American Bitcoin Loses 92% Since Reverse Merger, Outpacing Bitcoin
The Hut 8-owned mining company recorded more than $288 million in net losses across 2025 and the first half of 2026.
American Bitcoin has lost approximately 92% of its value since its reverse merger, after accounting for a reverse stock split, while Bitcoin (BTC) declined about 25% over the same period.
The Hut 8-owned mining company became publicly listed through the reverse merger. American Bitcoin says it was formed through the contribution of substantially all of Hut 8’s application-specific integrated circuit mining fleet to a venture led by Eric Trump and Donald Trump Jr.
Eric Trump served as American Bitcoin’s chief strategy officer during the decline of more than 90%. Donald Trump Jr. serves as a senior adviser to the company.
American Bitcoin recorded a net loss of more than $150 million in 2025 and added another $138 million in net losses during the first six months of 2026. The losses were largely driven by the falling price of BTC.
American Bitcoin says it is a pure-play Bitcoin accumulation platform integrating scaled mining operations with disciplined accumulation strategies.
