Eric Trump said American Bitcoin had passed 8,000 BTC on Tuesday, but the announcement reignited criticism of his repeated "buy the dip" posts as the company's shares and Bitcoin sit under pressure. American Bitcoin posted a full-year net loss of $153 million even as its treasury kept growing.
Eric Trump celebrated his mining company crossing a Bitcoin milestone, and the reaction turned quickly against him. On Tuesday, the Chief Strategy Officer of American Bitcoin said the firm had surpassed 8,000 BTC, a post that drew criticism over his earlier calls for investors to buy while shareholders absorbed losses.
Eric Trump touts an 8,000 BTC milestone
In a post on X, Donald Trump's son wrote: "Thrilled to announce American Bitcoin crossing the 8,000 BTC mark!" He added that the company generated a 52% mining profit margin during the first quarter of 2026 while keeping among the industry's lowest SG&A ratios.
American Bitcoin is a majority-owned subsidiary of Canada-listed Hut 8 Corp. that has built its holdings through self-mining and direct purchases. The firm expanded its capacity earlier this year, deploying thousands of additional ASIC machines for its mining operation.
The "buy the dip" backlash
The announcement drew immediate criticism from some users on X, who questioned whether Trump's earlier bullish comments encouraged investors to buy while shareholders suffered losses. Many argued the posts, made over the past year, timed poorly with drawdowns exceeding 20-30% in some instances, leading to accusations of potential market influence benefiting his Trump-linked ventures.
There is no evidence that Eric Trump or American Bitcoin sold holdings while those statements were made.
Growing treasury, deep losses
The firm has adopted a treasury approach similar to that pioneered by Strategy, which holds approximately 843,775 Bitcoin. Unlike Strategy, which financed much of its accumulation through debt and equity offerings, American Bitcoin has funded its treasury mainly through mining supplemented by direct purchases.
That growth has come despite pressure on earnings tied to Bitcoin's price swings. For the fourth quarter of 2025, the company reported a net loss of $59 million, reversing a $3.5 million profit the previous quarter. For the full year, American Bitcoin posted a net loss of $153 million on revenue of $185 million.
The company was formed in March 2025 through a partnership between Hut 8 and Eric Trump and Donald Trump Jr., who together own roughly a 20% stake. It became publicly traded in September 2025 through a reverse merger with Gryphon Digital Mining, and its shares have come under pressure alongside broader weakness across the crypto market.
Source: Yahoo Finance
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