American Bitcoin, the mining venture co-founded by Eric Trump, has collapsed since going public last year, and the damage is now landing on the first family’s fortune. The company’s shares have fallen more than 95% from their September peak, wiping out over $600 million from Eric Trump’s stake in about 10 months, according to Bloomberg calculations.

The slide forced an emergency maneuver this week: a 1-for-15 reverse stock split to preserve the company’s Nasdaq listing.

This story is an excerpt from the Unchained Daily newsletter.

Eric Trump owns roughly 6% of American Bitcoin, according to Bloomberg calculations, and serves as its chief strategy officer, while his brother and adviser Donald Trump Jr. holds an undisclosed stake. In the first quarter, the company posted a $118.2 million operating loss after marking down its Bitcoin treasury by $117.2 million.

As Bitcoin sank into a bear market and capital rushed toward artificial intelligence, investors rewarded miners that could repurpose their infrastructure for AI data centers. Rivals like Riot Platforms, MARA Holdings, and TeraWulf struck data-center deals and watched their shares climb an average of more than 60% this year. American Bitcoin made the opposite bet, doubling down on mining and accumulating the token, and its stock has plunged around 77% in 2026.

The company is not backing off. It added another 500 Bitcoin on Monday, and Eric Trump has said it would only sell for reasons that were “beyond catastrophic.”

American Bitcoin’s predecessor started in early 2025 pitching itself as an AI data-center venture before pivoting a month later to Bitcoin mining through a deal with Hut 8, which remains its majority owner and runs its day-to-day operations. The renamed company then reverse-merged with Gryphon Digital Mining to reach the Nasdaq. High-profile backers, including the Scaramucci family, had poured in hundreds of millions before the stock unraveled.

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