American Bitcoin Corp

Matt Prusak, president and interim CFO of American Bitcoin, has resigned effective immediately to join AI infrastructure developer Giga Energy as chief business officer and interim CFO. American Bitcoin, backed by Canada's Hut 8 and co-founded by Eric Trump, has seen its stock fall 94% over the past 12 months to $5.85 per share. The departure comes as more Bitcoin miners pivot toward AI data centers and power infrastructure. It is not yet clear who will replace Prusak at the cryptocurrency mining firm.

American Bitcoin, a Bitcoin mining company backed by two of President Trump's sons, announced it produced a record high of approximately 932 BTC in the second quarter. Mining revenue rose 8% quarter-on-quarter to 67 million dollars, but the net loss was 57.15 million dollars, remaining in the red. Bitcoin holdings increased to about 8,002 BTC as of the end of June, ranking 16th among publicly listed companies by Bitcoin holdings. The company also disclosed that President and interim CFO Matt Prusak will step down effective August 4, with Paul Sacks taking over the role.

American Bitcoin Corp. reported a net loss of $57.2 million for the second quarter ended June 30, 2026. The company posted an operating loss of $74.1 million and negative adjusted EBITDA of $45.0 million, while mining revenue reached approximately $67.0 million. Despite the loss, American Bitcoin grew its strategic Bitcoin reserve from approximately 7,021 as of March 31, 2026 to approximately 8,002 as of June 30, 2026, an increase of roughly 981 Bitcoin or 14% in a single quarter. The company mined approximately 932 Bitcoin during the period, marking its highest quarterly production on record. Shares fell 0.91% to $5.47 in pre-market trading on NasdaqCM.

American Bitcoin Corp, co-founded by Eric Trump, has seen its shares plunge more than 95% from their peak, erasing over $600 million from the market value of Eric Trump’s roughly 6% stake over the past 10 months, according to Bloomberg calculations. The brutal decline forced the company to execute a 1-for-15 reverse stock split this week to maintain its Nasdaq listing, with the stock hitting an all-time low on Wednesday. While peers like Riot Platforms, Cipher Mining, MARA Holdings, and TeraWulf surged an average of over 60% this year by pivoting to AI data centers, American Bitcoin stuck to its crypto strategy and dropped 77%. Eric Trump, who serves as chief strategy officer, said on a recent podcast that the company does not plan to sell its Bitcoin holdings and added another 500 tokens on Monday.

Three Democratic senators are demanding 11 companies disclose whether they are covered by the Trump family's settlement with the Treasury and IRS that appears to block audits and civil or criminal actions against the president, his sons, and affiliated businesses. Senate Minority Leader Chuck Schumer, Senator Elizabeth Warren, and Senator Ron Wyden sent letters to the Trump Organization, World Liberty Financial, Powerus, 1789 Capital, Kalshi, Polymarket, Foundation Future Industrial, Tag Air, American Bitcoin, Kaz Resources, and Trump Media and Technology Group. The senators ask if each firm is an affiliated party under the settlement, whether it is under federal investigation or audit for matters before May 19, 2026, and if any probes were recently dropped. The inquiry follows a January 2026 lawsuit by Donald Trump, Eric Trump, Donald Trump Jr., and the Trump Organization over tax-information leaks, settled in May with terms that the senators call a get-out-of-jail-free card. Donald Trump Jr. is a strategic adviser to Kalshi and Polymarket, and he and Eric Trump hold a stake in American Bitcoin.

American Bitcoin has executed a 1-for-15 reverse stock split to lift its share price above the Nasdaq's $1 minimum requirement and avoid delisting. The split, effective July 2, will reduce the company's total share count from 1.09 billion to approximately 73 million, with shares expected to begin trading on a split-adjusted basis at $8.40 when U.S. markets reopen on July 6. The move comes after the stock fell 91% since going public last year, trading at $0.56 per share, and as Bitcoin's price declined from an all-time high of $126,000 last October to $58,000 in June. American Bitcoin, co-founded by Eric Trump and majority-owned by Canada's Hut 8, went public through a SPAC merger last September and operates large-scale mining operations while accumulating Bitcoin on its balance sheet.