ABTC Stock Drops Amid Stronger-Than-Expected Jobs Report
Shares of American Bitcoin Corp. (NASDAQ:ABTC) are taking a hit on Friday, following a stronger-than-expected jobs report that boosted expectations for a potential Federal Reserve rate hike.
The hotter-than-expected payrolls report has led to a decline in investor appetite for speculative investments, including crypto and risk assets like ABTC stock.
Thursday's rally, which saw ABTC shares rise, was followed by intraday profit-taking on Friday, according to the source. The company had celebrated its first anniversary of going public on the Nasdaq with a statement highlighting its operational scaling over the past year.
Co-Founder and Chief Strategy Officer Eric Trump noted that American Bitcoin has expanded its treasury to 8,300 Bitcoin, backed by a fleet of nearly 90,000 active mining units operating at nearly 50% gross margins. However, this milestone may be overshadowed by the current market headwinds.
At the time of publication on Friday, ABTC shares were down 14.78% at $7.96, according to Benzinga Pro data.