Trump-Backed American Bitcoin director Justin Mateen buys nearly $2 million of ABTC stock
Justin Mateen, a board member of American Bitcoin (ABTC), has purchased nearly $2 million worth of the company's stock following a recent reverse stock split. The firm, which counts Eric Trump and Donald Trump Jr. among its backers, continues to pursue a strategy of large-scale bitcoin mining and treasury accumulation.
Why it matters
Insider buying in a publicly traded bitcoin mining firm provides a signal of confidence in the company's 'mine-and-hold' strategy despite recent quarterly net losses.
According to regulatory filings, Mateen bought about 145,000 Class A shares on Aug. 5 for roughly $925,000 at an average price of $6.40 per share. He followed that with the purchase of about 162,000 shares on Aug. 6 for approximately $1 million at an average price of $6.19 per share.
Combined, the purchases amounted to 306,981 shares for approximately $1.93 million.
Following the transactions, Mateen beneficially owns 492,297 shares of American Bitcoin's Class A common stock, reflecting adjustments made after the company's recent reverse stock split.
Mateen is a co-founder of Tinder and an ABTC board member since March 2025.
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