Donald Trump's Son Bet Big on Bitcoin, Lost $600 Million From Family Fortune
The crypto miner reported a first-quarter loss as Bitcoin fell and investors favored companies that could shift infrastructure to artificial intelligence.
- On Wednesday, July 8, American Bitcoin Corp. stock hit an all-time low after reporting an $81.8 million first-quarter net loss, forcing the company into a reverse stock split to maintain its Nasdaq listing.
- While competitors like Hut pivoted to AI-focused data centers, American Bitcoin remained committed to its crypto-mining strategy, missing investor appetite for high-performance computing infrastructure.
- Chief Strategy Officer Eric Trump's stake in American Bitcoin saw more than $600 million in market value erased over the past 10 months, with Trump holding roughly 6 percent of the company.
- Eric Trump confirmed the company does not plan to sell its Bitcoin holdings, arguing the crypto-mining strategy will ultimately deliver the highest returns despite industry headwinds.
- Analyst John Todaro at Needham notes the entire sector is shifting toward high-performance compute, where success now depends on monetizing electricity and land rather than just producing Bitcoin.
12 Articles
12 Articles
Eric Trump's American Bitcoin Sheds 95% From Peak, Erasing $600 Million From His Stake
American Bitcoin, the mining venture co-founded by Eric Trump, has collapsed since going public last year, and the damage is now landing on the first family’s fortune. The company’s shares have fallen more than 95% from their September peak, wiping out over $600 million from Eric Trump’s stake in about 10 months, according to Bloomberg calculations. The slide forced an emergency maneuver this week: a 1-for-15 reverse stock split to preserve the …
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destentor.nlBetting on bitcoin has turned out to be a fiasco for Erik Trump. The shares of American Bitcoin, the publicly traded mining company owned by the US president's son, have collapsed by more than 95 percent. That costs the Trumps' family fortune around 600 million dollars.
Eric Trump’s Bitcoin bet erases $600 million from family fortune
American Bitcoin Corp. was built around a simple idea: that owning and mining Bitcoin would be enough to mint money. Instead, the company co-founded by Eric Trump is mired in a deep downturn. As Bitcoin sank into a bear market and demand for artificial intelligence surged, investors increasingly favored miners that could repurpose their infrastructure for AI-focused data centers.
PoliticsEric Trumps praised the upward trend of his Bitcoin company. A day later, the company plunged into crisis. It lost more than 95 percent of its value in ten months.
Trump family’s fortunes tumble by $600m as company faces 'deep downturn'
Although Donald Trump once dismissed Bitcoin as a "scam" and argued that cryptocurrencies are "based on thin air," the U.S. president and his sons Eric Trump and Donald Trump Jr. are now all in for crypto — from the Trump Family's World Liberty Financial to the American Bitcoin Corp., which Eric Trump co-founded. President Trump's net worth his way up, estimated to be $6.5 billion by Forbes. But according to Bloomberg News reporters Tom Maloney …
The Economic Times
Times of IndiaDonald Trump's son bet big on Bitcoin, lost $600 million from family fortune
American Bitcoin, though, stuck with its crypto strategy and has seen its shares slump more than 95% from their peak. Thats erased more than $600 million from the market value of Eric Trumps stake over the past 10 months, according to Bloomberg calculations, and forced the company this week into a 1-for-15 reverse stock split to maintain its Nasdaq listing. On Wednesday, its stock price hit an all-time low.
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