American Bitcoin Corp has approved a 1-for-15 reverse stock split after shareholders backed the proposal at the company’s 2026 annual meeting. Summary American Bitcoin has 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 and approved KPMG as its independent auditor. ABTC shares extended losses on Thursday despite the corporate action, while the company continues to hold more than 7,500 BTC. According to a filing with the U.S. Securities and Exchange Commission, shareholders of American Bitcoin Corp voted on several corporate matters during the annual meeting, after which the company’s board authorized a one-for-15 reverse stock split. The company said the change will take effect as soon as practicable. The SEC filing states that the reverse split will reduce the number of outstanding shares while leaving the total number of authorized shares unchanged. Reverse stock splits are commonly used by listed companies to increase their per-share trading price without changing the overall value of shareholders’ holdings. American Bitcoin has expanded its Bitcoin treasury Alongside the reverse split, shareholders elected Asher Genoot as a Class I director for a three-year term that will expire 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 Bitcoin since its launch. The company currently ranks 16th among publicly traded corporate Bitcoin holders based on available treasury data, while Eric Trump continues to play a prominent role in the business. The corporate update arrives one day after crypto.news reported that Democratic senators urged Senate Republican leaders to hold hearings into a reported $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 later policy decisions involving the United Arab Emirates. As previously reported by crypto.news, the senators cited a Wall Street Journal report stating 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 under an agreement signed in January 2025. The lawmakers also pointed to subsequent approvals for major arms sales and access to advanced AI chips for the UAE as developments warranting congressional scrutiny. ABTC stocks remains under pressure despite the corporate action American Bitcoin’s filing also disclosed that several directors received Class A common shares after restricted stock units vested on the annual meeting date. Justin Mateen received 254,778 shares, Richard Busch was issued 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 roughly 17% over the past week and remains down about 60% year-to-date, according to Google Finance data. Source: Google Finance Early Thursday trading extended the weakness, with ABTC falling another 3.15% to around $0.72 after touching an intraday high of $0.75 and a low of $0.68. Meanwhile, Bitcoin traded around $59,360, down 2.6% over the past 24 hours after slipping below the $60,000 mark, as investors continued to digest the latest U.S. Personal Consumption Expenditures inflation data.
