American Bitcoin (ABTC) saw its shares plummet 24.30% in pre-market trading on Tuesday, driven by a continued downturn in Bitcoin prices. The cryptocurrency has fallen approximately 30% from its record high in October, exerting significant pressure on Bitcoin-related stocks.

The Miami-based miner, which recently became a standalone public entity, has aggressively expanded its operations. Despite its scalable and asset-light mining approach, the broader market decline in Bitcoin has severely impacted its stock performance. Co-founder Eric Trump emphasized the company's long-term value creation strategy, but short-term market sentiment remains bearish amid Bitcoin's slump.