Justin Mateen, a director at American Bitcoin (ABTC) and co-founder of Tinder, bought about $1.93 million worth of the company’s stock over two straight days after the company released its quarterly earnings.
Regulatory filings show Mateen purchased about 145,000 shares of ABTC Class A common stock on Aug. 5 for roughly $925,000, with an average purchase price of about $6.40 a share. On Aug. 6, he bought about 162,000 more shares for around $1 million at an average price of about $6.19 per share.
Purchases totaled 306,981 shares
The two transactions added up to 306,981 shares and increased Mateen’s total holdings in ABTC to 492,297 shares.
Company reported a second-quarter net loss of about $57 million
American Bitcoin is backed by members of U.S. President Donald Trump’s family, including Eric Trump and Donald Trump Jr. The company is listed on Nasdaq and operates as both a bitcoin mining company and a BTC treasury company.
Its strategy centers on large-scale mining and holding bitcoin on the corporate balance sheet, giving investors exposure to bitcoin through the company.
Quarterly results showed American Bitcoin posted a net loss of about $57 million in the second quarter. At the same time, its mining scale and bitcoin reserves continued to expand. The company produced about 932 BTC during the quarter, a record high, while its bitcoin treasury grew to more than 8,000 BTC.
Stock buying followed the earnings release
According to BlockBeats, the share purchases came after the company published its quarterly report. The input states that market participants viewed the sizable insider buying as a sign of confidence in the company’s bitcoin accumulation strategy, while profitability and mining efficiency remain key issues for investors.