Gryphon Digital Mining shareholders have approved the merger with Trump family-linked American Bitcoin, which paves the way for a Nasdaq debut under the ticker ABTC.
Shareholders have granted final approval for the merger between Gryphon Digital Mining, a publicly traded Bitcoin miner in Las Vegas, and American Bitcoin, a mining company with ties to the family of U.S. President Donald Trump.
The stock-for-stock merger was approved by shareholders on Wednesday, with the decision being announced by the company on Friday. As part of the arrangement, a five-to-one reverse stock split and new listing are slated to occur at 5:00 p.m. ET on September 2.
After the reverse split is completed, the unified company will adopt the name American Bitcoin and commence trading under the ticker symbol “ABTC.”
The reverse stock split is set to reduce the company’s outstanding shares from 82.8 million to around 16.6 million, not including any new shares issued as part of the transaction.
The merger, initially reported by Reuters earlier this week, follows a May agreement in which American Bitcoin was to go public through a merger with Gryphon.
Gryphon’s stock fell by over 10% on Friday, partially reversing a 41% rally from Thursday that was driven by news of the merger.
Origins and Strategy of American Bitcoin
American Bitcoin was launched in March, when Donald Trump, Jr. and Eric Trump, sons of Donald Trump, rebranded American Data Center under the new name. The company was started as part of Hut 8, a digital asset mining and infrastructure firm.
Upon its launch, American Bitcoin was positioned as a “pure-play” Bitcoin mining company, with intentions to amass a substantial BTC treasury.
The merger with Gryphon Digital Mining provides a fast track to public markets by leveraging Gryphon’s existing Nasdaq listing, which eliminates the necessity for a separate initial public offering.
The deal is theoretically a combination of Gryphon’s low-cost mining infrastructure and American Bitcoin’s aggressive BTC accumulation strategy, which creates a more scalable and investor-friendly platform.
Although American Bitcoin has verifiably disclosed 215 BTC in holdings, estimates from BitcoinTreasuries.NET suggest the total may be as high as 1,941 BTC.
This decision comes as a growing number of publicly traded companies pursue aggressive strategies to increase their Bitcoin reserves. These companies collectively hold 989,926 BTC, with Michael Saylor’s MicroStrategy being responsible for almost 64% of the total.
