Hut 8-Backed American Bitcoin To Slash Share Count By More Than 90% In Reverse Split

Even as Bitcoin miners embrace AI and high-performance computing, the crypto market downturn continues to put pressure on them.

• American Bitcoin announced that it will implement a 1-for-15 reverse stock split after market close on Thursday.
• The move is designed to help maintain Nasdaq listing compliance by raising the company's share price above the exchange's minimum bid requirement.
• The reverse split will reduce outstanding shares from 1.09 billion to 73 million.

American Bitcoin Corp. (ABTC) announced on Wednesday that the firm's planned 1-for-15 reverse stock split would take effect after the market closes on Thursday, a move aimed at lifting its share price enough to keep its Nasdaq (NDAQ) listing.

Under the split, every 15 shares of the company's Class A and Class B common stock would be reclassified into a single share, reducing outstanding shares from about 1.09 billion to roughly 73 million. The number of outstanding shares is reduced by roughly 93.3%, leaving about 6.7% of the original share count. 

American Bitcoin Corp, a majority-owned subsidiary of miner Hut 8 (HUT), expected its Class A common stock to begin trading on a split-adjusted basis on the Nasdaq Capital Market when markets open on July 6, under the same ABTC ticker and a new CUSIP number.