American Bitcoin Corp. Shares Plummet 40% Amid Heavy Volume, Hut 8 Down 12%

American Bitcoin Corp., a US-focused bitcoin mining and treasury firm backed by Eric Trump and Donald Trump Jr., saw its shares plunge 40% on heavy volume. Trading volume surged to 55 million shares, while bitcoin rallied above $91,000. The decline was despite strong gains for nearly all crypto-related stocks. Hut 8, an 80% owner of ABTC, fell 12%. The drop was attributed to potential insider lockup selling, but SEC filings show a 180-day lockup and a 12-month Investors Rights Agreement that restricts most historical ABTC holders from selling until 2026.