Gryphon Digital Mining, a publicly traded Bitcoin mining company based in Las Vegas, Nevada, has secured final shareholder approval to merge with American Bitcoin, an enterprise associated with the Trump family.
On Wednesday, shareholders endorsed a stock-for-stock reverse merger, with the announcement made public on Friday. The transaction includes a scheduled reverse stock split of five-to-one and a new Nasdaq listing starting at 5:00 pm ET on September 2.
Upon completion, the combined company will adopt the American Bitcoin name and trade under the ticker symbol ABTC.
This reverse stock split will reduce the total outstanding shares from approximately 82.8 million to about 16.6 million, not including any additional shares issued due to the merger.
This merger process, first unveiled by Reuters earlier this week, follows a May agreement where American Bitcoin intended to go public via Gryphon, bypassing a traditional initial public offering.
After initial enthusiasm boosted Gryphon’s stock price with a 41% rally, shares settled down over 10% on Friday, partially retracing earlier gains.
American Bitcoin, launched in March after the Trump family rebranded American Data Center, functions as a dedicated Bitcoin mining entity with ambitious plans to build a significant Bitcoin treasury.
The merger aims to combine Gryphon’s efficient mining infrastructure with American Bitcoin’s aggressive accumulation strategy, providing an accelerated route to public markets and a more scalable business model.
Associated with Hut 8, a major mining and infrastructure company, American Bitcoin has verifiably disclosed holdings of 215 bitcoins, while independent estimates suggest it may hold up to 1,941 BTC.
This strategic move reflects a broader trend of public firms increasing their Bitcoin reserves. To date, public companies hold nearly 990,000 BTC collectively, with MicroStrategy controlling about 64% of that supply.
For more information, check the detailed updates and reports from the Nasdaq and related financial sources.
