Gryphon Digital Mining to Merge with Trump-Linked American Bitcoin, Rebrand as ABTC on Nasdaq

Gryphon Digital Mining shareholders approve a merger with American Bitcoin, a Trump-linked mining firm. The combined company will rebrand as American Bitcoin and trade under the ticker "ABTC" on Sept. 2. The deal allows American Bitcoin to enter public markets without a separate IPO, using Gryphon's Nasdaq listing. The merger aims to create a more competitive presence in the public mining space.

Gryphon Digital Mining shareholders have approved a merger with American Bitcoin, a Bitcoin mining firm connected to the Trump family. The combined entity will rebrand as American Bitcoin and begin trading under the ticker symbol "ABTC" on September 2. The deal allows American Bitcoin to enter public markets without a separate IPO, using Gryphon's Nasdaq listing as a vehicle. The merger aims to create a more competitive presence in the public mining space.

Key details of the merger include a reverse five-to-one stock split, which will reduce Gryphon's outstanding shares from 82.8 million to approximately 16.6 million. The merger was originally revealed in May and will be finalized in the third quarter, with trading expected to commence as early as September. The combined company will operate under the American Bitcoin name and trade under the ticker symbol "ABTC."

The merger combines Gryphon's low-cost mining operations with American Bitcoin's aggressive treasury strategy. American Bitcoin has disclosed holdings of 215 BTC, with estimates suggesting the total could be as high as 1,941 BTC [1]. The listing is expected to increase liquidity and attract more investors to the crypto sector, aligning with broader industry trends and the Trump administration's push for crypto-related legislation.

The merger is part of a broader strategic shift by Hut 8, which is planning to spin off its Bitcoin mining operations into American Bitcoin. This move aims to position Hut 8 as an energy infrastructure pure-play, allowing it to access cheaper financing by distancing itself from the volatility of Bitcoin mining. Hut 8 has already secured $330 million in non-dilutive capital from Two Prime and Coinbase to finance this expansion [2].

American Bitcoin's Nasdaq listing through the merger with Gryphon Digital Mining is a strategic move that could significantly enhance institutional engagement and liquidity in the crypto sector. However, it remains to be seen how the market will react to this development and how it will influence investor sentiments.

References:
[1] https://www.ainvest.com/news/american-bitcoin-reverse-merger-gryphon-nasdaq-abtc
[2] https://www.ainvest.com/news/bitcoin-news-today-hut-8-shifts-bitcoin-miner-energy-powerhouse-1-5-gw-push-2508/