Trump-Backed American Bitcoin director Justin Mateen buys nearly $2 million of ABTC stock
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- Justin Mateen purchased 306,981 Class A shares of American Bitcoin on Aug. 5-6 for approximately $1.93 million, at average prices of $6.40 and $6.19 per share.
- The insider buying came shortly after American Bitcoin posted a second-quarter net loss of about $57 million while ramping up mining output and bitcoin holdings.
- American Bitcoin mined roughly 932 BTC during the quarter — its highest quarterly production to date — and grew its treasury to more than 8,000 BTC under a mine-and-hold strategy.
- Following the transactions, Mateen beneficially owns 492,297 Class A shares, adjusted for the company's recent reverse stock split.
- Matt Prusak, American Bitcoin's former president and interim CFO, departed the company to join Giga Energy, per a separate CoinDesk report.
- Mateen, a co-founder of Tinder, has served on ABTC's board since March 2025; the company counts Eric Trump and Donald Trump Jr. among its backers and trades on Nasdaq.
Why it matters: A director buying nearly $2 million in stock two days after a $57 million quarterly loss is a vote of confidence in American Bitcoin's mine-and-hold thesis, which now holds more than 8,000 BTC — but it comes as the company bleeds cash on operations and loses senior leadership to Giga Energy.
