American Bitcoin Slashes Share Count in Bid to Meet Nasdaq Listing Requirements

American Bitcoin Corp., the company co-founded by Eric Trump and majority-owned by Hut 8 Corp., is undergoing a 1-for-15 reverse stock split to keep its listing on the Nasdaq exchange.

The move, effective July 2, will consolidate every 15 shares of outstanding Class A and Class B common stock into a single share, reducing the total share count from around 1.09 billion to approximately 73 million.

Shares are expected to begin trading on a split-adjusted basis when markets open on July 6 under the same ABTC ticker, with a new CUSIP number assigned.

The primary driver behind this decision is Nasdaq's requirement for listed stocks to maintain a minimum bid price of $1. American Bitcoin's shares fell to a record low of around $0.61 on July 1, prompting the company to take action.