American Bitcoin, tied to Trumps, drops more than 90%

American Bitcoin, the BTC mining company owned by Hut 8, has significantly underperformed bitcoin since the reverse merger that brought it to public markets.

Since that merger, the firm has shed roughly 92% of its value, after factoring in a reverse stock split.

Over the same period, bitcoin has declined by only a quarter.

On its website, American Bitcoin claims that it “was formed through the strategic contribution of substantially all of Hut 8’s ASIC fleet into a new venture led by Eric Trump and Donald Trump Jr.”

Eric Trump occupied the role of chief strategy officer during the period of more than 90% decline.

Donald Trump Jr. serves as a senior adviser, offering guidance to the company.

Together, they have overseen the firm – described as “a pure-play BTC accumulation platform that integrates scaled BTC mining operations with disciplined accumulation strategies” – as it suffered a decline far greater than that of bitcoin.

For 2025, American Bitcoin posted a net loss exceeding $150 million.

In the first half of 2026, the company added another $138 million in net losses, primarily due to bitcoin's price decline.

A recent rebound in bitcoin prices may reduce some of those losses in coming quarters, provided the price does not drop again.