American Bitcoin (NASDAQ:ABTC) has torched $500 million in shareholder value since September while Eric Trump’s personal fortune jumped from $190 million to $280 million, according to a Forbes report published Tuesday.
American Bitcoin Stock Down 92% From Peak
When American Bitcoin hit the Nasdaq on September 3, investors valued the company at $13.2 billion despite holding just $270 million of Bitcoin (CRYPTO: BTC).
The stock is now down 92% from its peak after the company dumped 149 million shares to buy more Bitcoin.
Eric Trump pitched the company as mining Bitcoin for roughly $57,000 per coin when it traded around $116,000.
But the all-in cost including machines, marketing, and capital allocation hit about $92,000 per Bitcoin at the time, leaving slim margins that evaporated when prices fell.
How The Stock Dumping Worked?
American Bitcoin sold …