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Bitcoin Miner Tied to Trump Family Pummeled by Crypto Crash
American Bitcoin Corp., the Trump family-backed miner that rode the crypto euphoria to a blockbuster Nasdaq debut, is caught in the wreckage of the industry’s deepest rout since 2022. The Miami-based firm reported a $59 million loss for the fourth quarter on Thursday, results that come amid a stock selloff that has wiped out around 90% of the firm’s market value since the September high as the broader Trump digital-asset trade misfires. The stock fell almost 3% to trade just above $1 after the results were released. American Bitcoin doubled down on a pure mining-and-hoarding strategy just as virtually every major ... (full story)
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