American Bitcoin (NASDAQ: ABTC) shares have risen after filings showed board director Justin Mateen spent about $1.9 million buying its stock.

Despite being more than 95% down from its high, American Bitcoin stock experienced a 10% increase over a 24-hour period.

What is American Bitcoin currently trading at?

Following the purchase of $1.9 million worth of American Bitcoin stocks by Justin Mateen, ABTC shot up by as much as 10% during today’s session, climbing from Friday’s close of $6.47 to its current $7.11 price.

Mateen, who co-founded the dating app Tinder and has sat on American Bitcoin’s board since March 2025, made the purchases across two consecutive sessions. Regulatory filings show he bought about 144,500 shares on August 5 at an average of $6.40, worth roughly $925,000, then added 162,438 shares the next day at $6.19 apiece for about $1 million.

Combined, that came to 306,981 shares for approximately $1.93 million. Mateen now holds 492,297 Class A shares after adjusting for the company’s recent reverse stock split.

Notably, insiders own about 7.1% of the company, a stake worth roughly $34 million. Mateen’s purchase was made within days of the firm’s release of its second-quarter results, and is also reportedly the largest purchase by an American Bitcoin insider over the past 12 months.

MarketBeat data shows that one of three analysts rate the stock a Buy, while one says Hold, and the other says Sell. That gives the stock a consensus rating of Hold. The average price target reported is $45.

However, Wall Street Zen lowered its rating to Sell over the weekend. Weiss Ratings also has a Sell rating. On the other hand, Maxim Group set a Buy target of $15 on July 21, and Zacks upgraded the stock to Hold in April.

How come ABTC is down by 95%?

American Bitcoin went public in September 2025 through a reverse merger with Gryphon Digital Mining and hit a post-IPO high of $14.65. From there, the shares fell more than 95%.

Cryptopolitan reported that the company ran a 1-for-15 reverse split effective July 2, pushing the per-share price back above Nasdaq’s $1.00 minimum bid requirement and cutting the share count from roughly 1.09 billion to about 73 million in order to remain listed.

Cryptopolitan previously reported CoinShares analyst Satish Patel’s view that companies running reverse splits post negative returns in the six to twelve months that follow, because the firms doing them are usually in financial distress.

The company reported a net loss of $57.2 million for the three months to June 30, an improvement on the roughly $82 million loss it booked in the first quarter, on mining revenue of $67.0 million.

CEO Mike Ho tied most of the damage to Bitcoin’s price, which slid about 11% over the quarter and drove a $71.1 million loss on digital assets. He stated that the firm mined 932 BTC, which is its highest quarterly output on record, and grew its treasury past 8,000 coins.

BitcoinTreasuries.net listed the holding at 8,300 BTC as of August 3, ranking American Bitcoin the 16th-largest public corporate holder.

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