Key Takeaways:
American Bitcoin director Justin Mateen bought 306,981 shares of the miner's stock for about $1.9 million over two sessions after the company reported record quarterly output.
According to regulatory filings, Mateen purchased about 145,000 Class A shares on Aug. 5 at an average $6.40 each and roughly 162,000 shares the next day at $6.19, lifting his beneficial stake to 492,297 shares after adjusting for the company's recent reverse stock split.
The Tinder co-founder, who joined the board in March 2025, bought after American Bitcoin posted a second-quarter net loss of about $57 million while mining a record 932 bitcoin and growing its treasury to more than 8,000 BTC. The Miami-based company, majority-owned by Hut 8 and backed by Eric Trump and Donald Trump Jr., reported revenue of $67 million, up 8 percent from the prior quarter, with a digital asset loss of $71.2 million and negative adjusted EBITDA of $45 million.
Insider buying by a director is closely watched by investors betting on American Bitcoin's mine-and-hold strategy, which CEO Mike Ho said prioritizes "bitcoin per share" over selling reserves. The purchases come as the company searches for a permanent chief financial officer after interim CFO Matt Prusak departed for Giga Energy, with ABTC shares trading near $6.
The purchases follow a quarter in which American Bitcoin cut its cost to mine one bitcoin to about $36,500 while expanding its fleet to 89,242 owned miners with 28.1 EH/s of capacity. Bitcoin traded near $64,930, up 0.8 percent over 24 hours, as of 16:20 UTC.
The company's accumulation approach mirrors that of Michael Saylor's Strategy, which has also resisted selling bitcoin from its treasury. Eric Trump, American Bitcoin's co-founder and chief strategy officer, told investors the firm remains "absolute Bitcoin maximalists," reinforcing the mine-and-hold strategy that underpins the stock's appeal to crypto-focused shareholders.
Mateen's purchases, combined with a grant of 46,404 restricted stock units vesting at the 2027 annual meeting, tie his financial interests more closely to the company's performance. The board has not yet named a permanent president to replace Prusak, leaving two senior roles in transition as American Bitcoin scales its mining operations.
This article is for informational purposes only and does not constitute investment advice.
