Trump family-backed American Bitcoin will undergo a 1-for-15 reverse stock split to maintain its Nasdaq listing qualification

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

This reverse stock split will take effect after the market close on Thursday and will continue trading under the ticker ABTC at the adjusted price starting next Monday. According to the arrangement, every 15 shares of Class A and Class B common stock will be automatically merged into 1 share, reducing the company's total outstanding shares from approximately 1.09 billion to about 73 million. The reverse 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.