Stock price plunges 90% yet still crazily hoards crypto! The Trump family’s ABTC holdings surpass 7,000 coins, and Bitcoin strategy is questioned

Gate News update: American Bitcoin Corp (ABTC), a mining company under the Trump family’s ownership, continues to increase its Bitcoin holdings. Its total amount has now surpassed 7,000 BTC, which is approximately $470 million based on the current price. Despite ongoing expansion on the asset side, its stock price has continued to decline, creating a clear divergence.

As of the end of March 2026, ABTC’s stock price has fallen to $0.81, nearing the historical low of $0.6275. Since it was listed in 2025, its cumulative drop has approached 90%. By contrast, the company’s Bitcoin reserves have grown from roughly 2,443 BTC at the time of listing to nearly three times that amount, placing it among the top tier globally in terms of Bitcoin holdings among publicly traded companies.

Strategically, ABTC continues to build its position through two channels: “mining + market buybacks.” Eric Trump said the company is expanding its reserves in tandem by advancing discounted mining alongside disciplined buying. At the same time, the amount of Bitcoin held per share has also risen significantly, strengthening the narrative logic of its “Bitcoin assetization.”

However, the capital market isn’t buying it. The company’s financial reports show that in the fourth quarter of 2024, its net loss exceeded $59 million, whereas it was still profitable in the same period the year before. Combined with the fact that the Bitcoin price has retreated by nearly 50% from its all-time high, both its profitability and asset valuations face pressure at the same time—becoming an important reason its stock price continues to fall.

ABTC’s path to listing is also complex: it was formed through a merger between Trump-family entities and the mining firm Hut 8, and it completed its listing through a share-swap transaction with Gryphon Digital Mining. While this structure may speed up capital operations, it also increases the market’s scrutiny of its governance and profitability model.

At present, the Bitcoin price is trading in a range around $66,000. For investors, ABTC’s core dilemma is whether its continually expanding Bitcoin reserves can offset operating losses and ultimately be converted into returns for shareholders. In the short term, the market focuses more on cash flow and profitability than on the scale of accumulation of a single asset.