American Bitcoin (ABTC), a Trump-family-affiliated bitcoin mining company, saw its shares climb more than 13% to $7.38 apiece, lifting its market capitalization to roughly $533 million, according to data from MSX.COM. The move followed the company's quarterly earnings report and came as director Justin Mateen, co-founder of Tinder, purchased ABTC shares on two consecutive days. Mateen spent about $1.93 million in total, buying roughly 145,000 Class A common shares at an average price of $6.40 per share on Aug. 5 and about 162,000 shares at an average of $6.19 per share on Aug. 6. The two transactions added 306,981 shares to his position, bringing his total holdings to 492,297 shares. American Bitcoin, which focuses on bitcoin mining operations and is backed by the Trump family, has been working to integrate with crypto-mining firms and expand its hashrate in an effort to become a major player in the U.S. bitcoin mining wave. The insider buying after the earnings release has been seen as a signal of confidence and has further boosted market attention on the stock.
According to data from MSX.COM, shares of American Bitcoin (ABTC) rose more than 13% to $7.38 apiece, lifting the company's market value to around $533 million. The rally followed the release of ABTC's quarterly earnings.
Justin Mateen, a Tinder co-founder who sits on the board of the Trump-family-backed miner, has increased his stake. Regulatory filings show Mateen bought about 145,000 Class A common shares on Aug. 5 at an average price of $6.40 per share, spending roughly $925,000. The following day, he bought another 162,000 shares at an average price of $6.19 per share, for about $1 million. The two purchases added a total of 306,981 shares, lifting his holdings to 492,297 shares. His combined outlay came to approximately $1.93 million.
American Bitcoin is a publicly traded company focused on bitcoin mining, backed by the Trump family. It has been integrating with crypto-mining enterprises and expanding its hashrate to become a significant player in the ongoing U.S. bitcoin mining wave. The board member's open-market buys after the earnings report are seen as a sign of confidence and have further boosted market attention on the stock.
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