A cryptocurrency mining company co-founded by Eric Trump has shed more than $600 million in value from his stake over the span of 10 months, as the firm refused to pivot toward artificial intelligence infrastructure while rivals surged ahead by leasing computing power to AI data centers.
Eric Trump serves as chief strategy officer of American Bitcoin Corp., which has seen its shares plummet more than 95% since hitting their September peak. His roughly 6% stake in the company has been decimated as the stock collapsed, forcing the firm to execute a 1-for-15 reverse stock split this week just to stay listed on the Nasdaq. Shares hit an all-time low on Wednesday and have fallen approximately 77% for the year.
The financial carnage unfolded even as Eric Trump celebrated a very different milestone. In the early hours of Thursday morning, July 9, he posted an effusive tribute on X honoring the renaming of Palm Beach International Airport as President Donald J. Trump International Airport. Less than two hours later, a Bloomberg report revealed the scale of his cryptocurrency venture’s losses.
Eric Trump had spent months leading the effort to rename the Florida airport, and he was present when Trump Force One touched down on July 9, 2026, to make it official. As he wrote on X, Eric Trump expressed his profound honor at being present when Trump Force One became the inaugural aircraft to arrive at the airport’s unveiling under its new permanent designation honoring his father. The celebratory post landed just before the damaging financial reckoning became public.
A Strategy That Failed to Adapt
American Bitcoin was built on accumulating and mining Bitcoin at scale, but that straightforward premise came under severe pressure as Bitcoin entered a bear market and investor enthusiasm shifted sharply toward artificial intelligence. The company holds around 8,000 BTC, worth roughly $504 million as of Wednesday, making it the 16th-largest corporate Bitcoin holder. That stockpile has not reassured investors watching the share price deteriorate in real time.
Rival mining companies recognized the shift early and capitalized on it. Firms including Riot Platforms, MARA Holdings, Cipher Digital, and TeraWulf began leasing their computing infrastructure to AI-focused data centers, repurposing their electricity, land, and hardware for a booming market. Their stocks have gained more than 60% on average this year. American Bitcoin did not follow that path, instead holding firm to its original Bitcoin strategy and continuing to accumulate the coin through the downturn.
Success in the mining sector no longer depends simply on producing the most Bitcoin. It increasingly requires the flexibility to monetize computing infrastructure across multiple markets. American Bitcoin’s refusal to pivot has left it exposed at a moment when the broader sector found a lifeline in AI demand.
The “Hold On” Message
Despite mounting losses, Eric Trump has shown no indication of abandoning the company’s Bitcoin-first approach. At a Las Vegas crypto conference in April, he said, “Just hold on, guys. Just hold on.” That message, directed at retail investors who have watched their holdings sink alongside the company’s share price, has become an emblem of a strategy many in the market now view as stubbornly misaligned with where capital is flowing.
His brother Donald Trump Jr. also serves as an adviser to the firm. The company reported an $81.8 million net loss in the first quarter, driven largely by a decline in the value of its Bitcoin holdings. Financial disclosures paint a picture of a venture unable to stem the bleeding as its core asset depreciated and its stock continued to crater.
A Stark Contrast Within the Trump Orbit
The losses at American Bitcoin stand in sharp contrast to broader crypto gains enjoyed by the wider Trump orbit. President Donald Trump reported cryptocurrency-related income exceeding $1.4 billion during the previous year. The divergence underscores how differently the family’s various crypto ventures have fared and how much of the downside has concentrated specifically around Eric’s leadership of American Bitcoin.
Retail investors who bought into the company on the strength of its high-profile backers have absorbed significant losses as the stock cratered. The company’s trajectory traces a familiar arc for crypto ventures that attracted attention because of celebrity association rather than financial fundamentals: a rapid rise following its public debut, followed by a collapse that forced an emergency reverse stock split.
The $600 million figure reflects the decline in market value of Eric Trump’s stake and does not represent cash losses from selling shares. He has not sold. Whether the company can reverse course by pivoting toward AI infrastructure or finding another path to profitability remains an open question.
