American Bitcoin Corp Shares Plummet Amid Broad Crypto Market Sell-Off
American Bitcoin Corp (ABTC), a company created earlier this year from Hut 8 Corp, saw its shares fall sharply by 38.8% in a single session, closing at $1.90 after a previous close of $2.39. The trading volume was approximately 40 times the daily average, highlighting the intensity of the sell-off. ABTC had previously experienced a surge to $9.31 on September 9 before declining about 78% to its current levels. Bitcoin and many crypto equities were also dropping in what observers described as a crypto winter, with Bitcoin's price falling over 30% from its October 6 peak of 126,272 to about 92,133.
Eric Trump, who claimed on X that American Bitcoin Corp handles 2% of the world's bitcoin supply, attributed the share decline to investors cashing in profits. He said he is holding all his ABTC shares and remains committed to leading the industry. Meanwhile, World Liberty Financial's WLFI token has dropped from around 26 cents in early September to roughly 16 cents. WLFI launched in 2024, and a $Trump cryptocurrency was introduced in 2025.
Financially, American Bitcoin reported third-quarter net income of $3.5 million on revenue of $64.2 million according to Bloomberg. The Trump family fortune was estimated by Bloomberg at $7.7 billion in September but has been trimmed to about $6.7 billion due to declines in cryptocurrency values. President Trump has signed an executive order promoting the growth of the digital asset industry, establishing a regulatory framework and appointing crypto-friendly officials to foster the sector's development.
