The collapse in American Bitcoin’s share price has put a dent in the finances of its Chief Strategy Officer, Eric Trump, to the tune of some $600 million. It is a stark example of the kind of volatility that plagues public crypto firms.
Massive Losses for Eric Trump
Incrypted reports that Trump’s stake in the company has been eroded at an alarming pace over the past ten months as the stock has declined. In all, the sharp downturn has left him with a loss of nearly $600 million, underscoring the perils of holding onto crypto equities.
Reverse Stock Split Fails to Stop Decline
American Bitcoin tried to stave off a delisting from NASDAQ in July with a 1-for-15 reverse stock split, but as share prices tumbled, the measure proved ineffective in stopping the slide. The stock has since fallen to $0.61 a share, adding to the financial troubles of key stakeholders such as Trump.
Company Remains a Major Bitcoin Holder
Yet the company is far from being written off in the crypto space. Even with its market valuation suffering, American Bitcoin remains one of the top twenty public holders of the digital currency, holding close to 6,000 coins and making no secret of its dedication to the sector.
Source — Incrypted: https://www.youtube.com/watch?v=1HMuvry0j64