⚡The mining company linked to Trump "American Bitcoin" goes public through a merger with Gryphon⚡
- The mining companies "American Bitcoin" and "Gryphon Digital Mining" announced their merger on May 12, with "American Bitcoin" becoming a public company after a stock exchange deal between the two sides.
- Under the terms of the deal, Gryphon will acquire "American Bitcoin" in a stock-for-stock transaction. The merged company will operate under the name "American Bitcoin" and will be managed by its current board of directors, which includes Eric Trump, the son of U.S. President Donald Trump.
- The announcement of the merger coincided with a sharp rise in Gryphon's stock price, which jumped from $0.52 on May 9 to $2.15, an increase of over 313%.
- This announcement follows earlier reports in early April that "American Bitcoin" was considering an initial public offering.
🪙 What is the "American Bitcoin" company 🪙
- Hut 8 acquired the majority stake in "American Bitcoin" at the end of March, supported by several members of the Trump family.
- The company was previously known as "American Data Center" and was founded by a group of investors, including Donald Trump Jr. and Eric Trump.
- After the deal, "American Bitcoin" acquired the bitcoin mining equipment of Hut 8.
- According to the announcement at the time, the company aims to become "the largest specialized bitcoin mining entity in the world.
