Shares in a US cryptocurrency miner backed by Donald Trump Jr and Eric Trump shed almost two-fifths of their value on Tuesday as early investors cashed out en masse at the end of a lock-up period.
American Bitcoin closed 38.8 per cent lower, wiping roughly $1bn from its market value. Trading volume in the stock was almost 40 times the daily average, according to Bloomberg data.
Eric Trump attributed the sell-off to investors in a $215mn private placement in June exercising their ability to “cash in on their profits for the first time”.
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