ABTC reverse stock split has received shareholder approval. American Bitcoin Corp (NASDAQ: ABTC), the Bitcoin mining and treasury company backed by President Trump’s sons, will consolidate its shares.
Consequently, ABTC stock jumped more than 2% in premarket trading on Thursday.
Why ABTC reverse stock split matters
According to the SEC filing, American Bitcoin Corp held its 2026 Annual Meeting of Stockholders. Following the 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, shareholders also approved electing Asher Genoot as Class I director for a three-year term expiring in 2029. Furthermore, ratification of KPMG LLP as the independent registered public accounting firm also passed.
American Bitcoin Corp holds more than 7,500 BTC since launch. This ranks the company 16th on the largest public Bitcoin treasuries list. Eric Trump serves as a key figure, with the Trump family holding significant influence and ownership stakes.
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 also remained slightly below the average of 13 million.
Meanwhile, American Bitcoin Corp directors vested restricted stock units (RSUs) on the annual meeting date. Specifically, they converted these into ABTC Class A common stock on a one-for-one basis.
Notably, Justin Mateen received 254,778 shares upon RSU vesting. Similarly, Richard Busch obtained 254,778 shares, and Michael Broukhim received 270,701 shares.
Nevertheless, ABTC stock continues falling due to selling pressure on Bitcoin and the 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 $61,865 after falling to a 24-hour low of $59,029. However, trading volume remained low ahead of US PCE inflation data release.
