American Bitcoin Plunges 92% from $13.2B Peak as All-In Mining Costs Reach $100K
American Bitcoin's stock has plunged 92% from a $13.2 billion valuation peak, erasing roughly $500 million from retail investors' portfolios. Eric Trump's personal stake rose by $90 million to about $280 million, while all-in mining costs near $100,000 per Bitcoin turned theoretical $23,000 profits into $25,000 losses per coin.
1. Valuation Plunge and Investor Losses
American Bitcoin's market valuation peaked at $13.2 billion before its stock lost 92% of its value, wiping out an estimated $500 million from retail investors' portfolios.
2. Trump's Personal Stake Increase
Eric Trump's equity position rose from an estimated $190 million to $280 million, netting him a $90 million gain despite the broader market decline.
3. Underestimated Mining Costs
The company reported direct operating costs of $52,000 per Bitcoin but true all-in expenses—including debt financing, overhead and equipment—totaled about $100,000 per coin, flipping projected $23,000 profits into $25,000 losses.
4. Revenue and Q4 Loss
American Bitcoin holds over 7,000 Bitcoins across roughly 90,000 mining machines, generated $78.3 million in revenue last quarter, and recorded a $59 million loss after Bitcoin price declines eroded holdings value.