Trump-backed crypto projects World Liberty and American Bitcoin both drop over 20%
Trump family-backed crypto projects World Liberty Financial and American Bitcoin saw their respective token and share prices decline significantly on Thursday.
Inspired by President Trump, DeFi project World Liberty Financial's token is down 24% on the day. Meanwhile, American Bitcoin (ticker ABTC), the bitcoin mining and BTC treasury venture the president's two eldest sons have invested in, saw its shares drop 21% in early trading. Wednesday was American Bitcoin's first day of trading on the Nasdaq.
The two Trump-linked crypto project's decline comes as the market as a whole fell on Thursday with Bitcoin and Ethereum down 2.4% and 3.6%, respectively, according to The Block's price page.
While it's uncertain why World Liberty's WLFI token was down 24%, American Bitcoin's decline could be tied, in part, to a report that the Nasdaq had decided to increase oversight of companies raising funds to accumulate cryptocurrencies.
The stepped-up review comes amid a wave of companies raising equity to buy digital assets like Bitcoin, Ethereum, and many altcoins. Since January, 154 U.S.-listed companies have announced plans to raise about $98.4 billion to purchase crypto, per the Financial Times, citing data from crypto advisory firm Architect Partners, which tracks such activity. The figure is up from about $33.6 billion raised by 10 companies before 2025.
American Bitcoin and WLFI launches
American Bitcoin's market decline follows a successful first day of trading. The company, which is blending a strategy of both buying and mining BTC, saw its stock rise nearly 17% on Wednesday.
On Monday, WLFI started trading on crypto exchanges and changed hands at over $0.30 shortly after its launch, implying a fully diluted valuation of over $30 billion based on a total supply of 100 billion tokens, according to The Block's price page.
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