Gryphon Digital Mining, a publicly listed Bitcoin miner located in Las Vegas, Nevada, has secured final shareholder approval to merge with American Bitcoin, a mining firm associated with US President Donald Trump’s family.
Shareholders ratified the stock-for-stock merger on Wednesday, with the company announcing the news on Friday. As part of the agreement, a reverse five-to-one stock split and new listing are set for 5:00 pm ET on Sept. 2.
After the reverse split, the merged entity will take on the American Bitcoin name and trade under the ticker symbol “ABTC.”
This reverse stock split will reduce the company’s outstanding shares from 82.8 million to about 16.6 million, excluding new issuances connected to the deal.
The merger, initially reported by Reuters earlier in the week, follows a preliminary agreement in May where American Bitcoin would become public by merging with Gryphon.
Despite an initial surge in response to the merger announcement, Gryphon’s stock fell over 10% on Friday, partially unwinding Thursday’s 41% rise.
Related: Tether plans to open-source Bitcoin mining OS; CEO says ‘no need’ for 3rd party vendors
American Bitcoin’s origins and strategy
American Bitcoin launched in March when Trump’s sons, Donald Trump, Jr. and Eric Trump, rebranded American Data Center. The initiative was established as part of Hut 8, a digital asset mining and infrastructure firm.
At its inception, American Bitcoin aimed to be a “pure-play” Bitcoin mining company with intentions to amass a significant Bitcoin (BTC) treasury.
The merger with Gryphon Digital Mining provides a quick route to the public markets, utilizing Gryphon’s existing Nasdaq listing and bypassing the necessity for a separate initial public offering.
Theoretically, the agreement combines Gryphon’s low-cost mining operations with American Bitcoin’s aggressive BTC acquisition strategy, resulting in a more scalable and investor-friendly platform.
While American Bitcoin has officially reported BTC holdings of 215, estimates from BitcoinTreasuries.NET indicate that the total could reach 1,941 BTC.
This move comes as more publicly traded companies are actively seeking to expand their Bitcoin reserves. Collectively, these firms currently hold 989,926 BTC, with Michael Saylor’s MicroStrategy representing nearly 64% of this total.
Related: Trump-linked American Bitcoin seeks Asia acquisitions to boost BTC holdings: Report
