Trump-Backed American Bitcoin Stock Falls 9% After $82M Quarterly Loss

American Bitcoin Corp. (ABTC), the Trump family-backed Bitcoin treasury and mining company, saw its stock price tumble more than 9% after releasing its latest quarterly earnings report. Despite significantly increasing its Bitcoin holdings, investors reacted negatively to the company’s widening financial losses and weak overall performance.

ABTC reported a net loss of nearly $82 million for the quarter, overshadowing its aggressive Bitcoin accumulation strategy. The company added around 1,600 BTC during the quarter, bringing its total Bitcoin reserves to approximately 7,500 BTC. Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin Corp., celebrated the milestone on X, noting that the company now ranks as the 15th largest public Bitcoin treasury firm globally.

According to Bitcoin Treasuries data, the Trump-backed crypto firm recently added another 200 BTC to its reserves. The company’s Bitcoin holdings have now tripled since its Nasdaq debut, reflecting its rapid expansion in the digital asset sector. However, the market appeared more concerned about the company’s financial health than its growing Bitcoin portfolio.

ABTC stock closed down 7.21% at $1.03 on Monday, May 18, before recovering slightly with a 1.93% gain in after-hours trading. The decline highlighted ongoing investor concerns surrounding profitability and operational sustainability in the Bitcoin mining industry.

Eric Trump also praised the company’s mining infrastructure, revealing that American Bitcoin now operates nearly 90,000 Bitcoin mining machines. He added that the company’s Bitcoin-backed value per share has surpassed 700 satoshis, more than doubling since its public launch.

The firm has achieved these milestones within only eight months, showcasing its aggressive growth strategy in the crypto mining space. Eric Trump further claimed that no competing company is expanding faster than American Bitcoin as it aims to overtake Block, Inc. for the 14th spot among the world’s largest public Bitcoin treasury firms.