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

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

This reverse stock split will take effect after the market closes on Thursday, and trading will resume on Monday under the ticker symbol ABTC at the adjusted price. 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 shares. 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, ranking as the 16th largest publicly traded Bitcoin holder globally.