American Bitcoin Stock Down 92% Since Reverse Merger, Lagging Bitcoin (BTC)

92% Drawdown Since the Gryphon Merger

American Bitcoin (ABTC), the mining company backed by President Donald Trump's two eldest sons, has lost roughly 92% of its equity value since its reverse merger — a collapse that dwarfs the roughly 25% decline in Bitcoin (BTC) over the same span. The merger with Gryphon Digital Mining closed on September 3, 2025, carrying the firm onto Nasdaq without a conventional IPO. Every figure here is adjusted for the 1-for-15 reverse stock split American Bitcoin executed on July 2, 2026, which consolidated 15 shares into one to satisfy Nasdaq's minimum bid-price requirement. Eric Trump, the company's chief strategy officer, has steered operations through the drawdown, while Donald Trump Jr. participates as senior adviser. The venture took shape when Hut 8 (HUT) contributed substantially its entire ASIC fleet into a new company that then folded into the already-listed Gryphon shell — a reverse merger being the structure that lets a private firm gain a listing by combining with a public one. A reverse split, for its part, adjusts the share count and per-share price without changing ownership percentages, which is why both mechanics must be kept in mind when comparing charts across the split. Neither procedure restores profitability; both are procedural, not economic, events. The comparison window runs more than a year, spanning Bitcoin's late-2025 run and the correction that followed. The company pairs scaled mining with steady coin accumulation, meaning both its revenue and its balance-sheet value ride on a single volatile asset — and the structural lesson for holders of leveraged BTC proxies is that equity layers company-specific costs, dilution and sentiment on top of the coin's direction, so a 25% slide in the underlying can translate into far deeper losses on the ticker built to track it.

The damage is documented in the company's own filings. American Bitcoin booked a net loss of $153.2 million for 2025, then added another $138.94 million across the first half of 2026; its semiannual report to the SEC attributes $188.4 million of that period's shortfall to digital-asset losses, a direct read-through from Bitcoin's price path to the income statement. The firm ended June 2026 holding approximately 8,002 BTC, and combined with parent Hut 8's stack the two entities controlled roughly 17,316 BTC. Hut 8 retains a significant stake and operational linkage, so the two tickers now trade as a loosely coupled pair: Hut 8's fleet powers ABTC's hashrate, and ABTC's coin production feeds the combined treasury. On its own site, the company frames itself as a pure-play accumulation platform that integrates scaled mining with disciplined buying — the listed-treasury playbook that peers are also running, from Strive, which just added 1,107 BTC for $94.5 million to lift holdings near 27,500, to France's Capital B, a serial share issuer that funds recurring BTC purchases. The strategy is essentially corporate-scale HODL: a strategic Bitcoin reserve thesis in which the coin must appreciate faster than operating costs and new share issuance burn through value. ABTC's equity compounds three risk layers at once — mining margins set by hashrate economics, the mark-to-market value of held coins, and the losses plus capital raises in between. That is why the stock's 92% slide has no exact analogue in the coin's own 25% drop, why a sustained BTC rebound should show up as smaller reported losses in coming quarters, and why no split or merger mechanic can repair the underlying economics. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

$82,376 Support Now Pivotal

COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the setup behind those mark-to-market swings: with spot at $83,556, the $82,376 support — rated 86/100 on the confluence of EMA 20, BB middle, SMA 20 and ATR lower — is the level that matters, while the $85,788 resistance scores 76/100 on ATR upper, R2, Keltner upper and high-volume-node confluence. Derivatives positioning is mildly constructive: funding sits at 0.0034%, open interest near $15.43 billion and the long/short account ratio at 1.46, with the Fear & Greed Index at 73 (Greed). MACD flashes bearish even as RSI at 61 and the broader uptrend argue for consolidation. A daily close below $82,376 would invalidate the bullish read and open the $80,826 level (56/100); a hold keeps the retest of $85,788 in play — and a steadier BTC would, in turn, ease ABTC's unrealized losses.