Eric Trump’s American Bitcoin dips 40% after token lockup expires
American Bitcoin (ABTC) stock dropped nearly 40% after pre-merger private placement shares were unlocked, allowing early investors to sell.Summary
American Bitcoin (ABTC), the Bitcoin mining firm co-founded by Eric and Donald Trump Jr., experienced a significant stock price drop, falling nearly 50% initially and closing down 38.83% after a portion of its shares were freed from a lockup period. Eric Trump attributed the volatility to early investors being able to cash in on profits for the first time. ABTC merged with Gryphon Digital Mining in September and trades on the Nasdaq. Despite the stock decline, the company reported strong third-quarter results, with revenue soaring to $64.2 million and achieving a net income of $3.5 million. The company also holds a substantial reserve of approximately 4,090 BTC. However, the stock continues a downward trend since its September peak, and analysts advise watching for future equity unlocks scheduled for 2026.
(Source：The Block)