Hut 8-owned BTC mining firm, American Bitcoin, has dramatically underperformed BTC since its reverse merger which allowed it to become publicly listed.
American Bitcoin has lost approximately 92% of its value (after accounting for its reverse stock split) since its merger.
BTC by comparison has lost a mere quarter of its value.
American Bitcoin claims that it “was formed through the strategic contribution of substantially all of Hut 8’s ASIC fleet into a new venture led by Eric Trump and Donald Trump Jr.”
More specifically, Eric Trump served as chief strategy officer during this >90% decline.
Donald Trump Jr. provides advice to the firm in his role as senior adviser.
Together they’ve led this firm which is supposedly “a pure-play BTC accumulation platform that integrates scaled BTC mining operations with disciplined accumulation strategies” into a substantial decline that has far outpaced the decline of BTC.
Read more: Trump promised bitcoin ‘made in America’ then ruined it with tariffs
American Bitcoin reported a net loss of over $150 million for 2025.
For the first six months of 2026 it has added to those with an additional $138 million in net losses, largely driven by the falling price of BTC.
The recent rebound in BTC prices will likely reduce some of those losses in future quarters if it doesn’t fall again.
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