American Bitcoin Corp has approved a 1-for-15 reverse stock split after shareholders supported the proposal at the company’s 2026 annual meeting.
Summary
- American Bitcoin approved a 1-for-15 reverse stock split following shareholder approval at its 2026 annual meeting.
- The Trump-backed Bitcoin mining company also elected Asher Genoot to its board of directors and approved KPMG as its independent auditor.
- ABTC shares extended their losses on Thursday despite the corporate action, while the company continues to hold more than 7,500 BTC.
According to a filing with the United States Securities and Exchange Commission, American Bitcoin Corp shareholders voted on several corporate matters at the annual meeting, after which the company’s board of directors authorized a one-for-15 reverse stock split. The company said the change would take effect as soon as possible.
The SEC filing indicates that the reverse split will reduce the number of shares outstanding while leaving the total number of authorized shares unchanged. Share reverse splits are commonly used by listed companies to increase their share price without changing the overall value of shareholders’ holdings.
American Bitcoin has expanded its Bitcoin treasury
Along with the reverse split, shareholders elected Asher Genoot as a Class I director for a three-year term that expires in 2029, according to the SEC filing. Investors also approved the reappointment of KPMG LLP as American Bitcoin’s independent registered public accounting firm.
American Bitcoin, the Bitcoin mining and treasury company backed by Eric Trump and Donald Trump Jr., has accumulated more than 7,500 Bitcoins since its launch. The company currently ranks 16th among publicly traded corporate Bitcoin holders based on available cash flow data, while Eric Trump continues to play a prominent role in the company.
The company’s update comes a day after crypto.news reported that Democratic senators urged Senate Republican leaders to hold hearings on a $500 million investment in World Liberty Financial by an Abu Dhabi-backed entity.
According to the lawmakers’ letter, they want Trump administration officials to testify under oath about whether the investment affected subsequent policy decisions involving the UAE.
As previously reported by crypto.news, the senators cited a Wall Street Journal report indicating that Aryam Investment 1, an Abu Dhabi-based company backed by Sheikh Tahnoon bin Zayed Al Nahyan, acquired a 49% stake in World Liberty Financial in a deal signed in January 2025. Lawmakers also highlighted subsequent approvals for major arms sales and access to advanced AI chips for the UAE as developments warranting congressional consideration.
ABTC Stock Remains Under Pressure Despite Corporate Action
American Bitcoin’s filing also revealed that several directors received Class A common stock after vesting restricted stock units on the annual meeting date. Justin Mateen received 254,778 shares, Richard Busch received 254,778 shares and Michael Broukhim received 270,701 shares through one-for-one conversions of vested RSUs.
ABTC shares closed Wednesday’s session down 4.17% at $0.74 after trading between an intraday high of $0.78 and a low of $0.73. The stock has fallen about 17% over the past week and remains down about 60% year to date, according to Google Finance data.
Thursday morning trading extended the weakness, with ABTC falling another 3.15% to around $0.72 after touching an intraday high of $0.75 and low of $0.68. Meanwhile, Bitcoin was trading around $59,360, down 2.6% in the past 24 hours after falling below the $60,000 mark, as investors continued to digest the latest data on US personal consumption expenditure inflation.
