Crypto Firm Tied to Trumps Sees Shares Sink as Lockup Ends
Eric Trump speaks during anopening bell ceremony for American Bitcoin Corp. at the Nasdaq MarketSite in New York on Sept. 16.
Photographer: Victor J. Blue/BloombergAmerican Bitcoin Corp. stock plunged on Tuesday after restricted shares of the crypto miner co-founded by Eric Trump were freed up to be traded.
The selloff was swift. Shares lost more than half of their value in less than 30 minutes as the equity lockup expired, triggering repeated trading halts. The stock pared declines later in the trading session, falling 35% to $2.33 as of 2:30 p.m. in New York.