The Bitcoin mining firm co-founded by Eric Trump and Donald Trump Jr. experienced a dramatic decline in stock value shortly after portions of its shares were made available for sale. On March 12, 2024, shares of American Bitcoin, listed as ABTC, plummeted nearly 50 percent within the first hour of trading, dropping from a previous closing price of $3.58 to a low of $1.80. The stock did recover slightly throughout the day, ultimately closing at $2.19, marking a daily decline of approximately 38 percent, according to data from The Block.
Eric Trump took to social media platform X to explain the situation, stating, “Today our pre-merger private placement shares unlocked — these early investors are freely available to cash in on their profits for the first time, which is why we will see volatility.” This release of shares followed American Bitcoin’s merger with Gryphon Digital Mining in September 2023, which facilitated its trading on the Nasdaq.
Despite the sharp decline, Eric Trump emphasized his confidence in the company, asserting that he would not sell any of his shares due to the firm’s strong fundamentals, which he described as “virtually unmatched.” Nevertheless, ABTC shares have suffered significantly since their peak, down approximately 80 percent from a record high of $9.40 in September.
The volatility surrounding American Bitcoin is part of a broader trend within the cryptocurrency market. Matt Prusak, president of American Bitcoin, noted on X that the market might continue to experience turbulence as shares stabilize, stating, “Personally, I’ve lived through brutal drawdowns before.”
The Trump family has various investments in the cryptocurrency sector, which include meme coins and the company World Liberty Financial, co-founded by former President Donald Trump. Critics have expressed concerns regarding the potential for these ventures to serve as avenues for wealthy individuals to gain influence with the government, raising alarms about transparency and foreign interests.
Jamie Raskin, a Democratic Representative, highlighted these concerns in a report to the House Judiciary Committee published in November 2023. He characterized the Trump family’s “pro-crypto agenda” as a strategy for self-enrichment, suggesting that it is built on “pay-to-play deals and corrupt foreign interests seeking secret channels of access and influence.” The report stated that the Trump family holds cryptocurrency assets potentially worth as much as $11.6 billion, with reported income exceeding $800 million from crypto asset sales in the first half of 2025.
The challenges facing the Trump family’s cryptocurrency holdings come in light of a significant downturn in the broader cryptocurrency market, which has seen over $1 trillion in value wiped away globally. According to a recent report, the family’s net worth has decreased by around $1 billion, dropping from approximately $7.7 billion in September to about $6.7 billion. The decline can be attributed to substantial losses in their cryptocurrency investments, including Eric Trump’s Bitcoin mining operations and the company’s association with Truth Social, which is heavily linked to Bitcoin.
As the cryptocurrency landscape remains volatile, the Trump family’s financial interests in this sector continue to face considerable scrutiny and uncertainty.
