The meteoric rise and precipitous fall of a Trump-affiliated cryptocurrency venture has cast a spotlight on a little-known Canadian executive at its helm. Michael Ho, who helped bring Eric Trump into American Bitcoin Corp., saw the company's shares crater roughly 70% in the three months following its celebratory Nasdaq debut.
From Vancouver to Wall Street: A Canadian's Crypto Ascent
Michael Ho's journey to the top of a publicly traded firm is a tale of access and timing. His breakout came in late 2024 when, through contacts in Palm Beach, Florida, he was introduced to the Trump family. Ho successfully pitched the Bitcoin mining venture to Eric Trump over a dinner at the former U.S. president's Florida golf club. This connection propelled Ho from a background as a precocious Vancouver car dealer to the Chief Executive Officer of American Bitcoin Corp.
The partnership bore immediate fruit. In September 2025, Eric Trump rang the opening bell at the Nasdaq to celebrate the company's trading debut, which delivered a windfall of more than US$500 million. Standing beside him was Ho, now central to the firm's subsequent struggles.
The Stunning Meltdown of a Trump-Branded Crypto Bet
The slide in the company's stock has been severe, even by the volatile standards of the digital currency world. The downturn thrust American Bitcoin Corp. into the ranks of Trump-linked ventures hammered by a broader crypto market decline that began two months ago. The selling pressure intensified dramatically on Tuesday, December 5, 2025, when lock-up periods expired for some early investors.
On that day, shares of American Bitcoin Corp. tumbled 51% in the first half-hour of trading. The price has since recouped only a fraction of those losses. "Basically anything related to Trump has done quite poorly — and that’s not surprising because their operations are all on the highly speculative end of crypto," said Todd Baker, a senior fellow at Columbia University’s Richman Center.
Leadership Response and an Uncertain Future
As shares swooned, the company's leadership pointed to temporary pressures. Eric Trump, who serves as Chief Strategy Officer, took to the social media platform X to express faith in the business. He stated the company could mine Bitcoin at roughly half its spot price, had strong margins, and was "climbing the BTC ranks daily." He emphasized he was holding all his shares.
CEO Michael Ho attributed the plunge to early investors cashing in on highly profitable positions. He noted that pre-market trading, with its thinner liquidity, exacerbated the drop and confirmed he had not sold any of his own stake. "None of this changes our focus or our conviction," Ho stated.
Ho now faces the formidable task of building the less-than-one-year-old mining operation amidst a market downturn. His story underscores how access to Trumpworld became a lucrative path during the 2025 crypto boom, and how swiftly fortunes can reverse when the market sentiment shifts.
