American Bitcoin (ABTC) director Richard Bush acquired 68,000 shares of the Nasdaq-listed Bitcoin mining company at an average price of $1.15, equating to a transaction value of $78,200, according to a new SEC filing.
As a result of the acquisition, Mr. Bush now owns approximately 1.4 million shares of ABTC stock, worth approximately $1.5 million based on Monday’s closing price. According to Yahoo Finance, the company’s stock price has fallen 35% since the beginning of the year amid volatility across crypto-related stocks.
The purchase signals continued insider confidence in the Trump family-backed company as it pursues an aggressive Bitcoin accumulation strategy.
American Bitcoin manages 6,500 Bitcoins worth over $450 million, ranking 17th among corporate BTC holders.
The company operates out of Miami and positions itself as a Bitcoin infrastructure company that combines proprietary mining operations with direct Bitcoin accumulation to build strategic reserves.
The company’s co-founder Eric Trump serves as chief strategy officer and has helped shape the company’s approach to steadily growing its Bitcoin holdings across a variety of market conditions.
Disclosure: This article was edited by Vivian Nguyen. Please see our Editorial Policy for more information on how we create and review content.
