Gryphon Stock Rockets on American Bitcoin Merger News
Gryphon Stock Soars on Merger Announcement
Gryphon Digital Mining's shares have experienced a significant surge, jumping 231% since May, fueled by the impending merger with American Bitcoin. The deal, expected to finalize in early September, has captured investor attention.
On Thursday, Gryphon's stock price increased by 42.1%, reaching $1.75 from $1.35, according to Google Finance. This rally follows statements from Hut 8 CEO Asher Genoot, a major investor in American Bitcoin, confirming the merger is on track.
Key Details of the Merger
- The merger will be an all-stock transaction.
- The combined entity will operate under the name American Bitcoin.
- Eric Trump, Donald Trump, Jr., and Hut 8 will collectively own 98% of the new company.
Notable investors in American Bitcoin include Cameron and Tyler Winklevoss, co-founders of the Gemini cryptocurrency exchange.
American Bitcoin's Strategy
American Bitcoin has been actively building its Bitcoin reserves and investing in mining infrastructure:
- Accumulating Bitcoin to establish a BTC treasury.
- Purchasing Bitcoin mining equipment.
- Exploring acquisitions in Asia to further increase its Bitcoin holdings.
Crypto Companies Going Public
American Bitcoin's move to go public reflects a broader trend in the crypto industry. Recently, Circle and Bullish have also entered the public market, with their stock prices experiencing significant gains upon debut. Market analysts, including Bitwise, predicted 2025 would be a big year for crypto IPOs. Cryptocurrency exchanges Gemini and Kraken are also rumored to be preparing for potential IPOs.
Policy Shifts Favoring Crypto
This wave of public listings is occurring amid a more favorable regulatory landscape in the United States. Recent actions from the Trump administration have signaled increased acceptance of digital assets, including:
- Executive order establishing a national strategic Bitcoin reserve.
- The GENIUS Act, which provides a regulatory framework for stablecoins.