American Bitcoin (NASDAQ:ABTC) Shares Gap Up on Insider Buying Activity

American Bitcoin Corp. (NASDAQ:ABTC - Get Free Report) gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $6.47, but opened at $7.35. American Bitcoin shares last traded at $7.2530, with a volume of 421,812 shares.

Specifically, Director Justin Mateen purchased 162,438 shares of the business's stock in a transaction on Thursday, August 6th. The stock was purchased at an average cost of $6.19 per share, with a total value of $1,005,491.22. Following the acquisition, the director directly owned 492,297 shares in the company, valued at approximately $3,047,318.43. This trade represents a 49.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justin Mateen purchased 144,543 shares of American Bitcoin stock in a transaction dated Wednesday, August 5th. The shares were purchased at an average price of $6.40 per share, with a total value of $925,075.20. Following the completion of the transaction, the director directly owned 329,859 shares in the company, valued at approximately $2,111,097.60. This represents a 78.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.