Key facts
- American Bitcoin director Justin Mateen bought nearly $2 million in company stock.
- Mateen purchased 306,981 Class A shares on August 5-6.
- The transactions occurred shortly after the company reported its second-quarter results.
- Mateen's stake in American Bitcoin increased to 492,297 shares post-purchase.
American Bitcoin director Justin Mateen purchased nearly $1.93 million worth of the company's stock over two consecutive trading days this week. The purchases followed the company's second-quarter earnings report, which highlighted growth in its bitcoin treasury and mining operations.
According to regulatory filings, Mateen bought approximately 145,000 Class A shares on August 5 for about $925,000, followed by the purchase of 162,000 shares on August 6 for approximately $1 million. Combined, these transactions totaled 306,981 shares for $1.93 million. Following these purchases, Mateen beneficially owns 492,297 shares of American Bitcoin's Class A common stock, adjusted for a recent reverse stock split.
Mateen, a co-founder of Tinder, has been a board member at American Bitcoin since March 2025. The company, backed by Eric Trump and Donald Trump Jr., is a Nasdaq-listed bitcoin mining and accumulation firm. American Bitcoin focuses on building bitcoin exposure through mining and treasury purchases, making insider buying a closely watched indicator for investors.
In its second-quarter results, American Bitcoin reported a net loss of about $57 million, despite increasing its mining output and bitcoin holdings. The company mined 932 bitcoin during the quarter, its highest quarterly production to date, and expanded its treasury to over 8,000 BTC as part of its mine-and-hold strategy. Earlier this week, former president and interim chief financial officer Matt Prusak departed American Bitcoin to join Giga Energy.