Shares in Eric Trump's cryptocurrency mining enterprise, American Bitcoin Corp, suffered a catastrophic collapse on Tuesday, losing more than half their value in a frantic thirty-minute trading session.
A Dramatic Market Rout
The stock, trading under the ticker ABTC, plummeted from a closing price of $2.39 to just $1.90, a decline that forced repeated trading halts. This vertiginous drop marks a staggering 78% fall from the company's peak value of $9.31 reached on 9 September. The sell-off reflects a deepening crisis across the digital asset sector, with analysts beginning to describe the conditions as the onset of a severe 'crypto winter'.
The turmoil at American Bitcoin Corp is part of a much wider market correction. The flagship cryptocurrency, Bitcoin itself, has plunged more than 30% since early October, erasing a year's worth of significant gains. According to Deutsche Bank analysts, approximately $1 trillion has been wiped from the global cryptocurrency market's value in recent weeks.
The Trump Family's Crypto Ambitions
Eric Trump, the former president's second son, has been a vocal champion of the venture. Just last month, he claimed on social media platform X that the Texas-based miner handles 2% of the world's bitcoin supply, declaring, "I truly believe we are building one the greatest crypto companies anywhere on earth."
American Bitcoin Corp is merely one component of the Trump family's expanding portfolio of digital asset businesses. The foray began in 2022 with a Trump-branded NFT collection and expanded in 2024 with the launch of World Liberty Financial (WLFI). In 2025, the family launched its own eponymous cryptocurrency, $Trump. However, these affiliated ventures are also struggling; the WLFI token has fallen from 26 cents in early September to around 16 cents.
Financial Fortunes and Political Pivots
The family's wealth, heavily bolstered by these crypto enterprises, has taken a substantial hit. Bloomberg estimated the Trump family fortune at $7.7 billion in September, but the crypto downturn has reportedly pulled that figure down to around $6.7 billion.
The political landscape surrounding digital assets has shifted notably. President Donald Trump, once a vocal sceptic who called cryptocurrency "based on thin air," has pivoted during his second term. He has signed an executive order to support the industry's growth, appointed crypto-friendly regulators, and made history as the first major US presidential candidate to accept campaign donations in digital currency.
Despite the severe market downturn, Eric Trump struck an optimistic tone in late September. "What a great buying opportunity," he told Bloomberg. "People who buy dips and embrace volatility will be the ultimate winners. I have never been more bullish on the future of cryptocurrency." Whether this confidence will be rewarded remains to be seen as the chill of crypto winter sets in.
