We recently published 10 Stocks Deep in the Red. American Bitcoin Corp. is one of the worst performers on Tuesday.
American Bitcoin declined by 38.83 percent on Tuesday to close at $2.19 apiece as investors were said to have taken profits for the first time.
In a social media post, presidential son and American Bitcoin Corp. co-founder Eric Trump said that the sell-off was due to investors exercising their options to “cash in on their profits for the first time, which is why we will see volatility.”
“I’m holding all my @ABTC shares—I’m 100 percent committed to leading the industry,” Trump added.
American Bitcoin Corp.’s drop also spilled over to its parent firm, Hut 8 Corp., shedding 13.52 percent on the same day.
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 American Bitcoin Corp Chief Strategy Officer and co-founder Eric 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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This article is originally published at Insider Monkey.
