American Bitcoin, backed by the Trump family, to undergo a 1:15 reverse stock split to maintain Nasdaq listing eligibility

Odaily reported that American Bitcoin, a Bitcoin mining company and treasury firm founded by Eric Trump and Donald Trump Jr., announced it will implement a 1:15 reverse stock split next week to meet Nasdaq's minimum $1 bid price requirement.

The reverse stock split will take effect after the close of trading on Thursday, and will continue trading under the ticker ABTC at the adjusted price starting Monday. Under the arrangement, every 15 shares of Class A and Class B common stock will be automatically combined into 1 share, reducing the company's total outstanding shares from approximately 1.09 billion to about 73 million. The split plan was approved at the annual shareholders meeting in June.

American Bitcoin's stock price fell to an all-time low of approximately $0.64 on Wednesday, with a year-to-date decline of over 64%. The company currently holds 7,500 BTC, making it the 16th largest publicly traded Bitcoin holder globally.