Despite a large Q4 loss… American Bitcoin board bought back shares

The board of American Bitcoin, a U.S. Bitcoin (BTC) mining company, has bought a large amount of its own shares.

According to CoinDesk on the 5th (local time), American Bitcoin disclosed that two board members had purchased a significant amount of company stock that day. Specifically, board member Justin Martin—co-founder of Tinder—bought about 1.3 million shares. Another board member, Richard Bush, a partner at the King & Ballow law firm, purchased about 330,000 shares.

The purchases drew attention as they coincided with the company’s recent earnings release. American Bitcoin recently said it posted a $59 million loss in the fourth quarter of last year. The sharp decline in the value of its holdings was largely attributed to the Bitcoin price downturn that has continued since the second half of last year.

American Bitcoin is said to currently hold more than 6,500 bitcoins. By holdings alone, it ranks 17th among listed companies worldwide. The company has been stockpiling Bitcoin through mining and direct purchases.

Meanwhile, American Bitcoin went public in September last year. Donald Trump Jr. and Eric Trump, the eldest and second son of U.S. President Donald Trump, hold 20% of the company. CoinDesk reported that “American Bitcoin shares, tracking Bitcoin’s weakness, have plunged from around $8 to $1.15 now.”