Gryphon Stock Jumps 11% on News Report of American Bitcoin Merger Approval
Gryphon Digital Mining (NASDAQ: GRYP) shares climbed 11% in pre-market trading on Thursday after Reuters reported that its all-stock merger with American Bitcoin is set to close in the coming weeks.
According to Reuters, shareholders have approved the deal, which will combine Gryphon with American Bitcoin, the mining venture launched earlier this year by Hut 8 (NASDAQ: HUT) alongside Donald Trump Jr. and Eric Trump.
The new company will retain the American Bitcoin name and be controlled primarily by Hut 8 and the Trump brothers, who together will own about 98% of the stock. The trading under the new ticker “ABTC” is targeted for early September.
The report also said Gemini co-founders Tyler and Cameron Winklevoss are among the anchor investors in the transaction. American Bitcoin CEO Asher Genoot told Reuters the investor group has been finalized.
American Bitcoin has pledged to become “the world’s largest, most efficient pure-play bitcoin miner,” with a strategy of accumulating bitcoin through both mining and direct purchases. The company is also weighing acquisitions in Hong Kong and Japan as it looks to expand globally, the Financial Times reported previously.
The Trump family’s involvement has drawn criticism over potential conflicts of interest, given President Donald Trump’s push for supportive crypto legislation. The White House has rejected those claims, while Genoot told Reuters the firm’s business strategy was independent of government influence.
