coindesk.com
Justin Mateen, a director of the board at American Bitcoin (ABTC), the mining company backed by U.S. President Donald Trump’s family, purchased nearly $1.93 million worth of the company's stock over two consecutive trading sessions this week, following the company's latest earnings report.
According to regulatory filings, Mateen bought about 145,000 Class A shares on Aug. 5 for roughly $925,000 at an average price of $6.40 per share. He followed that with the purchase of about 162,000 shares on Aug. 6 for approximately $1 million at an average price of $6.19 per share.
Combined, the purchases amounted to 306,981 shares for approximately $1.93 million.
Following the transactions, Mateen beneficially owns 492,297 shares of American Bitcoin's Class A common stock, reflecting adjustments made after the company's recent reverse stock split.
Mateen is a co-founder of Tinder and an ABTC board member since March 2025.
American Bitcoin, which counts Eric Trump and Donald Trump Jr. among its backers, is a Nasdaq-listed bitcoin $BTC$64,950.16 mining and accumulation company. The firm has positioned itself as a vehicle for building bitcoin exposure through a combination of large-scale mining and purchases for its corporate treasury, making insider buying closely watched by investors betting on the company’s strategy.
The Miami-based firm reported second-quarter results this week, posting a net loss of about $57 million while ramping up its mining output and bitcoin holdings.
The company mined roughly 932 bitcoin during the quarter, its highest quarterly production to date, and grew its treasury to more than 8,000 $BTC as it continued its mine-and-hold strategy.
Matt Prusak, former president and interim chief financial officer of American Bitcoin, left the company to join Giga Energy, CoinDesk reported earlier this week.
Read more: Trump-linked American Bitcoin president Matt Prusak departs for Giga Energy