Eric Trump rebuts Forbes arbitrage accusations: ABTC Q4 revenue grows 22%

Forbes published an investigative report on April 28, describing American Bitcoin (ABTC) as an “arbitrage tool,” saying that since its listing retail shareholders have collectively lost about $500 million. On April 29, Eric Trump issued a public statement in response, citing ABTC’s fourth-quarter earnings data to defend the company and calling Forbes a “disgrace to journalism.”

Eric Trump Statement Content: Fourth-Quarter Earnings Data

According to a public statement released by Eric Trump on April 29, ABTC’s current performance data is as follows:

Q4 2025 Revenue: $78.3 million, up 22% quarter over quarter

Bitcoin Holdings: During Q4, up 58%; as of the time of the statement, holds more than 7,000 BTC, ranking 16th among publicly listed companies by Bitcoin holdings worldwide

Mining Rig Scale: Nearly 90k units, with hashrate reaching 28 EH/s

Mining Costs: The statement claims they are 53% lower than the price in the Bitcoin spot market

In the Eric Trump statement, he also accuses Forbes of being “acquired by China” and urges the public to “check the information sources themselves.”

Forbes’ Core Allegations in the Investigation

1、Retail Losses and Market Cap Shrinkage

Forbes’ April 28 investigative report states that ABTC’s market cap has fallen from a peak of $13.2 billion to about $1.24 billion, down roughly 92%, and that retail shareholders have collectively lost about $500 million during this period. The report claims that Eric Trump’s personal wealth increased from about $190 million to about $280 million during this period, and that other insiders also profited.

2、Controversy Over the Source of Bitcoin Holdings

Forbes says that of the bitcoins held by ABTC, about 70% were purchased in the public market, not obtained from mining, which conflicts with the company’s external positioning as a “mining business.”

3、Discrepancies in Mining Cost Calculations

Forbes estimates that after including depreciation and management expenses, ABTC’s actual total cost per bitcoin is about $90k, higher than the $57k that Eric Trump publicly cited during an earnings call.

4、Employee Headcount

According to ABTC’s annual report filed with the U.S. Securities and Exchange Commission (SEC), as of the reporting period the company had only two full-time employees, reported to be CEO Mike Ho and President Matt Prusak, respectively.

ABTC Listing Background and Current Stock Price Situation

Based on public information, ABTC completed its Nasdaq listing in September 2025 through a merger with Hut 8 (HUT). On its first day of trading, the stock price reached a high of $14.52. According to TradingView data, as of April 29, ABTC’s stock price was about $1.16, down more than 92% from the intraday high on its first day.

Frequently Asked Questions

When did Forbes publish the ABTC investigation report? What are the core allegations?

Forbes published its investigation report on April 28, 2026, characterizing ABTC as an “arbitrage tool,” saying that it buys bitcoin by selling overvalued stocks, and that retail shareholders have collectively lost about $500 million since the time of listing.

When and in what form did Eric Trump respond? What specific data did he cite?

Eric Trump released a public statement on April 29, 2026. He cited data to defend ABTC, including Q4 2025 revenue of $78.3 million, holding more than 7,000 BTC, hashrate of 28 EH/s, and nearly 90k mining rigs, and said Forbes is a “disgrace to journalism.”

What is ABTC’s current stock price, and what is the drop since listing?

According to TradingView data, as of April 29 ABTC is reported at about $1.16, down more than 92% from the $14.52 high on its first day after listing. ABTC completed its Nasdaq listing in September 2025 through a merger with Hut 8.