Gryphon Digital Mining, a Las Vegas -based Bitcoin Miner, Nevada, received a final approval of the shareholder to combine with American Bitcoin, a mining company linked to President Donald Trump’s family.
Shareholders approved the joint of the Stock-for-stock Wednesday, with the company announcement the decision on Friday. As part of the deal, a reverse five-to-one stock split and the new list is scheduled for 5:00 pm ET on September 2.
When the reverse split is complete, the combined creature will adopt the American Bitcoin name and begin trading under the ticker symbol “ABTC.”
The reverse stock split will cut out the company’s remaining shares at about 16.6 million from 82.8 million, excluding any new transaction -related releases.
The integration, Reuters first reported earlier this weekfollowing a Initial Agreement in May Under which American Bitcoin is going public by joining Gryphon.
After a preliminary climb to Merger News, Gryphon’s stock dropped more than 10% on Friday, with a 41% rally on Thursday.
Related: Tether plans to open the Bitcoin Mining OS source; CEO says ‘no need’ for 3rd party sellers
American Bitcoin’s origins and techniques
American Bitcoin won in March, when the children of Trump, Donald Trump, Jr. and Eric Trump, Rebranded American Data Center Under the new name. The adventure was launched as part of Hut 8, a digital mining owner and infrastructure company.
In the launch, American Bitcoin is positioned itself as a “pure-play” Bitcoin mining company, with plans to accumulate a large bitcoin (Btc) Treasury.
Integration with this in Gryphon Digital Mining has offered a quick track to public markets by seizing Gryphon’s existing NASDAQ list, eliminating the need for a separate initial public offering.
In this theory, the deal also combines the low -mining GRYPHON mining infrastructure with an aggressive BTC accumulation of American Bitcoin’s BTC accumulation, creating a more scalable and platform that is friendly investor.
While American Bitcoin has Verifiably disclosed the handles of 215 btcestimates from Bitcointreasuries.net It is suggested that the total can be as high as 1,941 BTC.
The move will come as more public companies are chasing aggressive techniques to expand their Bitcoin reserves. Together, they now hold 989,926 BTC, including Michael Saylor’s Microstrategy Accounting for about 64% of the total.
https://www.youtube.com/watch?v=Alc2u0ynfca
Related: Trump-Link American Bitcoin finds Asian acquisitions to boost BTC handling: Report
