Eric Trump's cryptocurrency firm loses half its value in half an hour

Company Overview - Shares in American Bitcoin Corp (ABTC), associated with Eric Trump's crypto mining business, experienced a significant decline, losing more than half their value in under 30 minutes, dropping from $2.39 to $1.90 [1][2] - The stock previously peaked at $9.31 on September 9, 2023, before falling 78% to its current trading value [2] - American Bitcoin was formed from Hut 8 Corp earlier this year and reported a third-quarter net income of $3.5 million on revenue of $64.2 million [4] Market Context - The decline in ABTC shares coincides with a broader sell-off in the cryptocurrency market, with Bitcoin's value plummeting over 30% from a peak of $126,272 on October 6 to $92,133 [3] - Analysts at Deutsche Bank noted that approximately $1 trillion in value has been lost from the global crypto market since early October [3] Family Business Ventures - Eric Trump's crypto mining venture is part of a larger family business that includes the launch of an NFT in 2022 and the establishment of World Liberty Financial in 2024, along with a cryptocurrency named $TRUMP in 2025 [4] - Other Trump-affiliated crypto ventures, such as WLFI, have also seen declines, with WLFI dropping from 26 cents in early September to around 16 cents [5] - The Trump family's estimated fortune decreased from $7.7 billion in September to $6.7 billion due to the decline in crypto values [5] Industry Sentiment - Despite the downturn, Eric Trump expressed optimism about the future of cryptocurrency, referring to the current situation as a "great buying opportunity" and emphasizing the potential for those who embrace market volatility [9]