TechFlow, Aug 30 — According to The Block, Bitcoin miner Gryphon Digital Mining (NASDAQ: GRYP) will merge with a subsidiary of Hut 8 to form Trump-affiliated American Bitcoin.
The announcement stated: "Gryphon shareholders have approved the previously announced share exchange merger transaction with American Bitcoin. Gryphon will effect a reverse stock split of its outstanding common stock at a ratio of 5-to-1," a corporate action that reduces the number of shares outstanding by combining them, "in order to meet Nasdaq's minimum bid price listing requirements." Gryphon said the transaction will not affect the company's market value or shareholder equity.
The stock split is set to take place on September 2 (after the U.S. Labor Day holiday). The new shares will trade on Nasdaq under the ticker ABTC, as previously announced, and operate under the American Bitcoin brand. Donald Trump’s two eldest sons, Eric and Donald Jr., both retain stakes in the cryptocurrency joint venture.
In March this year, publicly traded Hut 8 (NASDAQ: HUT) announced it would hold approximately 80% of the company, with the remaining 20% held by American Data Centers, an entity backed by Trump’s sons.
