Eric Trump’s Cryptocurrency Firm Plummets Nearly 40% Amid ‘Crypto Winter’
Shares in Eric Trump’s cryptocurrency mining company, American Bitcoin Corp (ABTC), tumbled nearly 40% on Tuesday, intensifying concerns about a challenging period for the digital asset market often referred to as a “crypto winter.” The dramatic decline in ABTC’s stock price, which fell from $2.39 to $1.90 within less than 30 minutes, triggered multiple trading halts and wiped roughly $1 billion off the company’s market value.
A Steep Decline in a Volatile Market
American Bitcoin’s stock performance this year has been highly volatile. The shares peaked at $9.31 on September 9 before commencing a sharp downturn that culminated in Tuesday’s nearly 40% collapse. Prior to the peak, the stock priced around $1.90, a level it returned to after its recent tumble. Trading volume surged to nearly 40 times the daily average, reflecting intense investor activity and concern.
This drop mirrors the broader downturn in the cryptocurrency sector. Bitcoin, the benchmark digital currency, has fallen precipitously from a high of $126,272 per coin on October 6 to about $92,133, erasing much of the gains realized over the previous year. Deutsche Bank analysts estimate that over $1 trillion in value has been erased across the global crypto market since early October.
Eric Trump Defends the Firm Amid Volatility
Eric Trump, son of former US President Donald Trump and president of American Bitcoin Corp, expressed confidence despite the market turbulence. Last month, he claimed via social media platform X (formerly Twitter) that his Texas-based company mines approximately 2% of the world’s bitcoin supply.
Following the stock’s plunge, Trump attributed the selloff to investors “cashing in on their profits for the first time,” suggesting that volatility was to be expected. He reassured stakeholders of his commitment, stating he was holding all of his ABTC shares and remained “100% committed to leading the industry.”
In an interview with Bloomberg, Eric Trump described the current decline as a “great buying opportunity,” emphasizing his bullish stance on the future of cryptocurrency and financial innovation despite recent setbacks.
The Trump Family’s Expanding Crypto Ventures
American Bitcoin Corp is just one component of the Trump family’s growing involvement in cryptocurrencies and blockchain technology. This foray began in 2022 with the launch of a non-fungible token (NFT) collection and expanded with the creation of World Liberty Financial in 2024. In 2025, the family introduced their own cryptocurrency, dubbed $Trump.
Similar to ABTC, other Trump-affiliated crypto assets have suffered significant losses. For instance, the WLFI token connected to World Liberty Financial dropped from 26 cents in early September to roughly 16 cents recently.
The family’s overall wealth, which Bloomberg estimated at $7.7 billion in September, has been impacted by the crypto downturn, with valuations dropping to about $6.7 billion.
The Political and Regulatory Context
During his presidency, Donald Trump had a complex relationship with cryptocurrency. Initially a skeptic, describing it as “not money” and “based on thin air,” he later shifted his stance during his second presidential campaign. Trump became the first major US presidential candidate to accept cryptocurrency donations and signed an executive order to foster the digital asset industry and establish regulatory frameworks.
The Trump Media & Technology Group (TMTG), the family’s social media company, also entered the crypto space this year, acquiring Bitcoin. However, its shares have declined from about $42 in February to around $11 currently, reflecting the broader downturn in digital asset-related stocks.
Looking Forward
Despite the severe market correction, Eric Trump remains optimistic about the cryptocurrency industry and his company’s role within it. The recent sell-off might underline the challenges ahead for crypto firms, but it also highlights an ongoing interest in digital assets among investors who see volatility as an opportunity.
As the “crypto winter” persists, companies and investors alike will be closely watching market dynamics and regulatory developments to navigate this turbulent phase in the digital economy.
Reported by Edward Helmore, The Guardian, December 2, 2025