Trump-backed US bitcoin investor buys 68,000 ABTC shares in new share buyback

American Bitcoin ( ABTC ) board member Richard Bush acquired 68,000 shares of the Nasdaq-listed bitcoin mining company at an average price of $1.15 a share, a transaction valued at $78,200, according to a new SEC filing.

With the new purchase, Bush now holds about 1.4 million ABTC shares, worth $1.5 million at Monday's closing price. The stock fell 35% amid volatility in Yahoo Finance's crypto-related stocks.

The buy signals continued insider confidence in the Trump family-backed firm's aggressive bitcoin holdings strategy.

American Bitcoin holds 6,500 bitcoins worth more than $450 million, placing it 17th among corporate BTC holders.

The company operates from Miami and positions itself as a Bitcoin infrastructure company that combines self-mining operations with direct Bitcoin storage to build strategic reserves.

Eric Trump, who founded the company, serves as Chief Strategy Officer and has been instrumental in shaping the company's approach to consistently diversifying its Bitcoin holdings across various market conditions.