We recently published December Disappointments: 10 Big Names Troubled Early. American Bitcoin Corp is one of the worst performers of last week.
American Bitcoin nosedived by 47.4 percent week-on-week, as investors sold off positions following the expiration of a lockup period, while presidential son and co-founder Eric Trump pointed to profit-taking as having dragged down its share price.
“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,” Trump posted on his social media account.
“I’m holding all my @ABTC shares—I’m 100 percent committed to leading the industry,” Trump added.
In other recent news, American Bitcoin Corp swung to a net profit of $3.47 million from a $576 million net loss in the same period last year. Revenues soared by 453 percent to $64.22 million from only $11.61 million year-on-year.
“The third quarter validated the thesis behind American Bitcoin,” said Trump.
“While others paid spot, we generated Bitcoin below market through scalable, asset-light mining operations. Coupled with disciplined at-market purchases, we added more than 3,000 Bitcoin to our reserve. This dual strategy is how we intend to compound value for our shareholders and solidify our position as a capital-efficient platform for long-term Bitcoin accumulation,” he noted.
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