Eric Trump’s Cryptocurrency Firm Plummets Nearly 40% Amid ‘Crypto Winter’
Shares of American Bitcoin Corp (ABTC), the cryptocurrency mining company linked to Eric Trump, experienced a sharp decline on Tuesday, plunging nearly 40% in less than 30 minutes. This sudden drop triggered multiple trading halts and has been attributed by some market watchers to the emerging “crypto winter” — a period marked by prolonged downturns and volatility in the cryptocurrency sector.
Dramatic Share Price Drop
ABTC shares fell from a closing price of $2.39 the previous day to as low as $1.90 during Tuesday’s trading. This represents a staggering 38.8% loss in value, erasing about $1 billion from the company’s market capitalization in a single session. Trading volume surged, reaching almost 40 times the daily average according to Bloomberg data.
The stock’s plunge follows a broader selloff in cryptocurrencies and crypto-related stocks that began earlier in October. Bitcoin, the world’s most popular digital currency, has fallen more than 30% from its October 6 peak of $126,272 to around $92,133 per bitcoin. Deutsche Bank analysts noted last week that approximately $1 trillion in value has been wiped off the global cryptocurrency market since the start of October.
Eric Trump’s Response
Eric Trump, son of former U.S. President Donald Trump and president of American Bitcoin Corp, responded to the selloff on the social media platform X (formerly Twitter). He attributed the decline to investors cashing in on profits for the first time, predicting continued volatility in the market.
“I’m holding all my @ABTC shares — I’m 100% committed to leading the industry,” he said, emphasizing his confidence in the company’s future despite current headwinds. In earlier remarks last month, Eric Trump claimed that the Texas-based miner controls 2% of the world’s bitcoin supply and described American Bitcoin as “one of the greatest crypto companies anywhere on earth.”
Background on American Bitcoin Corp and Trump Crypto Ventures
American Bitcoin Corp was spun off earlier this year from Hut 8 Corp, a well-established crypto mining operation. In November, the company reported third-quarter net income of $3.5 million on revenues of $64.2 million. Despite these results, the firm’s stock has been highly volatile, reaching a peak of $9.31 on September 9 before its recent sharp decline.
Eric Trump’s crypto mining business is part of a broader suite of cryptocurrency-linked ventures associated with the Trump family. This includes the launch of a non-fungible token (NFT) project in 2022, the establishment of World Liberty Financial, a crypto firm founded in 2024, and the introduction of a family-branded cryptocurrency called $Trump in 2025. Similar to American Bitcoin, these projects have struggled amid the downturn. For example, the WLFI token from World Liberty Financial has fallen from around 26 cents in early September to roughly 16 cents today.
Impact on the Trump Family Fortune
The recent slump in cryptocurrency prices has had a tangible impact on the Trump family’s estimated wealth. Bloomberg had valued the family fortune at $7.7 billion in September, but declining crypto asset values have since reduced that estimate to approximately $6.7 billion.
Former President Donald Trump himself has had an evolving stance on cryptocurrencies. Once a vocal skeptic, dismissing digital currencies as “not money” and “based on thin air,” he began embracing the sector during his 2024 presidential campaign. Trump became the first major U.S. presidential candidate to accept crypto donations and has issued executive orders aimed at supporting the digital asset industry. He has also appointed regulators known for their crypto-friendly outlook.
Other Trump-Affiliated Crypto Assets in Decline
The crypto market slowdown has hit other Trump-affiliated ventures too. Trump Media & Technology Group (TMTG), the family’s social media company that started purchasing bitcoin earlier this year, has seen its shares drop from $42 in early February to around $11 currently.
Nonetheless, Eric Trump remains optimistic about the future. Speaking to Bloomberg recently, he called the current market turmoil a “great buying opportunity,” highlighting that “people who buy dips and embrace volatility will be the ultimate winners.” He declared himself “never more bullish on the future of cryptocurrency and the modernization of the financial system.”
As the crypto ecosystem continues to experience turbulence, the Trump family’s investments illustrate both the potential rewards and risks associated with this emerging asset class. Whether the sector can recover from the so-called “crypto winter” remains to be seen.