American Bitcoin slumps 95%, erases $600M of Eric Trump stake
American Bitcoin shares plunged about 95%, wiping roughly $600 million from Eric Trump’s 6% stake. Two traders opened opposing $53.49M ether bets — a 20x short and a 10x long, totaling $107M.
American Bitcoin Corp. (Nasdaq: ABTC) has fallen about 95% from a Sept. 9, 2025 high close of $139.65, erasing roughly $600 million from the market value of Eric Trump’s roughly 6% stake over the past ten months. The stock debuted on Nasdaq in early September 2025 after a merger and has declined about 77% so far this year, prompting a 1-for-15 reverse split to meet listing requirements.
American Bitcoin is majority owned by Hut 8 and focuses on bitcoin mining and accumulation. The company’s treasury holds more than 7,500 BTC. Eric Trump, the company’s chief strategy officer, commented “The stacking continues,” and has previously projected a $1 million bitcoin price. Some critics contend the episode highlights branded crypto ventures where insiders benefited while public investors sustained large losses.
Other U.S. miners that announced deals to lease computing capacity to artificial intelligence customers — Riot Platforms, Cipher, MARA Holdings and Terawulf — have reported gains and are up on average more than 60% in 2026.
Separately, onchain records show two wallets on decentralized perpetuals exchange Hyperliquid opened mirror leveraged positions on ether. Wallet 0xe069 took a 20x short on 30,000 ETH, a position valued at about $53.49 million, while wallet 0x7fba took a 10x long on an identical 30,000 ETH position. Combined, the two positions total roughly $107 million; ether was trading near $1,783 at the time.
Onchain data indicate one of the wallets had earlier closed three profitable long trades on bitcoin, ether and solana, netting about $444,000. Large leveraged positions on decentralized perpetuals platforms have appeared several times this year, creating sizeable, visible exposures on short time frames.
The equity decline at American Bitcoin unfolded over months while the mirrored ether positions were opened in a single onchain event. Both developments involved large amounts of capital moving through public markets and decentralized exchanges.
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