Donald Trump · U.S. · Bitcoin · The Block
Trump-backed American Bitcoin sets 1-for-15 reverse stock split in bid to maintain Nasdaq listing
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American Bitcoin, the bitcoin mining and treasury company established by Eric Trump and Donald Trump Jr., said on Wednesday it would implement a 1-for-15 reverse stock split next week as it looks to maintain compliance with Nasdaq's minimum $1 bid requirement.
Key facts
- American Bitcoin, the bitcoin mining and treasury company established by Eric Trump and Donald Trump Jr
- Bitcoin (BTC) has seen 30% of its value shaved off year-to-date and has lost more than 50% since its $126,000 all-time high last October
- Despite the loss, the company mined a record 817 bitcoin during the first quarter and acquired another 803 BTC for its treasury, ending March with 7,021 BTC on its balance sheet
- American Bitcoin shares (ABTC) fell to a record low of around $0.64 on Wednesday and are down more than 64% year-to-date, 's crypto equities price page
Summary
The reverse split goes into effect after market close on Thursday and will open on a split-adjusted basis on Monday under the same ABTC ticker. This means that every 15 shares of Class A and B common stock will automatically be consolidated into one share, reducing the total outstanding shares from roughly 1.09 billion to around 73 million. American Bitcoin shares (ABTC) fell to a record low of around $0.64 on Wednesday and are down more than 64% year-to-date, 's crypto equities price page. Reverse stock splits are also cropping up elsewhere in the bitcoin treasury sector.