- American Bitcoin and Gryphon Digital Mining merge; Gryphon acquires.
- Gryphon stockholders see 200% pre-market trading rise.
- Eric Trump co-founded American Bitcoin with Hut 8 Corp.
The merger announcement, involving a stock-for-stock transaction, places Gryphon as the acquiring company. American Bitcoin is a majority-owned subsidiary of Hut 8, with Eric Trump as a co-founder. The merger results in 98% ownership for current American Bitcoin stockholders.
Gryphon shares jumped approximately 200% in pre-market trading upon the merger announcement. The parent company, Hut 8, saw a 12% share increase. Stockholders gain exposure to a larger Bitcoin mining operation through the merger. Latest updates and insights from Nasdaq on Twitter.
Financial outcomes reveal strategic public market positioning for Gryphon stockholders in what CEO Steve Gutterman calls the “next era of public Bitcoin mining.”
The Gryphon team is pleased to offer our stockholders the opportunity to participate in what we believe will be the next era of public Bitcoin mining through this combination. — Steve Gutterman, Chief Executive Officer, Gryphon Digital Mining
The merger aligns with trends of traditional business figures venturing into crypto.
The merger might drive technological innovations in mining operations. With market shifts favoring consolidation, efficiency might improve. The combined entity aims to build on current capacities, focusing on scaling Bitcoin reserve operations.
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