Why Trump-Backed Mining Company Struggles Despite Bitcoin’s Recovery

American Bitcoin Corp., a mining company connected to the family of former US President Donald Trump, saw its stock sharply decline by 37% in 24 hours, reaching $2.22, despite a broader recovery in the cryptocurrency market. Over the past six months, the stock has dropped nearly 60%. The company was established as a spin-off from Hut 8 Corp, with Hut 8 retaining an 80% stake, while Eric and Donald Trump Jr. control about 20%. This poor stock performance directly impacts the Trump family's financial interests. The continued decline, contrasting with Bitcoin's rebound above $90,000, suggests that a short-term price recovery is insufficient to boost the company's performance, especially amid broader crypto industry uncertainties, including potential selling pressure from MicroStrategy and volatility influenced by Federal Reserve and Bank of Japan policies.

(Source：BeInCrypto)