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

Odaily reported that American Bitcoin, a Bitcoin mining enterprise and treasury company 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 market close on Thursday, and trading will resume on Monday at the adjusted price under the ticker symbol ABTC. According to the arrangement, every 15 shares of Class A and Class B common stock will be automatically consolidated 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 June annual shareholders' meeting.

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