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American Bitcoin Corp. (NASDAQ:ABTC) shares modestly recovered in Tuesday’s after-hours trading following a sharp drop triggered by the expiration of the lockup period for investors, including co-founder Eric Trump.
ABTC stock is at key technical levels. Get the latest updates here.
ABTC gained over 4% after-hours, but not before a sharp decline in the regular session that knocked it down more than 50% at one point.
The stock experienced downside volatility following the expiration of its lock-up period, which had previously restricted early investors from selling their shares.
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The development was confirmed by Trump, who said that early investors are “freely available to cash in on their profits.”
Trump clarified that he is holding all his shares and that he is “100% committed” to leading the industry.
According to the most recent SEC filing, he owns 68.147 million shares of American Bitcoin, worth $149.24 million at current prices.
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A lock-up period is a period, typically ranging from three months and a year during which insider and institutional investors are restricted from dumping potentially billions of dollars worth of shares into the market. Find out more here.
American Bitcoin, a majority-owned subsidiary of Hut 8 Corp. (NASDAQ:HUT), completed its all-stock merger and began trading on Nasdaq in early September.
The company is building its own strategic Bitcoin reserve and currently holds 4,004 BTC, worth $372 million, according to Bitcointreasuries.net.
Photo courtesy: Maxim Elramsisy / Shutterstock.com
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This article Eric Trump Says He’s Not Selling As American Bitcoin Shares Crash 38%: ‘Fundamentals Are Virtually Unmatched’ originally appeared on Benzinga.com
