Compass Investments Eric Trump-backed firm American Bitcoin is preparing

📌 Eric Trump-backed firm American Bitcoin is preparing to report fourth-quarter results, while ABTC stock has plunged 87% since it went public.

American Bitcoin, subsidiary of Hut 8 Corp. (NASDAQ:HUT), went public on the Nasdaq last September. The company is building its own strategic bitcoin stockpile (CRYPTO: BTC) and currently has 6,039 BTC totaling $392 million, according to Bitcointreasuries.net. Unlike well-known players like Strategy Inc. (NASDAQ:MSTR), American Bitcoin is also mining new BTC with its own facilities. . Bitcoin

– American Bitcoin, “subsidiary” of Hut 8 Corp. (NASDAQ:HUT), went public on the Nasdaq last September. The company is building its own strategic bitcoin stockpile (CRYPTO: BTC) and currently has 6,039 BTC totaling $392 million, according to Bitcointreasuries.net. Unlike well-known players like Strategy Inc. (NASDAQ:MSTR), American Bitcoin is also mining new BTC with its own facilities.

However, the company’s stock has dropped 87% since it went public on Wall Street, which is attributed to a bearish bitcoin market and the end of the moratorium that allowed the first investors to sell their stakes.

Eric Trump, co-founder and chief strategy officer of American Bitcoin, holds a 7.4% stake (68.43 million securities), as reflected in the latest 13D filing. His older brother, Donald Trump Jr. is also listed as a holder.

Price Dynamics: At the time of writing, BTC was quoted at $64,889, up 2.90% over the past day, according to Benzinga Pro data.