President Donald Trump’s son Eric’s Bitcoin mining venture has reportedly erased nearly $600 million in market value after its stock crashed more than 95% from its peak.

While the company continues adding Bitcoin to its treasury, investors are moving away from crypto mining stocks and putting more money into AI companies.

American Bitcoin Stock Crashes Over 95%

American Bitcoin, the Trump family backed mining company, has become one of the biggest losers in the mining industry.

According to the report, Eric Trump’s roughly 6% stake in the company has lost more than $600 million in market value over the past 10 months after American Bitcoin shares plunged over 95% from their peak.

The decline pushed the company to carry out a 1-for-15 reverse stock split to keep its Nasdaq listing. Despite the move, the American Bitcoin Corp (ABTC) stock has recently fallen about 77% this year.

Meanwhile, the company also reported an $81.8 million net loss in the first quarter, mainly due to a drop in the value of its Bitcoin holdings.

Bitcoin Treasury Keeps Growing

Despite the $600 million loss and stock collapse, American Bitcoin continues building its Bitcoin reserve.

The company now holds around 8,000 BTC, worth roughly $504 million, making it the 16th-largest corporate Bitcoin holder.

However, this suggests the company remains committed to its long term Bitcoin strategy even as the mining business faces one of its toughest periods in recent years.

AI Boom Is Leaving Bitcoin Miners Behind

The decline isn’t just about Bitcoin’s price. Many mining companies are facing lower profits because mining has become more expensive.

Several listed miners, including Riot Platforms, Cipher Mining, MARA Holdings, and TeraWulf, have expanded into AI data centers by leasing their computing infrastructure to AI companies. Their shares have gained more than 60% on average this year.

The reported $600 million loss shows the decline in the market value of Eric Trump’s stake, not money that has been realized through selling shares.

While President Donald Trump recently disclosed more than $1.4 billion in crypto-related earnings last year.