protos.com
29 September 2026 18:52, UTC
Hut 8-owned $BTC mining firm, American Bitcoin, has dramatically underperformed $BTC since its reverse merger which allowed it to become publicly listed.
American Bitcoin has lost approximately 92% of its value (after accounting for its reverse stock split) since its merger.
$BTC by comparison has lost a mere quarter of its value.
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American Bitcoin claims that it “was formed through the strategic contribution of substantially all of Hut 8’s ASIC fleet into a new venture led by Eric Trump and Donald Trump Jr.”
More specifically, Eric Trump served as chief strategy officer during this >90% decline.
Donald Trump Jr. provides advice to the firm in his role as senior adviser.
Together they’ve led this firm which is supposedly “a pure-play $BTC accumulation platform that integrates scaled $BTC mining operations with disciplined accumulation strategies” into a substantial decline that has far outpaced the decline of $BTC.
Crypto promises that Donald Trump must now live up to
American Bitcoin reported a net loss of over $150 million for 2025.
For the first six months of 2026 it has added to those with an additional $138 million in net losses, largely driven by the falling price of $BTC.
The recent rebound in $BTC prices will likely reduce some of those losses in future quarters if it doesn’t fall again.
