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Justin Mateen buys $1.93M of American Bitcoin stock after earnings

The Aug. 5 to Aug. 6 purchases lifted his stake to 492,297 Class A shares after a recent reverse split.

Reported · Written up by our desk · Market Structure

Justin Mateen, a director at U.S. President Donald Trump’s family-backed bitcoin miner American Bitcoin, bought about 306,981 Class A shares worth roughly $1.93 million across two trading days on Aug. 5 and Aug. 6, according to regulatory filings cited by CoinDesk.

The outlet said Mateen bought about 145,000 shares on Aug. 5 for roughly $925,000 at an average price of $6.40 per share, then bought about 162,000 shares on Aug. 6 for approximately $1 million at an average price of $6.19 per share.

After the transactions, Mateen beneficially owns 492,297 Class A shares, adjusted for the company’s recent reverse stock split, CoinDesk added.

CoinDesk also noted that the purchases came days after American Bitcoin reported its second-quarter results, including a net loss of about $57 million, quarterly bitcoin production of roughly 932 BTC, and a treasury that grew to more than 8,000 BTC as it pursued a mine-and-hold strategy.

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