Trump-backed American Bitcoin to do 1-for-15 reverse split

American Bitcoin will implement a 1-for-15 reverse stock split after markets close on Thursday, consolidating every 15 shares into one. Trading will resume on a split-adjusted basis when markets open Monday under the ABTC ticker to meet Nasdaq’s $1 minimum bid requirement.

The consolidation will cut the company’s outstanding Class A and B shares from about 1.09 billion to roughly 73 million. Shareholders approved the reverse split at the company's annual meeting in June, and the change will be applied automatically to all holders of record at market close Thursday.

American Bitcoin's shares fell to a record low near $0.64 on Wednesday and are down more than 64% year-to-date. The stock will retain the ABTC symbol after the adjustment.

The company reported an $81.8 million loss in the first quarter, mostly from unrealized losses on its bitcoin holdings. During the quarter it mined a record 817 bitcoin and added 803 BTC to its treasury, leaving 7,021 BTC at the end of March. Public trackers list the company with about 7,500 BTC currently, making it one of the larger publicly traded holders of bitcoin.

The reverse split will not change the company's market capitalization or the proportional ownership of existing shareholders. It will reduce the share count and increase the per-share price used for trading and exchange compliance. American Bitcoin will continue reporting results and its bitcoin holdings on its existing schedule.

Bitcoin's price has fallen about 30% year-to-date and more than half since an October peak near $126,000. Other publicly traded bitcoin miners have carried out reverse splits after extended periods of sub-$1 trading; one miner executed a 1-for-40 consolidation in May.