Gryphon Mining Company to Merge with Hut 8 Subsidiary to Create Trump-Affiliated Company

PANews reported on August 30th that Bitcoin miner Gryphon Digital Mining (ticker: GRYP) will merge with a subsidiary of Hut 8 to form the Trump-linked American Bitcoin company, according to The Block. The announcement stated, "Gryphon shareholders have approved the previously announced stock-for-stock merger with American Bitcoin. Gryphon will conduct a 5-for-1 reverse stock split of its outstanding common stock." A reverse stock split is a corporate action that reduces the number of outstanding shares of a company through a merger, "implemented to meet Nasdaq's minimum acquisition price listing requirements." Gryphon stated that the transaction will not affect the company's market capitalization or shareholder value.

The stock split is scheduled to take place on September 2nd (after the US Labor Day holiday). The new shares will trade on the Nasdaq under the symbol ABTC, as previously announced, and under the brand name American Bitcoin. Trump's two eldest sons, Eric and Donald Jr., both retain stakes in the cryptocurrency venture. In March, publicly traded Hut 8 (ticker: HUT) announced it would hold approximately 80% of the company's shares, with the remaining 20% held by American Data Centers, an entity backed by Trump's sons.