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Trump-Backed American Bitcoin director Justin Mateen buys nearly $2 million of ABTC stock
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Justin Mateen, a board director at American Bitcoin (ABTC), has purchased nearly $1.93 million worth of the company’s Class A stock across two trading sessions this week. The transactions occurred on Aug. 5-6, immediately after the Trump-backed bitcoin miner released its second-quarter earnings. Mateen, a co-founder of Tinder, joined ABTC’s board in March 2025.
The purchases were disclosed in regulatory filings. On Aug. 5, Mateen bought roughly 145,000 shares at an average price of $6.40, totaling about $925,000. The next day, he acquired approximately 162,000 shares at an average price of $6.19, spending about $1 million. In total, the director purchased 306,981 shares for approximately $1.93 million.
Following these transactions, Mateen beneficially owns 492,297 Class A shares, adjusted for the company’s recent reverse stock split. American Bitcoin is a Nasdaq-listed, Miami-based mining firm backed by Eric Trump and Donald Trump Jr. The company reported a net loss of about $57 million for the second quarter, while significantly expanding its mining operations.
During the quarter, American Bitcoin mined roughly 932 bitcoin, its highest quarterly production to date. The firm also grew its bitcoin treasury to more than 8,000 BTC as it continued its mine-and-hold strategy. These results highlight the company’s focus on accumulating bitcoin despite short-term accounting losses.
Mateen’s large insider purchase may signal confidence in American Bitcoin’s long-term strategy, even as the company posts losses and expands its digital asset holdings. Insider buying often draws attention from investors because it reflects management’s view of future performance. The timing, just after earnings, suggests the director sees the current share price as attractive.
The week also brought a leadership change: Matt Prusak, former president and interim CFO of American Bitcoin, left the company to join Giga Energy, according to CoinDesk. This departure adds an element of uncertainty, though the company continues to scale production. Observers will watch whether further insider purchases or executive moves follow.
Looking ahead, American Bitcoin’s ability to maintain its mining output and bitcoin treasury growth will be key for investors. The company’s large BTC holdings could benefit from future price appreciation, while operational efficiency remains crucial. Mateen’s investment adds a vote of confidence, but the departure of a top executive may temper enthusiasm. The coming quarters will reveal whether the company can convert its mine-and-hold strategy into sustained shareholder value.
