Trump-backed stock halts multiple times after wild 51% crash in 30 minutes
ABTC
BTC
ABTC
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American Bitcoin Corp. (NASDAQ: ABTC), a Bitcoin (BTC) mining firm co-founded by Eric Trump, saw its shares crash more than 50% in less than 30 minutes on Dec. 2, prompting multiple trading halts.
At press time, ABTC was down nearly 40%, trading at $2.2050.
Bitcoin, meanwhile, was on a recovery path and trading at $91,653.98 after climbing 7.8% in the past 24 hours.
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The collapse coincides with Bitcoin’s 30% slide since early October as risk appetite cools amid global macroeconomic uncertainty.
Once hailed as a promising spinout from Hut 8 Corp., American Bitcoin’s stock has now fallen about 60% in the past six months.
The company reported third-quarter net income of $3.5 million and revenue for the quarter stood at $64.2 million, more than double the previous quarter's revenue.
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