Eric Trump suffers $600 million loss in Bitcoin business
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2 Articles
Eric Trump suffers $600 million loss in Bitcoin business
Eric Trump‘s latest business venture has taken a costly turn. Less than a year after American Bitcoin Corp. made its public market debut with big expectations, the cryptocurrency mining company has watched its stock price collapse, slashing the estimated value of Trump’s ownership stake by more than $600 million on paper, according to Bloomberg‘s calculations. The slide comes as investors have increasingly shifted their attention away from Bitco…
According to ChainCatcher, on-chain analyst Yu Jin monitored that Trump Media transferred 2,628 bitcoins to the Crypto.com exchange 6 hours ago. The company currently has a loss of up to $555 million on Bitcoin. Last July and August, Trump Media purchased 11,542 bitcoins for $1.368 billion after raising funds through the sale of company stock and convertible bonds, at an average price of $118,529. So far this year, the company has sold 7,281 bit…
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