Donald Trump's son bet big on Bitcoin, lost $600 million from family fortune

American Bitcoin, co-founded by Eric Trump, has seen its shares slump more than 95% from peak, erasing over $600 million from Eric Trump's stake over the past 10 months, forcing a 1-for-15 reverse stock split to maintain its Nasdaq listing. The company stuck with a pure crypto-mining strategy while peers like Riot Platforms, Cipher Digital, MARA Holdings and TeraWulf pivoted toward AI data centres and gained an average of over 60% this year; American Bitcoin's stock has plunged 77% in the same period. The reversal highlights how investor preference has shifted from Bitcoin production capacity to flexibility in monetising electricity and computing infrastructure for high-performance compute workloads.