Trump-affiliated American Bitcoin implements 1:15 reverse stock split, stock price down over 64% year-to-date

TechFlow news, July 02, according to The Block, American Bitcoin (ABTC), a Bitcoin mining company founded by Eric Trump and Donald Trump Jr., announced that it will implement a 1:15 reverse stock split after the market close this Thursday to maintain compliance with Nasdaq's minimum $1 bid requirement. After the split, total outstanding shares will be reduced from approximately 1.09 billion to approximately 73 million. Currently, ABTC's stock price has fallen to a historical low of approximately $0.64, with a year-to-date cumulative decline of over 64%. As of now, the company holds 7,500 BTC, ranking as the 16th largest publicly listed Bitcoin holder globally.