Gryphon Digital Mining, a publicly traded Bitcoin miner based in Las Vegas, Nevada (because nothing says “tech innovation” like Sin City), has received final shareholder approval to merge with American Bitcoin-a mining company now so enmeshed with the Trump family it might as well be called “TrumpCoin.”
Shareholders, presumably after a long night of drinking and deliberating, approved the stock-for-stock merger on Wednesday. The company then waited two days to announce the decision on Friday, because urgency is clearly overrated. As part of this financial jujitsu, a reverse five-to-one stock split and new Nasdaq listing are scheduled for 5:00 pm ET on Sept. 2-just in time to confuse the stock market into a frenzy.
Once the reverse split is complete, the combined entity will shed its old identity as Gryphon and don the American Bitcoin name, trading under the ticker “ABTC.” Because nothing says “confidence” like a ticker symbol that sounds like “a-butt.”
The reverse stock split will shrink the company’s outstanding shares from 82.8 million to a mere 16.6 million. Think of it as financial plastic surgery: same company, 80% fewer headaches (or shareholders, depending on your perspective).
This merger, first reported by Reuters (because even the news can’t escape the Trump Bitcoin circus), follows an initial agreement in May. It’s the crypto equivalent of a shotgun wedding: American Bitcoin wants to be public, Gryphon wants to be relevant, and somehow, Donald Trump, Jr. is the best man.
Gryphon’s stock initially surged on the merger news, only to plummet more than 10% on Friday. Classic! It’s like a rollercoaster that forgot to ask if you like heights. After Thursday’s 41% rally, the market clearly realized it had one drink too many.
American Bitcoin’s origins and strategy
American Bitcoin debuted in March when Trump’s sons-Donald, Jr. and Eric-rebranded American Data Center. Because why mine data when you can mine Bitcoin? The venture was launched as part of Hut 8, a company that sounds like it’s run by a group of beavers in overalls.
American Bitcoin positioned itself as a “pure-play” Bitcoin mining company-by which they mean, “we’ll hoard Bitcoin until it’s worth more than your house.” Their plan? Accumulate BTC like it’s Monopoly money and hope someone buys the farm.
The merger with Gryphon offers a shortcut to Wall Street by piggybacking on Gryphon’s Nasdaq listing. Why build a rocket ship when you can hijack someone else’s? The deal also supposedly combines Gryphon’s “low-cost mining infrastructure” with American Bitcoin’s “aggressive BTC accumulation strategy.” Together, they’ll create a platform that’s “scalable” (read: profitable) and “investor-friendly” (read: legally compliant… probably).
American Bitcoin claims to hold 215 BTC, but BitcoinTreasuries.NET thinks it’s closer to 1,941 BTC. Either way, it’s enough to buy a small island-or at least a very expensive yacht named “Trump Tower 2.”
This move comes as public companies race to stuff their Bitcoin treasuries like it’s a gold rush. Collectively, they now hold 989,926 BTC, with MicroStrategy hoarding 64% of the pile. Because nothing says “corporate responsibility” like buying Bitcoin with your shareholders’ money and hoping it doesn’t crash. Again.
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2025-08-30 01:03