Shares of American Bitcoin, a bitcoin mining and treasury company backed by Eric Trump and Donald Trump Jr., dropped more than 15% Tuesday after implementing a reverse stock split.

The shares plummeted as much as 19% this morning before reversing some losses. They have lost more than 70% of their value this year. Bitcoin recently traded around $63,900 after bouncing off recent lows.

Bitcoin treasury firms have faced mounting pressures as the slow-motion crash of cryptocurrencies stretches into its ninth month. Strategy Inc., the pioneer of the corporate bitcoin treasury model, recently abandoned its "never sell bitcoin" mantra in a bid to outlast the crypto winter.

The largest cryptocurrency has roughly halved since hitting a peak above $126,000 in October. American Bitcoin holds more than 8,000 bitcoin.

American Bitcoin's Class A common stock began trading on a reverse split-adjusted basis on Monday. The company announced a 1-for-15 reverse stock split of its common stock last week, reducing the number of shares issued from 1.09 billion shares to approximately 73 million shares.

Eric Trump, co-founder of American Bitcoin, said in a Tuesday social-media post that despite crypto market volatility, the company continues to differentiate itself by mining at a 52% profit margin in the first quarter, adding to its bitcoin treasury, and keeping the overhead cost of running the business low.