Eric Trump Rejects $500M ABTC Shareholder Loss Claims

Eric Trump, executive and co-founder of the Nasdaq-listed Bitcoin mining company American Bitcoin (ABTC), rejected allegations that the firm caused an estimated $500 million in losses to retail shareholders, calling a recent investigative report a "disgrace to journalism" and politically motivated.

The dispute centers on ABTC's performance since it went public last September through a merger with Hut 8. Investors initially valued the company at $13.2 billion, with roughly $270 million in Bitcoin on its balance sheet at the time. The stock, which traded as high as $175, has since plummeted 92 percent to around $1.19, reducing the market capitalization to approximately $1.24 billion. The report attributed much of the decline to aggressive share dilution, where the company sold millions of shares to fund Bitcoin purchases, benefiting insiders while harming everyday investors.

Eric Trump countered on social media, emphasizing the company's operational achievements. He noted that ABTC, which did not exist over a year ago, now holds more than 7,000 Bitcoin, valued at about $539 million, ranking it as the 16th largest publicly traded corporate Bitcoin holder worldwide. In the fourth...