Gryphon Approves Merger With Trump-Linked American Bitcoin

Gryphon Digital Mining shareholders approved the merger with American Bitcoin. The deal includes a 5-for-1 reverse stock split and Nasdaq listing under ABTC. The firm aims to build a strategic Bitcoin reserve.

Shareholders vote in favor

Bitcoin miner Gryphon Digital Mining (ticker GRYP) confirmed that shareholders have approved the merger with Hut 8’s subsidiary to form American Bitcoin, a venture linked to Donald Trump’s family.

The firm will implement a 5-for-1 reverse stock split to meet Nasdaq’s listing requirements. Gryphon stressed that the move won’t affect market capitalization or shareholder value.

New ticker and ownership structure

The new stock will start trading under ABTC on September 2, right after Labor Day in the U.S.

• Hut 8 will hold 80% ownership
• The remaining 20% will belong to American Data Centers, backed by Eric and Donald Trump Jr.

Eric Trump will act as the company’s chief strategy officer.

Strategic Bitcoin reserve

American Bitcoin plans to accumulate a large strategic reserve of BTC through its mining operations. The firm has already raised $220 million in a private placement to acquire Bitcoin and mining rigs.

According to The Block’s price data, GRYP dropped 11.56% while Hut 8 gained 0.53% following the announcement.