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Bitcoins Insider investment signals board confidence despite recent stock price drop at Trump-backed digital asset mining firm.
Key Takeaways
- Board member Richard Busch acquired 175,000 shares of American Bitcoin Corp for $290,500.
- The share purchase occurred during a price decline and the company is backed by the Trump family.
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Richard Busch, a board member and director of American Bitcoin, the Bitcoin-focused company led by the two Trump sons, acquired 175,000 ABTC shares for around $290,500, according to a recent SEC disclosure.
Following the transaction, Busch now holds approximately 900,000 ABTC shares, valued at about $1.4 million based on Thursday’s closing price. Shares rose about 5% in premarket trading on Friday, according to Yahoo Finance.
The stock has struggled in recent weeks, pressured by the release of pre-merger private placement shares into the public market. Over the past month, it has fallen roughly 68%.
American Bitcoin has entered the top 20 list of publicly traded companies holding Bitcoin treasuries, with a reported reserve of 5,098 BTC, valued at approximately $447 million. The company continues to boost its holdings through mining and strategic purchases.
