President Donald Trump’s son, Eric Trump, cofounded a crypto mining venture called American Bitcoin Corp last year — and it’s already in deep trouble.
As the Bitcoin community reels from a major downturn — the digital currency has plummeted by over 40 percent year to date — the company’s shares have plummeted right along with it, crashing over a whopping 95 percent compared to their peak.
On Wednesday, its stock price hit an all-time low of well under $6, down from a high of $140 last autumn.
That means Eric Trump’s six percent stake in the company has lost more than $600 million in market value, per Bloomberg‘s calculations, a bruising crypto play that perfectly illustrates the enormous risks of going all-in on extremely volatile digital assets.
After merging with an existing mining company, the company made the questionable decision last year to pivot from building data centers — an extremely lucrative industry that has seen massive interest as of late — to crypto mining, a gambling-like practice that’s far from guaranteed to make a profit.
Since then, the crypto world has had a rude awakening. As prices plunged, the industry made a sharp turn towards leasing all of that hardware to AI companies instead of mining Bitcoin.
However, American Bitcoin stuck to its guns, ultimately going down with the ship. Most of its assets are tied up in crypto-mining hardware and Bitcoin holdings, meaning it didn’t really have anywhere to run.
Eric Trump, meanwhile, is doubling down.
“Thrilled to announce American Bitcoin crossing the 8,000 BTC mark!” he gloated in a July 7 tweet. “The stacking continues.”
He also argued that it would be “beyond catastrophic” to sell its holdings during a recent podcast episode.
Despite Trump’s enthusiasm, American Bitcoin lost well over $100 million in the first quarter of this year. Whether the tide will turn and crypto will see another rise in value is ultimately a question of belief.
“Just hold on guys, just hold,” Eric Trump warned during this year’s Bitcoin Conference in Las Vegas.
The elder Trump appears to have fared far better, reporting last week that he had made more than $1.4 billion in income from his family’s crypto ventures in 2025 — an astronomical conflict of interest, considering we’re talking about the president of the United States.
More on Trump and crypto: Trump Fans Confused by How Their Investments in His Crypto and Stock Are Now Worth a Tiny Fraction While He’s Getting Richer
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