Eric Trump Claims Mission Unchanged as American Bitcoin Stock Slides

American Bitcoin Corp. marked the first anniversary of its Nasdaq listing on Thursday, with Eric Trump stating the company now holds 8,300 BTC on its balance sheet. The $BTC stash was valued at $670 million as of the post, positioning the firm as the 15th-largest corporate holder of the cryptocurrency, ahead of Galaxy Digital Inc. and Gemini Space Station Inc.

In an X post, Trump reiterated the company's mission to make the U.S. a leader in the Bitcoin economy. He highlighted operational metrics including a fleet of nearly 90,000 miners and record quarterly production. The company reported achieving nearly 50% mining profit margins, a figure it attributes to its strategy of combining large-scale in-house mining with at-market Bitcoin purchases to grow its strategic reserve.

Despite these operational claims, the market performance of American Bitcoin stock has been sharply negative. The share price has plunged 90% since launch, with year-to-date losses standing at 63%. An April report noted that the company burned $500 million in shareholder value since going public. That same report stated that all-in Bitcoin mining costs, including hardware, marketing, and capital, rose sharply, squeezing thin margins that disappeared when BTC prices fell in the bear market.

Trump dismissed the April report's findings, alleging political bias. He also noted that his personal wealth increased from $190 million to $280 million during the period covered by the report. While Trump posted a chart showing the stock surging more than 60% in August, describing it as "one hell of a month," the broader trend remains heavily negative.

Financial results have also trailed expectations. American Bitcoin posted second-quarter revenue of $67.015 million, falling short of the $73 million analysts had expected. The company reported a loss of $0.80 per share for the quarter.

New analyst coverage has entered the market despite the stock's underperformance. Roth Capital, H.C. Wainwright & Co., and Maxim Group all initiated coverage with a "Buy" rating. The consensus price target for the stock stands at $8.