Eric Trump Declares Forbes “Chinese Puppetry” Amid Bitcoin Debacle

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Eric Trump, with the fervor of a man who just discovered the moon is made of cheese, has denounced Forbes as a “Chinese puppet” after the magazine dared suggest his Bitcoin venture is a financial sideshow preying on MAGA enthusiasts and hemorrhaging $500 million in shareholder value since its grand public debut.

The American Bitcoin (ABTC) co-founder, armed with Q4 revenue figures ($78.3 million) and a staggering 7,000 BTC, declared Forbes an “embarrassment to journalism,” as if journalism itself were a personal vendetta.

Forbes Labels American Bitcoin an “Arbitrage Circus”

A Tuesday Forbes exposé, written with the subtlety of a sledgehammer, insists American Bitcoin (ABTC) is an arbitrage circus, selling shares at prices that make a magician’s rabbit look like a bargain and funneling the proceeds into BTC.

Eric, the president’s second son, markets his Bitcoin company as a money-printing machine. In reality, it’s a carousel of arbitrage, spinning poor MAGA investors in circles.
📸: Daniel Ceng/Anadolu via Getty Images

– Forbes (@Forbes) April 28, 2026

Forbes further alleges ABTC’s market cap has plummeted 92%, from a gaudy $13.2 billion to a paltry $1.24 billion, leaving small shareholders to pick up the pieces of a $500 million financial piñata.

The magazine also claims 70% of ABTC’s Bitcoin was purchased on the open market, not mined, with an all-in cost per coin near $90,000-far above Eric’s preferred $57,000, which now seems as quaint as a horse-drawn carriage in a Tesla factory.

ABTC’s NASDAQ debut via a Hut 8 merger in September 2025 was met with fanfare, but the stock price has since nosedived by over 90%, leaving investors to wonder if they’ve been teleported to the financial equivalent of the Bermuda Triangle.

Eric Trump Fires Back with Q4 “Victory Lap” Numbers

Trump’s rebuttal, delivered with the enthusiasm of a man who just won a bet against a pigeon, highlighted 28 exahash of mining capacity, 89,999 miners, and a 53% discount to spot prices-figures that might make a spreadsheet blush.

Revenue jumped 22% quarter-over-quarter, and the treasury now boasts 7,000 BTC, earning ABTC the dubious honor of 16th largest public Bitcoin holder, a title that sounds impressive until one realizes it’s akin to being the 16th tallest midget in a circus.

“Friends, educate yourselves,” Trump wrote, as if enlightenment were a product he could sell. “The source of your information? China!”

This “Chinese propaganda” narrative, served with the same relish as a political buffet, mirrors Treasury Secretary Scott Bessent’s recent dismissal of a Financial Times piece as “tabloid trash,” a phrase that now feels less like criticism and more like a compliment.

Binance founder Changpeng Zhao (CZ), meanwhile, has been waging his own war against mainstream press for years, as if journalism were a particularly stubborn weed in his garden.

Complete false news from FT, with fake/wrong/made-up info and negative narratives. This is just from what I gathered on social media, I did not even read the FT article. No subscription. 🤷‍♀️

As far as I know:

YZiLabs is not raising external fund.
There is no demo. WTF is a demo…

– CZ 🔶 BNB (@cz_binance) September 23, 2025

Notably, Trump’s rebuttal omitted any mention of the $500 million in retail losses, a silence so loud it could be heard in the halls of NASDAQ. ABTC last traded near $1.16, a shadow of its $14.52 debut price, which now resides in the annals of financial history alongside the phrase “buyer beware.”

While Trump’s counterattack may do little to stabilize the stock, the true spectacle lies in Q1 results-though whether they’ll be a redemption arc or a Shakespearean tragedy remains to be seen.

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2026-04-29 00:13