ABTC stock slides on first public year despite 8,300 BTC treasury

ABTC shares slid Thursday on the miner's first public anniversary, a decline that came despite Eric Trump touting 8,300 BTC in treasury and record quarterly output.

"Our mission hasn't changed," Trump, co-founder and son of President Donald Trump, said in an X post, reiterating the goal of making the U.S. a leader in the Bitcoin economy.

The company mined a record 932 BTC in the second quarter, its highest output yet, with gross margins near 49 percent. Its fleet of roughly 90,000 machines produces between 11 and 13 BTC daily, figures that align with the company's quarterly filings. The treasury has grown from about 5,401 BTC at the end of 2025, giving the reserve a paper value above $600 million at current prices. Bitcoin traded near $77,696 at the time of writing, up 0.49 percent over 24 hours.

The gap between operational strength and share price raises the question of whether the sell-off is company-specific or reflects broader pressure on publicly traded Bitcoin miners. Hut 8 Corp., which remains American Bitcoin's majority owner after backing the venture's merger with Gryphon Digital Mining, has faced similar valuation scrutiny as hashprice compression squeezes margins across the sector.

The stock's decline also follows a spring dispute over American Bitcoin's true production costs. Forbes alleged the company's all-in cost ran closer to $90,000 per coin, above the roughly $57,000 figure Trump has repeated. Trump rejected the report as politically motivated, and neither side has published a fully reconciled cost breakdown since.

The company's no-sale treasury policy — marketed as proof that mining bitcoin is cheaper than buying it outright — hinges on which cost figure holds up. At $77,696 per BTC, the 8,300-coin reserve sits well above the disputed cost basis, but the margin between production cost and market price narrows if the higher estimate proves accurate.

For investors, the anniversary sell-off tests whether the market is pricing American Bitcoin on operational metrics or on the political and reputational risk attached to the Trump brand. The company's association with the president's family ties its fortunes to crypto policy outcomes in Washington, a layer of uncertainty that pure-play miners such as Riot Platforms and Marathon Digital do not carry.

American Bitcoin listed on the Nasdaq in September 2025 after merging with Gryphon Digital Mining. The stock's performance since then has tracked both Bitcoin's price swings and the broader re-rating of crypto mining equities.

This article is for informational purposes only and does not constitute investment advice.