending on TheStreet Roundtable Where it sits now
American Bitcoin grew its Bitcoin holdings from around 5,401 at December 31, 2025 to 7,021 at March 31, 2026, up 30 percent in a single quarter. The company also added 11,298 new Bitcoin miners in April 2026, boosting its total fleet to approximately 89,242 miners running at 28.1 exahash per second. Cost to mine fell 23 percent in Q4 2025 while gross margins held above 50 percent, the operational numbers are genuinely strong.
But the stock market is not pricing the operations. It is pricing the Bitcoin exposure, the Trump brand premium that has evaporated, and the reverse split that confirmed how far things had fallen.
The company recently hit 8,000 BTC in its strategic reserve, a milestone that made headlines even as ABTC stock hit a one-year low on the same day.
The gap between what the company is building and what investors are willing to pay for it has rarely been wider. The Trump name opened doors. It did not keep the stock price up.
Related: This is what a $1,000 investment in $TRUMP coin looks like today
This story was originally published by TheStreet on Jul 10, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.