American Bitcoin merges with Gryphon Digital Mining to form Nasdaq-listed ABTC, aiming to amass Bitcoin, holding 215 BTC ($23M).
The previously announced merger with Gryphon Digital Mining Inc. has been finalized by American Bitcoin, which was established by Eric Trump, Donald Trump, and Hut 8 Corp. The NASDAQ exchange will list the newly formed entity, American Bitcoin, under the ticker symbol ‘ABTC’ early next month.
The merger between American Bitcoin and Gryphon Digital Mining has been finalized
During the special meeting, Gryphon’s stockholders approved the stock-for-stock merger with American Bitcoin. The board of directors unanimously recommended the merger on July 25, 2024, during the voting snapshot.
For the past few months, American Bitcoin has been developing with the primary objective of accumulating BTC and participating in the network’s mining process. This will be comparable to the operations of Bitcoin miner MARA Holdings, which is presently the second-largest BTC treasury firm.
Gryphon will undergo a reverse stock split of its common stock at a ratio of 5-to-1 by September 2, 2025, to facilitate the listing and trading of the ABTC equities in conjunction with the merger transaction.
Consequently, the current outstanding shares of Gryphon will decrease from approximately 82.8 million to approximately 16.6 million due to the reverse stock split. Following the stock split intended to facilitate the merger, shareholders of Gryphon, whether they are held through brokerage firms or any other custodian, will not be obligated to take any action, according to the announcement.
Furthermore, Gryphon shareholders who possess the company’s stock in uncertificated form are not obliged to take any action after the stock split. Nevertheless, certificated shareholders of Gryphon’s shares will be obligated to adhere to the established guidelines from Continental Stock Transfer & Trust Company.
Eric Trump and Hut 8: The Company’s Future Plans
The newly established organization will leverage Eric Trump’s leadership enthusiasm and Hut 8’s technical expertise. The future roadmap and market outlook of American Bitcoin are primarily under the control of the two shareholders and Donald Trump, who collectively own 98% of the company.
During the Consensus 2025 earlier this year, Eric Trump disclosed that American Bitcoin will prioritize the dethronement of Michael Saylor’s Strategy as the primary corporate BTC holder. Strategy currently possesses 632,457 BTC, with a market value of approximately $68.2 billion due to its recent Bitcoin accumulation.
Eric stated at the Consensus 2025, “I believe we will accumulate a substantial amount of Bitcoin. However, I also desire to be the one who mines it at the lowest cost.” In an SEC filing, American Bitcoin disclosed that it had amassed approximately 215 Bitcoins, which are estimated to be worth roughly $23 million.
The company emphasized that it has not yet reached its Bitcoin accumulation goal, but it also stated that it would continue raising capital to acquire additional currencies. “ABTC’s business does not result in the accumulation of Bitcoin.” Business is the entity in question. “ABTC’s layer two strategy is intended to convert its Bitcoin production into long-term Bitcoin ownership,” the company’s SEC filing stated.
It is important to note that Hut 8 presently maintains a BTC trove of approximately 10,667 coins, which is estimated to be worth roughly $1.15 billion.
