American Bitcoin Corp (ABTC) fell more than 50% in Tuesday’s opening session, hitting an intraday low of $1.75, as the crypto market correction pressured Bitcoin-linked stocks. Since its post-listing high of $9.31 in September, the shares have retreated roughly 78%.
The decline reflects ABTC’s sensitivity to Bitcoin’s price, which dropped from a peak near $126,000 in mid-October to below $80,000 in November before recovering to $91,300 by December 2. Despite the volatility, the company reported third-quarter profits: net income of $3.47 million and revenue of $64.2 million, while adding 3,000 BTC to its treasury, bringing total holdings to over 4,000 BTC.
This trend did not affect only American Bitcoin: MicroStrategy (MSTR) and other firms with direct Bitcoin exposure also saw declines exceeding 50%, leaving their market capitalizations below the value of their BTC reserves. Eric Trump, ABTC’s CEO, described the volatility as an opportunity for investors seeking to accumulate Bitcoin at more favorable prices.
The drop demonstrates that even companies with strong balance sheets and growing BTC reserves are not immune to market volatility
Source: https://finance.yahoo.com/quote/ABTC/
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
