Gryphon Digital Mining is set to merge with American Bitcoin, a company co-founded by Eric Trump. The all-stock transaction will create a new publicly traded entity under the American Bitcoin brand, with the goal of becoming a major player in the cryptocurrency mining industry.
In a stock-for-stock transaction establishing the foundation for a rebrand and a new Nasdaq listing, Gryphon Digital Mining has received shareholder approval to merge with American Bitcoin, a mining firm affiliated with the Trump family.
The Bitcoin miner, which is headquartered in Las Vegas, declared on Friday that its shareholders had approved the merger earlier in the week.
The combined company will trade under the ticker symbol “ABTC” and American Bitcoin after a reverse five-to-one stock split is concluded by 5:00 pm ET on Sept. 2.
Gryphon Shareholders Approve 5-to-1 Reverse Split Ahead of Merger
Due to the split, Gryphon’s outstanding shares will decrease from 82.8 million to approximately 16.6 million.
The transaction, which was initially disclosed in May, enables American Bitcoin, which was established by Donald Trump Jr. and Eric Trump earlier this year, to enter the public markets without a separate IPO. It does so by utilizing Gryphon’s Nasdaq listing as a vehicle.
The Trump-backed organization was established through a rebranding of American Data Center and is associated with Hut 8, a mining infrastructure provider.
American Bitcoin has established itself as a pure-play mining venture concentrating on Bitcoin accumulation.
Although it has disclosed 215 BTC in holdings, third-party data from BitcoinTreasuries.NET indicates that its reserves could be as high as 1,941 BTC.
On Friday, Gryphon’s shares experienced a decline of over 10%, reversing a portion of the 41% increase that occurred on Thursday in response to the initial reports of the merger.
The agreement is perceived as a merger of Gryphon’s low-cost mining operations and American Bitcoin’s aggressive treasury strategy to establish a more competitive presence in the public mining sector.
The merger indicates a general trend in which public companies increase their exposure to Bitcoin.
A total of nearly 990,000 BTC is currently held by listed corporations, with Strategy holding the most, at 631,000 BTC.
The Financial Times reported earlier this month that American Bitcoin has been investigating acquisitions in Japan and Hong Kong to broaden its presence.
The fascination of American Bitcoin with Asia results from the region’s profound retail trading culture and the increasing regulatory acceptance of cryptocurrency.
Hong Kong has established itself as a digital asset center, and Japanese-listed vehicles could offer a regulated pathway for institutional and retail investors to participate.
The Trump Family Widens Crypto Connections
The business is one of numerous crypto-related enterprises associated with the Trump family.
Donald Trump disclosed $57 million in income from World Liberty Financial in June. This crypto platform recently announced a $1.5 billion token buyback in partnership with ALT5 Sigma, a blockchain firm based in Las Vegas.
Separately, Trump Media & Technology Group, which operates Truth Social, intends to raise $2.5 billion to establish its own Bitcoin treasury.
In the interim, the Trump administration implemented policy and regulatory initiatives to further its pro-crypto agenda.
The executive order signed by President Trump urges regulators to eliminate the obstacles that obstruct the inclusion of alternative assets, such as cryptocurrencies, in 401(k) plans.
If implemented, the reforms could enable millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated channels.
Trump also nominated Stephen Miran, an economist who advocates for digital assets, to the Federal Reserve Board of Governors, indicating that his administration’s pro-crypto stance will remain unchanged.