Gryphon Digital Mining will merge with American Bitcoin, associated with Trump, in September, and its stock price has risen 231% since the announcement in May.
According to Google Finance data, Gryphon's stock price jumped 42.1% on Thursday from $1.35 to $1.75. This increase comes as American Bitcoin's largest investor, Hut 8 CEO Asher Genoot, told Reuters that the merger with Gryphon is expected to be finalized soon, with the transaction set to begin in early September.
According to Reuters, the merger will be entirely stock-based. The new entity will retain the name American Bitcoin, and its two founders—Eric Trump and Donald Trump Jr.—along with Hut 8, will own 98% of the entity.
Key investors have been confirmed. The two investors in American Bitcoin are Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini. Cointelegraph has reached out to American Bitcoin for comments but has not received a response as of the time of publication.
American Bitcoin has been quietly accumulating Bitcoin (BTC), forming a de facto BTC treasury. The company has also purchased Bitcoin mining equipment and is seeking to acquire an Asian company to increase its BTC reserves.
The listing of American Bitcoin comes as more crypto companies are taking the same path. Circle is set to go public in June 2025, with its stock rising 167% on the first day. Cryptocurrency exchange Bullish went public in August, with its stock soaring 218% on the first day.
In December 2024, crypto asset management firm Bitwise predicts that 2025 will be the year of cryptocurrency IPOs. Other rumored companies preparing for IPOs include Gemini, which has submitted IPO preparation forms to the U.S. Securities and Exchange Commission (SEC), and cryptocurrency exchange Kraken.
The wave of crypto companies going public or preparing to go public in the U.S. coincides with a shift in the country's digital asset policy. On March 6, U.S. President Donald Trump signed an executive order to create a national strategic Bitcoin reserve and digital asset reserve. On July 18, he signed the GENIUS Act, regulating stablecoins and their issuers.
Related: Hong Kong Digital Asset Listing Company Federation Established, Over 50 Giants Build Web3 Ecosystem Together
Original article: “Gryphon Stock Soars 231% Ahead of September Merger with American Bitcoin”
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