American Bitcoin (ABTC) saw its shares tumble 24.02% in pre-market trading on Tuesday, driven by the continued decline in Bitcoin prices. The cryptocurrency has fallen roughly 30% from its record high in October, putting pressure on Bitcoin-related stocks.

The Miami-based miner, which recently became a standalone public entity, has aggressively scaled its operations. Despite its scalable and asset-light mining approach, the broader market downturn in Bitcoin has significantly impacted its stock performance. Co-founder and chief strategy officer Eric Trump emphasized the company's focus on long-term value creation, but the short-term market reaction has been severe.