Trump-Link miner American Bitcoin going public by GRYPHON MERGER

The Bitcoin mining firm American Bitcoin is going public through a integration with the Crypto Digital Mining Crypto company company, companies announced on May 12.
Under Terms In dealing, Gryphon digital mining will get American Bitcoin in a stock-for-stock transaction. After the integration, the new company will operate under the American Bitcoin brand and the leadership of its Board of Directors, which includes Eric Trump, the second self-esteem of Donald Trump’s three sons.
Integration news coincides with a sharp increase in Gryphon Digital Mining stock price, which rose from $ 0.52 on May 9 to $ 2.15 at the time of writing, a gain of more than 313%, According to In Google Finance.
The announcement follows April’s early report That American Bitcoin considers a preliminary public (IPO) offer.
American Bitcoin is a subsidiary owned by Energy Infrastructure, Crypto Mining, and Data Center Firm Hut 8. Hut 8 CEO Asher Genoot says the company aims to make American Bitcoin “a vehicle formed in purpose for low-cost bitcoin accumulation on scale.” He added:
“By obtaining American Bitcoin Public, we hope to unlock direct access to dedicated growth capital independent of the Hut 8 balance, while maintaining long-term exposure to the reversal of Bitcoin for our shareholders.”
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Shareholders and Post-Merger Structures
According to the announcement, the existing shareholders of American Bitcoin have shared almost 98% of the newly formed company. Following the transaction, the new company will control most of the remaining stock.
Hut 8 will continue to manage the infrastructure and operation of American Bitcoin through long -term commercial agreements. Those deals are expected, according to the announcement, to produce stable, contracted income streams for Hut 8 segments and digital infrastructure segments.
Related: Bitcoin Miner Hut 8 grows Hashrate 79% in spite of $ 134m quarterly loss
What is American Bitcoin?
Hut 8 got a predominantly stake in American Bitcoin when it was released at the end of March, with backing from There are many members of Trump’s family. The company, formerly known as the American Data Center, was founded by a group of investors, along with Trump Sons Donald Trump Jr. and Eric Trump.
Following the deal, American Bitcoin took the Hut 8’s Bitcoin Mining Hardware. The announcement at the time explained that the new firm was “aimed at becoming the largest, most efficient pure-play bitcoin miner while building a solid Bitcoin Reserve strategic.”
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