Trump-backed crypto stock stumbles despite beating GameStop

American Bitcoin Corp. (NASDAQ: ABTC), the Bitcoin (BTC) mining firm founded by Eric Trump and Donald Trump Jr., just became the 22nd largest Bitcoin treasury company.

It surpassed GameStop Corp (NYSE: GME) in BTC holdings. 

But the market reaction was far from celebratory.

Related: Eric Trump has a blunt response to JP Morgan

Eric Trump touts ‘fast-scaling’ reserves

On Dec. 10, the firm bought 416 Bitcoin worth $38 million. According to BitcoinTreasuries.net, this purchase boosted its total stash to 4,783 BTC. 

That nudged it slightly ahead of GameStop’s 4,710 BTC, worth roughly $434 million — a narrow lead of 73 BTC. 

Eric Trump, American Bitcoin’s co-founder and chief strategy officer, framed the recent purchase as part of a rapid expansion effort.

Just getting warmed up! 🇺🇸🇺🇸 https://t.co/X5w2Eur1df

— Eric Trump (@EricTrump) December 10, 2025

“Our Satoshis Per Share (SPS) rose more than 17% in just over a month,” Trump said, describing the acquisition as proof of execution in the firm’s scaling plan. 

He claimed that American Bitcoin has become one of the “largest and fastest-growing BTC accumulators” since its Nasdaq debut three months ago.

Trump added that the company’s cost structure and margin profile position it for long-term value creation as it continues building its strategic Bitcoin reserves.

Despite the milestone, ABTC’s stock fell 4.39% on the day to trade at $1.96. 

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GameStop reports Bitcoin holding loss

Meanwhile, GameStop’s Bitcoin bet has yet to pay off. As of Nov. 1, the end of its third quarter, the company’s Bitcoin holdings were valued at roughly $519.4 million, reflecting a $9.2 million loss on its digital asset portfolio during the period. 

The video game retailer is believed to have maintained its 4,710 BTC position, the same amount it acquired between early May and mid-June using funds from a $1.3 billion debt sale announced in March.

The decision to add Bitcoin to its balance sheet in March represented a notable strategic pivot for GameStop. 

A volatile month for Trump-linked miner

American Bitcoin’s early weeks on Nasdaq have been turbulent. The miner’s shares plunged more than 50% in minutes earlier in December as Bitcoin’s broader sell-off deepened.

Market chatter initially blamed insider selling for the sudden drop. However, filings with the United States Securities and Exchange Commission show that most shareholders remain under a 180-day lockup period that prevents sales until March 3, 2026.

Trump later clarified that the volatility was triggered by pre-merger private placement shares unlocking. 

“Those early investors were able to cash in profits for the first time, which created temporary selling pressure,” he said.

The episode highlighted the risks facing a newly listed miner even as it aggressively builds its Bitcoin holdings.

Related: A BlackRock ETF could give rise to 'American made' bitcoin