Finance
What to know (or what to laugh at):
- American Bitcoin’s board members Justin Mateen and Richard Busch are like, “Hey, this $1 stock is practically free money!” and scooped up 1.63 million shares. Bold move, guys.
- ABTC reported a $59 million loss (oops), but Eric Trump is like, “We’ve got 6,500 BTC, baby! We’re basically Bitcoin royalty now.” Sure, Jan.
- The company bought 11,298 ASIC miners to boost capacity by 12%. Because nothing says “we’re serious” like dropping cash on fancy machines while losing $59 million.
So, two board members of American Bitcoin (ABTC), the bitcoin mining company that’s basically the Trump family’s side hustle, decided it was a great idea to buy up a ton of stock after the company announced a $59 million loss. Because, you know, nothing screams “confidence” like buying shares at $1 when they used to be $8. Justin Mateen, the Tinder co-founder who’s been on the board since March 2025, grabbed 1.3 million shares. Richard Busch, a lawyer (because every good Bitcoin scheme needs one), snagged 330,000. Teamwork makes the dream work, I guess?
The timing is chef’s kiss-right after ABTC’s earnings report dropped, which is like buying a ticket to a sinking ship but pretending it’s a luxury cruise. Meanwhile, Eric Trump is out here bragging that ABTC now holds over 6,500 BTC, making it the 17th-largest publicly traded Bitcoin holder. Cool, but can it pay its bills?
ABTC went public in September 2025, just in time for Bitcoin to hit a record high and then crash. The stock has been on a rollercoaster ride from $8 to $1.15, which is basically the financial equivalent of a faceplant. But hey, they’ve got a “dual strategy” of mining and buying Bitcoin, which is like saying, “We’re gonna dig for gold and also buy gold, just in case.” Genius.
Oh, and did I mention the Trumps own 20% of the company? Because of course they do. Nothing says “diversified portfolio” like a family business in volatile cryptocurrency. Anyway, ABTC just bought 11,298 ASIC miners to boost capacity by 12%, which is either a power move or a Hail Mary. Only time will tell. Stay tuned for the next episode of Trump’s Wild Bitcoin Ride!
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2026-03-05 14:39