Stock Price For Crypto Firm American Bitcoin—Founded By Trump's Son—Plummets 40%

Core Insights - American Bitcoin's stock price experienced a significant decline, dropping over 50% at times, as the price of bitcoin began to recover from a recent downturn [1][3] - The company's stock has fallen approximately 78% since its peak in September following a merger with another bitcoin mining firm [2] Company Overview - American Bitcoin was co-founded by Eric Trump, who serves as the chief strategy officer, while Donald Trump Jr. is listed as an investor [2] - The company went public on the Nasdaq in September, initially seeing a surge in stock prices [2] Financial Performance - According to the third quarter earnings report, American Bitcoin holds over 3,000 bitcoin acquired through mining and strategic market purchases [3] - The company reported $64.2 million in revenue and $3.5 million in net income for the quarter [3] Market Context - The price of bitcoin fell dramatically to as low as $85,468 but has since recovered to over $90,000 following a rally [3]