American Bitcoin Plunges Following Share Unlock, Reflecting Market Weakness

Shares of American Bitcoin (ABTC) experienced a dramatic decline following the expiration of a lock-up period for shares issued before its merger with Gryphon Digital Mining. The stock tumbled over 50% in early trading, closing the session at $2.19 after plummeting as low as $1.80 within an hour. Eric Trump, co-founder of American Bitcoin, acknowledged the volatility as a natural outcome of early investors realizing profits for the first time and stated his commitment to retaining his shares. This drop comes amidst broader market weakness, with companies like Coinbase, Circle, and Gemini also seeing substantial declines in their valuations.