American Bitcoin Board Member Boosts Stake After Earnings

Justin Mateen, a board member at American Bitcoin, increased his personal stake in the company after its recent quarterly earnings. Over two trading sessions on August 5 and 6, he bought nearly $1.93 million worth of stock, lifting his beneficial ownership to 492,297 Class A shares.

The purchases come as American Bitcoin reported a net loss of about $57 million in Q2 while mining a record 932 BTC and expanding its treasury holdings to over 8,000 BTC.

Mateen's buying activity follows the company's quarterly update, which also saw the departure of former president and interim CFO Matt Prusak. He left to join Giga Energy.