Eric Trump has accused Forbes of publishing “politically motivated propaganda” after it criticised his Bitcoin venture American Bitcoin.
The dispute follows a Forbes investigation that labelled American Bitcoin (ABTC) an arbitrage vehicle and said the stock has fallen about 92% from a $13.2 billion peak, wiping roughly $500 million in retail investor value.
Trump rejected the claims, highlighting $78.3 million in Q4 revenue and treasury holdings of more than 7,000 Bitcoin, while alleging bias in the publication’s reporting.
Forbes also claimed that around 70% of ABTC’s Bitcoin was purchased on the open market rather than mined, with an estimated all-in cost per coin near $90,000, above figures cited by the company.
“Friends, educate yourselves as to the source of your information… in this case, China!”
Trump said.
American Bitcoin went public via a merger with Hut 8 on the Nasdaq in September and has since declined sharply from its $14.52 debut price to around $1.16.
The controversy highlights growing scrutiny of publicly listed Bitcoin firms as investors weigh operational performance against significant shareholder losses.
At the time of reporting, Bitcoin price was $76,952.49.