Shares of Eric Trump’s crypto mining business lost more than half their value in less than 30 minutes on Tuesday.
The collapse of American Bitcoin Corp., which caused repeated trading halts, followed steep declines for many cryptocurrencies and crypto-linked companies, marking the beginning of what some observers are calling a “crypto winter.” Bitcoin’s value has fallen sharply since the beginning of October, wiping out much of the year’s gains.
Shares of American Bitcoin, which trades as ABTC, fell to $1.90 after closing at $2.39 a day earlier. The stock previously bottomed in May, before reaching a peak of $9.31 on September 9 and then falling 78% to today’s trading price.
Eric Trump, the president’s second-born son, claimed on Twitter last month that the Texas-based crypto miner handles 2% of the world’s Bitcoin supply.
“I truly believe we are building one of the largest crypto companies anywhere on Earth,” he said, following in his father’s footsteps.
The sudden drop in ABTC’s value comes amid a widespread selloff in the digital asset market. Bitcoin has fallen more than 30% to $92,133 from a peak of $126,272 per bitcoin on October 6. Deutsche Bank analysts said last week that $1 trillion worth had been wiped off the crypto market globally since then.
US Bitcoin, which was spun off from another company, Hut 8 Corp, earlier this year, reported third-quarter net income of $3.5 million on revenue of $64.2 million in November, Bloomberg reported.
Eric Trump’s crypto mining venture is just one part of the Trump family’s crypto-linked family business, which began with the launch of NFTs, or non-fungible tokens, in 2022. The Trump family launched the crypto firm World Liberty Financial in 2024 and launched a cryptocurrency bearing the family name, $TRUMP, in 2025.
Like US Bitcoin, other Donald Trump-affiliated crypto ventures are in the tank, including World Liberty Financial’s token WLFI, which has seen its value drop from 26 cents in early September to around 16 cents today.
The family fortune has benefited greatly from crypto ventures. Bloomberg estimated the family’s wealth to be $7.7bn in September, but the decline in crypto values has pulled it down to $6.7bn.
As President, Trump has signed an executive order to support the growth of the digital asset industry and establish a regulatory framework and has appointed crypto-friendly officials to regulatory positions. He was a crypto skeptic for years, variously calling it “not money” and “based on air”, but he reconsidered the controversial asset class during his second presidential campaign and became the first major US presidential candidate to accept donations in cryptocurrency.
After newsletter promotion
Shares of Trump Media & Technology Group (TMTG), Trump’s social media company, which began acquiring Bitcoin this year, are trading at around $11, down from $42 in early February.
Late last month, 41-year-old Eric appeared undaunted by the decline in crypto values.
“What a great buying opportunity,” he told Bloomberg. “Those who buy on dips and embrace volatility will be the ultimate winners. I have never been more bullish on the future of cryptocurrencies and the modernization of the financial system.”
<a href