Shares in the Trump-linked crypto mining firm American Bitcoin plummeted 35% on Tuesday after early investors dumped newly unlocked stock.

The dramatic fall unfolded immediately after restricted shares from a private placement were released for public trading. The stock’s price collapsed to just below $1.80 before rebounding to $2.46.

ABTC shares are now down 80% from their record high of $9.40 set in September.

“This week may stay volatile as shares settle,” American Bitcoin president Matt Prusak said on X. “Personally, I’ve lived through brutal drawdowns before.”

The bloodshed marks one of the deepest plunges yet for a high-profile public company during the crypto industry’s ongoing drawdown and underscores the fragility of equities underpinned by digital asset prices.

Meanwhile, presidential son Eric Trump, the co-founder and chief strategy officer of American Bitcoin, tried to calm nerves.

“I’m holding all my ABTC shares – I’m 100% committed to leading the industry,” Trump said on X. “These early investors are freely available to cash in on their profits for the first time which is why we will see volatility.”

Listed on Nasdaq in September, American Bitcoin Corp is part of the Trump family’s controversial push into the digital assets business, which now includes meme coins and World Liberty Financial, a crypto company the US president co-founded.

Trump family-linked treasury firm ALT5 Sigma, which holds WLFI, is also down more than 80% from its June highs. The company faces scrutiny from the US Securities and Exchange Commission over filing discrepancies.

American Bitcoin Corp is not the only company to be ensnared by the crypto market decline.

Firms such as Coinbase, Circle, Strategy and other crypto-dependent names are also trading significantly below their highs set earlier this year when markets boomed.

Strategy chief executive Phong Le said on Monday that the firm is building a $1.4 billion cash cushion to “reinforce our commitment to our credit investors and shareholders.”

Crypto’s total market value now sits at $3.2 trillion – down nearly 30% from its all-time high set in October.

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email atlance@dlnews.com.