American Bitcoin Sets 15-for-1 Reverse Stock Split to Maintain Nasdaq Listing

American Bitcoin, the Trump family-founded Bitcoin mining and holding company, will implement a reverse stock split to meet Nasdaq’s minimum bid-price requirement.

The company plans to carry out a 15-for-1 reverse split next week, The Block reported on July 1. The split will take effect after the market closes on Thursday, and the shares will resume trading Monday on a split-adjusted basis under the existing ABTC ticker.

The move will automatically combine all Class A and Class B common stock, reducing total shares outstanding to about 73 million from about 1.09 billion. Shareholders approved the proposal at the company’s annual general meeting in June.

American Bitcoin’s stock fell to a record low of $0.64 on July 1 and is down more than 64% this year. Nasdaq reviews listing eligibility when a stock remains below $1 for an extended period.

Reverse stock splits have become more common among Bitcoin-holding companies. Nakamoto, led by David Bailey, carried out a 40-for-1 reverse split in May after NAKA shares fell to $0.14.

American Bitcoin posted a net loss of $81.8 million in the first quarter, with most of the loss stemming from mark-to-market declines on its Bitcoin holdings. Bitcoin is down 30% this year and remains more than 50% below its record high of $126,000 reached in October last year. American Bitcoin holds 7,500 BTC, the 16th-largest corporate Bitcoin position among publicly traded companies, according to BitcoinTreasuries.