Gryphon Digital Mining Shareholders Approve Merger With Trump-Linked Bitcoin Venture

• Gryphon shareholders approved a merger with Hut 8’s subsidiary to form American Bitcoin Company.
• A 5-for-1 reverse stock split will be implemented to meet Nasdaq listing rules.
• The new entity will trade under the ticker ABTC starting September 2.
• Eric Trump is chief strategy officer, with both Trump sons maintaining stakes.
• $220M raised to fund Bitcoin reserves and mining expansion.

Gryphon Digital Mining (GRYP) shareholders have officially approved the company’s merger with a subsidiary of Hut 8, paving the way for the launch of American Bitcoin Company, a mining venture tied to former U.S. President Donald Trump’s family. The vote was confirmed during a shareholder meeting on Wednesday, with final approval announced on Friday.

As part of the deal, Gryphon will implement a reverse stock split at a ratio of 5-for-1 to meet Nasdaq’s minimum bid price requirements. While this move consolidates the number of outstanding shares, the firm emphasized that it will not affect overall market capitalization or shareholder interests. The stock split will take effect on September 2, immediately after the Labor Day holiday in the U.S.

Following the restructuring, the combined entity will trade on Nasdaq under the new ticker symbol ABTC, marking the official transition to the American Bitcoin brand.

The venture is politically notable, with Eric Trump serving as chief strategy officer and Donald Trump Jr. also maintaining an interest through American Data Centers, which will hold a 20% stake in the new company. Hut 8, the publicly traded Bitcoin mining firm, will control the remaining 80%.

First announced in March, the American Bitcoin Company aims to establish itself as a significant player in the crypto mining industry while also building a strategic reserve of Bitcoin. To support these efforts, the firm raised $220 million through a private placement, using the funds to purchase Bitcoin and new mining equipment.

Market performance around the merger has been mixed. Gryphon’s stock (GRYP) fell by about 11.56% on the day of the announcement, while Hut 8 (HUT) posted a modest gain of 0.53%, according to The Block’s market data.

Final thought

With the Trump family’s involvement and Hut 8’s operational dominance, the American Bitcoin Company is positioning itself as a politically influential and capital-backed mining venture to watch in the U.S. crypto landscape.