Overview
- The stock dropped as much as 50% intraday before closing down roughly 40% after repeated trading halts.
- Nasdaq data showed about 55 million shares traded versus a roughly 3 million daily average, signaling exceptional turnover.
- Eric Trump said previously restricted private‑placement shares became freely tradable and stated he is holding his stake while touting Q3 gross margin of 56%.
- Hut 8, which owns a majority stake in American Bitcoin, fell about 12% to 15% in sympathy.
- American Bitcoin went public via a September reverse merger with Gryphon Digital, ran to highs near $14, traded just above $2 after the plunge, and analysts flagged additional lockup expirations in 2026 as a risk to watch.