The Bitcoin mining firm co-founded by **Eric Trump** and **Donald Trump Jr.** experienced a dramatic decline in its stock value shortly after a portion of its shares became available for sale. On **October 31, 2023**, American Bitcoin, traded under the ticker symbol **ABTC**, saw its stock plunge nearly **50 percent** shortly after the market opened. The price fell from a previous closing of **$3.58** to a low of **$1.80**. By the end of the day, the stock rebounded slightly, closing at **$2.19**, which still reflected a **38 percent** decrease for the day, as reported by The Block.
According to **Eric Trump**, the volatility was primarily due to the unlocking of pre-merger private placement shares. He explained in a post on X that early investors could cash in on their profits for the first time. The company had merged with **Gryphon Digital Mining** in September, facilitating its listing on the **Nasdaq**. Despite the downturn, Eric Trump noted that he was not selling any of his shares, asserting that the company’s fundamentals are “virtually unmatched.”
Over the past months, ABTC shares have plummeted by approximately **80 percent** from their peak of **$9.40** in September. **Matt Prusak**, president of American Bitcoin, expressed in a post on X that the upcoming days may continue to be volatile as the market adjusts. He mentioned, “Personally, I’ve lived through brutal drawdowns before,” indicating his awareness of the inherent risks in the cryptocurrency sector.
In addition to American Bitcoin, the Trump family has diversified into various digital investments, including meme coins and **World Liberty Financial**, co-founded by former President **Donald Trump**. Critics argue that these ventures allow wealthy individuals to gain influence over the White House in ways that are not transparent, raising concerns about foreign influence. **Democratic Representative Jamie Raskin** stated in a report published by the House Judiciary Committee in November that Trump’s “pro-crypto agenda” serves as a vehicle for self-enrichment through questionable deals.
The report highlighted that the Trump family’s crypto holdings may be valued at up to **$11.6 billion**, with income exceeding **$800 million** from crypto asset sales in the first half of **2025**. Protests against alleged influence-peddling took place outside **Trump National Golf Course** in Sterling, Virginia, earlier this year, coinciding with a dinner hosted by the former president for top cryptocurrency stakeholders.
Despite the Trumps’ involvement in the booming crypto market, they are not immune to its volatility. Recent reports indicate that the family’s wealth has decreased by around **$1 billion** in just a few months, largely due to falling cryptocurrency prices. According to **Bloomberg News**, their net worth now stands at approximately **$6.7 billion**, down from **$7.7 billion** in September. This decline can be attributed to their holdings in cryptocurrencies, including a Trump-branded meme coin, Eric Trump’s mining activities through American Bitcoin, and **Truth Social**, which is heavily linked to Bitcoin.
The broader cryptocurrency market has faced significant challenges, with over **$1 trillion** in value wiped out globally. As the situation unfolds, the impact of these fluctuations will continue to resonate not only within the Trump family’s investments but across the entire cryptocurrency landscape.
