American Bitcoin, founded by Eric Trump, Donald Trump, and Hut 8 Corp., has completed the previously announced merger with Gryphon Digital Mining Inc. The newly formed entity, dubbed American Bitcoin, will list on the NASDAQ exchange early next month under the ticker symbol ‘ABTC’.
American Bitcoin Completes Merger With Gryphon Digital Mining
Gryphon’s stockholders during the special meeting approved the stock-for-stock merger with American Bitcoin. The voting snapshot happened on July 25, 2024, with the company’s board of directors unanimously recommending the merger.
American Bitcoin has been in the works for the past few months with the sole purpose of accumulating BTC and participating in the network’s mining process. This will be similar to Bitcoin miner MARA Holdings’ operations, as they are currently the second-largest BTC treasury firm.
In connection with the merger transaction, Gryphon will undertake a reverse stock split of its common stock at a ratio of 5-for-1 by September 2, 2025, to facilitate listing and trading of the ABTC stocks.
The reverse stock split will, therefore, reduce the current outstanding shares of Gryphon from around 82.8 million to about 16.6 million. According to the announcement, shareholders of Gryphon, held through brokerage firms and any other custodian, will not be required to take any action following the stock split intended to facilitate the merger.
Additionally, the Gryphon shareholders who hold the company’s stock in uncertificated form are not required to undertake any action following the stock split. However, certificated shareholders of Gryphon’s shares will be required to follow the set instructions from Continental Stock Transfer & Trust Company.
The Company’s Roadmap Under Eric Trump and Hut 8
The newly formed entity will tap into Eric Trump’s leadership passion and Hut 8’s technical knowledge. The two shareholders of American Bitcoin, alongside Donald Trump, own 98%, thus largely controlling its future roadmap and market outlook.
Earlier this year, Eric Trump revealed, during the Consensus 2025, that American Bitcoin will focus on dethroning Michael Saylor’s Strategy as the top corporate BTC holder. Following its recent Bitcoin accumulation, Strategy currently holds 632,457 BTC, which has a market value of about $68.2 billion.
“I think we are going to accumulate a tremendous amount of Bitcoin, but I also want to be the one mining it by far the cheapest,” Eric noted at the Consensus 2025. American Bitcoin disclosed in an SEC filing that it had accumulated around 215 Bitcoins, valued at about $23 million.
The company highlighted that it has not yet achieved its target for Bitcoin accumulation, but noted that it would continue to raise capital to purchase more coins. “Bitcoin accumulation is not a side effect of ABTC’s business. It is the business. ABTC’s layer 2 strategy is designed to transform its Bitcoin production into long-term Bitcoin ownership,” the company’s SEC filing noted.
Notably, Hut 8 currently holds a BTC trove of approximately 10,667 coins, valued at around $1.15 billion.
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Source: https://coingape.com/trump-backed-american-bitcoin-completes-merger-nasdaq-listing-set-for-september/
