In a twist straight out of a Soviet-era fable, the Trump family’s Bitcoin venture, American Bitcoin Corporation (ABC), is on the brink of a merger with Gryphon Digital Mining, set to make its debut on Nasdaq—because nothing says ‘democracy’ like a cryptocurrency merger! 🦁⚡
This article is from Theminermag, a trade publication for the cryptocurrency mining industry, focusing on the latest news and research on institutional bitcoin mining companies. 🧠💸
On July 31, Gryphon filed a proxy statement with the U.S. Securities and Exchange Commission (SEC), officially setting a shareholder vote on the proposed merger for August 27. The SEC also declared effective the Form S-4 registration statement outlining the transaction, a key regulatory approval that clears the path for the deal to proceed. 📜📉
First announced in May, the merger would result in ABC combining with Gryphon, a publicly traded Bitcoin miner listed on Nasdaq under the ticker “GRYP.” In preparation for the deal, ABC raised $220 million in a private equity placement last month. 🎯💰
ABC is a newly formed proprietary mining subsidiary of Hut 8 Corp. Following its carve-out in April, Hut 8 transferred its proprietary mining equipment to ABC, which now hosts the machines at Hut 8’s infrastructure facilities. 🏭🔧
According to the prospectus, ABTC owns about 10.17 EH/s of bitcoin hashrate with a weighted average fleet efficiency of 21.2 J/TH as of May 30, but it did not specify the operating capacity or any bitcoin production in recent months. 🤷♂️📊
ABC is backed by the sons of U.S. President Donald Trump. Eric Trump is expected to hold a $367 million stake in the company once it completes its Nasdaq listing. 🏛️💎
As previously reported, ABC is targeting 25 EH/s of hashrate capacity, including an option to purchase 15 EH/s of hosted capacity from Hut 8 for Bitmain machines. 🚀📈
The original article can be viewed here.
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2025-08-03 12:27