American Bitcoin Corp. Faces Financial Woes Amid Crypto Market Rout

Investors and analysts are closely watching American Bitcoin Corp., a Miami-based miner backed by the Trump family. Despite an initial hype surrounding its Nasdaq debut last year, the company is now facing significant financial difficulties due to the crypto market's deep downturn.

The firm reported a substantial loss of $59 million for the fourth quarter, which is largely attributed to the decline in the broader digital-asset trade. This negative result has led to a sharp drop in the company's stock price, with shares trading just above $1, nearly 3% lower than the previous day.