Justin Mateen, a board director at American Bitcoin (ABTC) and co-founder of Tinder, purchased roughly 306,981 Class A shares of the Trump family-backed Bitcoin miner across two trading days last week, spending close to $1.93 million.
Mateen bought about 145,000 shares on August 5 for roughly $925,000, averaging $6.40 apiece, then added another 162,000 shares on August 6 for about $1 million at an average price of $6.19, according to CoinDesk's review of the filings. The purchases lift his beneficial ownership to 492,297 Class A shares on a split-adjusted basis.
Buying Into a Volatile Stock
The purchases land just weeks after American Bitcoin executed a 1-for-15 reverse stock split, effective July 2, that cut its share count from roughly 1.09 billion to about 73 million in a bid to keep the stock above Nasdaq's minimum bid-price requirement. The split-adjusted stock opened at $8.01 on July 6 but slid more than 23% to close that first week near $6.13 — putting Mateen's buy-in price within the range the stock has traded since the split rather than at a rebound level.
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Earnings Backdrop
Mateen's buying followed American Bitcoin's second-quarter results, which showed a net loss of approximately $57 million alongside a record 932 bitcoin mined during the quarter — the company's highest quarterly production to date. Its treasury has grown to more than 8,000 BTC under a stated "mine-and-hold" strategy that keeps mined coins on the balance sheet rather than selling them. The results also came with a leadership change: Matt Prusak stepped down as president and interim CFO to join Giga Energy.
Insider Conviction Amid the Split
American Bitcoin is co-founded by Eric Trump and majority owned by Canada's Hut 8, and its stock has struggled since the split despite the record mining output, having fallen roughly 91% from earlier highs before the split took effect. Mateen's board seat, which he has held since March 2025, gives his purchases added weight as a signal of insider confidence — buying directly into the post-split weakness rather than waiting for a clearer recovery, betting that record bitcoin production and a growing treasury will eventually be reflected in the share price.
