New York, June 5, 2026, 12:07 (EDT)
American Bitcoin Corp. shares slid Friday, dropping around 7.6% to $0.8439 in late-morning deals as bitcoin’s fall pressured crypto stocks. The Nasdaq name opened at $0.9058 and hit a low of $0.8392, with volume topping 8 million shares.
American Bitcoin wants shareholders at the June 22 annual meeting to back a reverse stock split, aiming for a ratio anywhere between 1-for-5 and 1-for-40. The move would lift the stock price but shrink the share count. The company said in its proxy that staying on Nasdaq could be a problem if its Class A shares finish below $1 for 30 business days in a row.
Bitcoin traded around $60,170, down 5.5% for the day after hitting a low of $60,093. Reuters said on Friday that bitcoin is on track for its biggest weekly loss since November 2022, as investors pulled more than $2.7 billion from major bitcoin ETFs in the week through Thursday. RBC BlueBay’s Mark Dowding said assets often struggle when they lose their “flavour of the month” status. Reuters
Miners took a hit as selling picked up. MARA Holdings sank 11.6%, Riot Platforms was down 10.5% and Hut 8 dropped 10.8%. Hut 8 has close ties to ABTC—American Bitcoin came out of Hut 8’s contributed ASIC miners and still relies on Hut 8 services.
US stocks were weak early. Reuters said the Nasdaq Composite dropped 1.39% at 9:43 a.m. ET as stronger jobs data made tighter Fed policy more likely. Chip stocks fell. “It’s healthy for the market to pull back a little bit and slow down,” Mark Malek, chief investment officer at Siebert Financial, told Reuters. Reuters
American Bitcoin offers investors exposure to mining margins and the bitcoin it holds. The company noted in its latest quarterly filing that its business relies on bitcoin’s price. Swings in the coin impact reported numbers because of market-value accounting. The company revalues holdings at current market prices.
ABTC’s last big update came out May 6. The company reported 7,021 bitcoin held as of March 31, about 30% higher than at the end of last year. ABTC mined 817 bitcoin in Q1. Revenue was $62.1 million, down from $78.3 million in the previous quarter. Net loss came in at $81.8 million. “We did not sell a single coin,” CEO Mike Ho said. Eric Trump, co-founder and chief strategy officer, called the approach “to accumulate Bitcoin efficiently and at scale.” PR Newswire
American Bitcoin is leaning on cost control. The company reported its mining cost dropped to about $36,200 per bitcoin from around $46,900 in the prior quarter. Total fleet capacity hit 28.1 exahash per second. Investors are looking at more than how many coins a miner owns—they track bitcoin’s spot price and how efficiently miners run.
The trade isn’t a one-way bet. A sharp move higher in bitcoin or a swing back into mining stocks would cut the headwind for ABTC. If bitcoin falls further, though, it could squeeze mining margins and push up accounting losses, keeping the worry about sub-$1 shares alive. The proxy also flagged that a reverse split might not boost ABTC’s price by the same amount as the share reduction, and liquidity could suffer.
For now, ABTC trades more like a bitcoin sentiment play than a typical small-cap mining stock. The next big date is June 22, when shareholders will vote on reverse-split authority and the rest of the annual meeting slate.
