Trump-Backed American Bitcoin director Justin Mateen buys nearly $2 million of ABTC stock
American Bitcoin, which counts Eric Trump and Donald Trump Jr. among its backers, is a Nasdaq-listed bitcoin BTC$64,931.10 mining and accumulation company. The firm has positioned itself as a vehicle for building bitcoin exposure through a combination of large-scale mining and purchases for its corporate treasury, making insider buying closely watched by investors betting on the company’s strategy.
The Miami-based firm reported second-quarter results this week, posting a net loss of about $57 million while ramping up its mining output and bitcoin holdings.
The company mined roughly 932 bitcoin during the quarter, its highest quarterly production to date, and grew its treasury to more than 8,000 BTC as it continued its mine-and-hold strategy.
Matt Prusak, former president and interim chief financial officer of American Bitcoin, left the company to join Giga Energy, CoinDesk reported earlier this week.
Read more: Trump-linked American Bitcoin president Matt Prusak departs for Giga Energy