Gryphon Digital Mining has secured final shareholder approval to merge with American Bitcoin, the mining company tied to President Donald Trump’s family.
The stock-for-stock deal, confirmed Friday, paves the way for the new entity to debut on the Nasdaq under the ticker ABTC on September 2.
As part of the agreement, Gryphon will execute a five-for-one reverse stock split, shrinking its outstanding shares to roughly 16.6 million. The move follows months of speculation after American Bitcoin-rebranded earlier this year by Eric and Donald Trump Jr.—announced its ambitions to become a major treasury-focused Bitcoin miner.
Markets reacted sharply to the news. Gryphon shares spiked 41% on Thursday before tumbling more than 10% the next day, closing at $1.54 with unusually high trading volume.
American Bitcoin, launched in March as a spinoff from Hut 8’s infrastructure operations, has set its sights on accumulating a massive BTC reserve. The company has disclosed holdings of 215 BTC, though outside trackers suggest the true figure could be closer to 2,000. By merging with Gryphon, it gains immediate access to public markets without the delays of a traditional IPO.
The merger reflects a broader trend of publicly traded firms expanding Bitcoin treasuries. Collectively, corporate entities now control nearly one million BTC, with MicroStrategy alone accounting for the majority. For American Bitcoin, the Nasdaq listing is expected to supercharge its profile as one of the most politically visible players in the mining sector.
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Source: https://coindoo.com/trump-linked-american-bitcoin-wins-approval-for-nasdaq-merger/
