Stock price dropped, but... Eric Trump "Continues to accumulate Bitcoin (BTC)"

▲ Eric Trump, Bitcoin (BTC)/AI generated image ©

Eric Trump, the second son of US President Donald Trump and co-founder of American Bitcoin Corp. (ABTC), celebrated the accumulation of 8,000 BTC. Eric Trump reaffirmed his commitment to acquiring Bitcoin, stating, "We are continuing to accumulate."

According to cryptocurrency media outlet Benzinga on July 8 (local time), American Bitcoin holds 8,000 BTC as corporate treasury assets. The estimated value is approximately $504 million. It ranked 16th in corporate Bitcoin holdings, surpassing Galaxy Digital Inc. (GLXY) and Gemini Space Station Inc. (GEMI).

Eric Trump announced via X (formerly Twitter) that American Bitcoin recorded a mining profit margin of 52% in the first quarter. He also emphasized that its sales and general administrative expense ratio is among the lowest in the industry. He stated, "We are continuing to accumulate. A big congratulations to the incredible ABTC team. We keep moving forward."

MicroStrategy Inc. (MSTR) maintains its lead in corporate holdings, possessing over $53 billion worth of Bitcoin as treasury assets. American Bitcoin operates a combined mining and treasury asset business, acquiring new Bitcoin through its own mining operations.

American Bitcoin's stock price has plummeted by 94% since its listing last September. One report stated that $500 million in shareholder value disappeared after the listing, while Eric Trump's personal assets increased from $190 million to $280 million. Although there were criticisms that the total cost of Bitcoin mining surged, Eric Trump refuted the report, claiming it had political bias.

American Bitcoin approved a 1-for-15 reverse stock split last month. Subsequently, its stock price fell by 38%. In Benzinga Edge's stock rankings, both short-term, medium-term, and long-term trends showed weakness.

[Article Summary]

-American Bitcoin holds 8,000 BTC, valued at approximately $504 million, ranking 16th in corporate Bitcoin holdings.

-Eric Trump revealed a 52% mining profit margin in Q1, stating, "We are continuing to accumulate."

-American Bitcoin's stock price plummeted by 94% since its listing and fell by another 38% after a 1-for-15 reverse stock split.

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