Trump-Backed Crypto Miner Crashes 95% Amid Bitcoin Bear Market

Shares of American Bitcoin (ABTC), a cryptocurrency mining company backed by the Trump family, have plummeted approximately 95% from their all-time high. This steep decline highlights the shift in investor sentiment away from pure-play crypto mining operations.

The company's fortunes reversed sharply as Bitcoin entered a prolonged bear market, coinciding with a surge in demand for artificial intelligence (AI) infrastructure. Investors now favor companies that can repurpose their energy assets and data centers for AI workloads.

Over the past ten months, the market value of Eric Trump's stake in American Bitcoin has evaporated by more than $600 million. To maintain its listing on the Nasdaq, ABTC executed a 15-for-1 reverse stock split, but shares recently hit an all-time low.