Trump Family’s American Bitcoin Corp (ABTC) Approves 1-for-15 Reverse Stock Split
Highlights
- American Bitcoin Corp board approved a 1-for-15 reverse stock split.
- Shareholder approved electing Asher Genoot as Class I director until 2029 and ratified KPMG LLP.
- American Bitcoin Corp directors converted restricted stock units to Class A common stock.
- ABTC stock trading 2.61% higher at $0.76 today, after dropping 4.17% on Wednesday.
American Bitcoin Corp (NASDAQ: ABTC), the Bitcoin mining and treasury company backed by President Donald Trump’s sons Eric Trump and Donald Trump Jr., has plans to consolidate its shares following shareholder approval. ABTC stock has jumped more than 2% in premarket on Thursday.
American Bitcoin Corp Board Approves Reverse Stock Split
According to the SEC filing, American Bitcoin Corp held its 2026 Annual Meeting of Stockholders. Following the annual meeting’s completion, the board of directors approved a 1-for-15 reverse stock split.
The company expects to implement it as soon as practicable. This action aims to adjust ABTC stock price and count without reducing authorized shares.
In addition, the shareholder also approved electing Asher Genoot as Class I director for a three-year term of office expiring in 2029. Ratification of KPMG LLP as the independent registered public accounting firm was also approved by the American Bitcoin Corp shareholders.
Will ABTC Stock Rebound or Drop Further?
ABTC stock closed 4.17% lower at $0.74 on Wednesday. The intraday high and low were $0.78 and 0.73, respectively. Trading volume was also slightly below the average of 13 million.
Meanwhile, American Bitcoin Corp directors vested restricted stock units (RSUs) on the annual meeting date, converting them into ABTC Class A common stock on a one-for-one basis.
Notably, Justin Mateen received 254,778 shares upon RSU vesting, Richard Busch obtained 254,778 shares, and Michael Broukhim received 270,701 shares.
However, ABTC stock continues falling due to selling pressure on Bitcoin and broader crypto market. The stock has plunged 13% in a week and 60% year-to-date.
In premarket trading today, ABTC stock is trading 2.61% higher at $0.76. Bitcoin price climbed over 4% to $61,865 after falling to a 24-hour low of $59,029. Trading volume remained low ahead of US PCE inflation data release.
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