Bitcoin mining company American Bitcoin (ABTC) executed a 1-for-15 reverse stock split to maintain its Nasdaq listing, with split-adjusted trading commencing on July 6. Following the split, shares tumbled to $7.70 after an anticipated adjusted opening of $8.40. As of July 12, the company reported holding approximately 8,000 BTC on its balance sheet.
The company is implementing a 1-for-15 reverse split to boost its share price, despite holding 8,000 BTC on its balance sheet.
Read the full storyABTC shares began split-adjusted trading on July 6 to meet Nasdaq requirements, but faced immediate selling pressure that pushed the price to $7.70.
Amid intense selling pressure ahead of structural capital changes, American Bitcoin shares sank 8.4% to a new record low on Wednesday.