Justin Mateen, a board director at American Bitcoin (ABTC) — the Nasdaq-listed bitcoin mining and accumulation company backed by U.S. President Donald Trump's family — purchased nearly $1.93 million worth of the company's Class A common stock across two consecutive trading sessions this week, according to regulatory filings. The purchases came on the heels of the firm's second-quarter earnings report and represent one of the larger insider purchases at a publicly traded bitcoin miner this year, a sector where executive buying has historically been closely watched as a signal of conviction through cyclical downturns.

Mateen acquired approximately 145,000 Class A shares on August 5 for roughly $925,000 at an average price of $6.40 per share. He then purchased an additional 162,000 shares on August 6 for approximately $1 million at an average price of $6.19 per share. Combined, the two transactions totaled 306,981 shares for approximately $1.93 million.

Following these transactions, Mateen beneficially owns 492,297 shares of American Bitcoin's Class A common stock, a figure that reflects adjustments related to the company's recent reverse stock split. Reverse splits are commonly used by Nasdaq-listed companies to regain compliance with the exchange's minimum bid price requirements.

Mateen, who co-founded the dating app Tinder, has served on the ABTC board since March 2025.

American Bitcoin counts Eric Trump and Donald Trump Jr. among its backers. The Miami-based firm has positioned itself as a vehicle for building bitcoin exposure through a combination of large-scale mining operations and corporate treasury purchases, a strategy that echoes the playbook adopted by firms such as MicroStrategy and has drawn close attention from investors monitoring insider activity.

Earlier this week, the company reported its second-quarter results, posting a net loss of approximately $57 million while simultaneously increasing both its mining output and bitcoin holdings. The firm mined roughly 932 bitcoin during the quarter — its highest quarterly production on record — and expanded its treasury to more than 8,000 BTC ($64,950.16) as it continued its mine-and-hold approach. The results come against a challenging backdrop for the mining sector, where the April 2024 Bitcoin halving cut per-block rewards from 6.25 BTC to 3.125 BTC, compressing margins industry-wide and pushing operators to optimize costs and scale production.

In a separate development, Matt Prusak, who served as former president and interim chief financial officer of American Bitcoin, has departed the company to join Giga Energy, a Texas-based bitcoin mining firm focused on using natural gas flare gas to power mining operations, as reported by CoinDesk.