The stock’s collapse hit a new nadir on Wednesday, closing at $6.13 on July 10. This decline arrived despite a 1-for-15 reverse stock split enacted on July 2, a tactical move designed to maintain Nasdaq’s minimum bid-price requirements. While the consolidation reduced the share count from 1.09 billion to 73 million, it failed to mask the underlying market pessimism or reverse the downward momentum that has plagued the company for months.
Financial strain remains evident in the company’s recent filings. American Bitcoin posted a $118.2 million operating loss for the first quarter of 2026, largely driven by a $117.2 million non-cash charge tied to the fluctuating market value of its Bitcoin holdings. Chief executive Mike Ho maintains that the core mining business remains profitable when these mark-to-market adjustments are stripped away, noting that production costs per coin dropped to $36,200 this quarter from $46,900 previously.
Management continues to prioritize the accumulation of assets over liquidating coins to cover operational expenses. While this strategy has tripled the company’s treasury since its Nasdaq debut, the market has yet to reward the aggressive hoarding. As the company navigates ongoing infrastructure dependencies with partners like Hut 8, the disconnect between its expanding Bitcoin reserves and its shriveling equity value remains the central challenge for leadership.
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