American Bitcoin Corp. Announces 1-for-15 Reverse Stock Split to Boost Share Price

American Bitcoin Corp., the Bitcoin mining and accumulation company co-founded by Eric Trump and majority-owned by Hut 8 Corp., is set to consolidate its shares in a 1-for-15 reverse stock split, the company announced Wednesday, in a move aimed at lifting its stock price back above Nasdaq's minimum listing threshold.

The split will take effect at 5 p.m. ET on July 2, with shares expected to begin trading on a split-adjusted basis when markets open July 6. The stock will continue trading under the ticker ABTC, but with a new CUSIP number.

ABTC shares touched their lowest price to date on Wednesday, falling to $0.6122 per data from Yahoo Finance. At a recent price of $0.636, American Bitcoin is down more than 41% in the last month amid a broader swoon across the crypto market and related stocks. Shares have fallen nearly 86% in the last year.

Under the plan, every 15 shares of the company's outstanding Class A and Class B common stock will be converted into a single share. The maneuver will shrink American Bitcoin's total share count from roughly 1.09 billion to about 73 million—a reduction the company said is designed primarily to boost its per-share price and preserve its Nasdaq Capital Market listing, which requires stocks to maintain a minimum bid price. Shareholders will not need to take action, and any fractional shares resulting from the split will be cashed out.

The split was approved by shareholders at the company's annual meeting on June 22 and finalized by its board afterward at the 1-for-15 ratio.

Reverse splits are common tools for companies whose share prices have fallen too low to satisfy exchange rules, though they are sometimes viewed by investors as a signal of underlying weakness rather than strength, since they mechanically raise the price per share without changing a company's actual market value.

American Bitcoin, which runs large-scale mining operations while also accumulating Bitcoin on its balance sheet, went public through a merger process last September as part of a broader push by Hut 8 to build out what it has called America's Bitcoin infrastructure backbone.

Bitcoin was recently trading near $60,150, down 16% over the last month but up from a 21-month low under $58,000 set overnight. The leading cryptocurrency is now down more than 50% from an all-time peak price above $126,000 set last October.