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Eric Trump, the second son of President Donald Trump, has denied claims that he exposed American Bitcoin shareholders to a $500 million loss.
In response to a Forbes report, Eric Trump criticized what he described as bias and said the coverage had become a “political tool.” He pointed to American Bitcoin’s recent performance since going public on the Nasdaq, writing that “7 Months and 25 days ago, we went public on the NASDAQ,” and that the company “hold[s] over 7,000 Bitcoin” and is “the 16th largest publicly traded Bitcoin company in the world.”
Eric Trump also highlighted the firm’s Bitcoin accumulation and mining results. He said that in Q4 the company increased the Bitcoin on its balance sheet by 58% and mined at a 53% discount to the market price of BTC. He added that the firm reported $78.3 million in Q4 revenue, representing 22% quarter-over-quarter growth.
He concluded that the Forbes report on his firm was “a disgrace to journalism.”
Forbes alleges that American Bitcoin used its $13.2 billion valuation and $370 million BTC when it went public last September to dilute stocks for additional BTC purchases. The report states that “the everyday investors who bought into the sales pitch, by contrast, are down an estimated $500 million.”
Forbes also claims that Eric Trump benefited from the company’s rise, alleging his fortune increased from $190 million to $280 million, and that other insiders saw a financial windfall.
Forbes said the stock (Nasdaq: ABTC) has since fallen sharply, dropping 92% from its peak. It reported that the stock slipped from a late 2025 peak of $175 to a current value of $1.19, arguing that the decline has compounded the impact of aggressive share dilution on retail shareholders.
The report described the company’s pitch as a “money-printing machine,” but characterized it instead as an “arbitrage vehicle” targeting “MAGA-minded investors.”
As of April, Forbes cited that the firm held 7,000 BTC, worth $539 million, and reported an mNAV (relative value of BTC to its market cap) of 2. It said that with mNAV above 1, the metric was viewed as healthy for additional stock sales to scale BTC buys.
Forbes also noted that the firm recently added over 11K ASIC miners to expand its mining operations.
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