Eric Trump Touts American Bitcoin Progress Amid 90% Stock Plunge

American Bitcoin Corp.'s (NASDAQ:ABTC) first anniversary of going public has been celebrated by Eric Trump, who reaffirmed the company's mission to make America a leader in the Bitcoin economy.

Trump pointed out that American Bitcoin now holds 8,300 BTC on its balance sheet, operating a fleet of nearly 90,000 miners and achieving approximately 50% mining profit margins. The company has also reported record quarterly production. The BTC stash is valued at $670 million as of this writing, making it the 15th-largest corporate holder of the apex cryptocurrency.

The firm's strategy combines large-scale mining operations with at-market Bitcoin purchases to accelerate its strategic reserve growth. Despite generating fresh BTC via in-house mining, American Bitcoin's stock has struggled since launch, plummeting a staggering 90% and suffering year-to-date losses of 63%. The company burned $500 million in shareholder value since going public.