Gryphon Digital Mining is set to merge with Trump-related American Bitcoin in September, with its shares having risen 231% since the announcement in May.
According to Google Finance, Gryphon's stock price rose 42.1% on Thursday, from $1.35 to $1.75. This increase comes as Hut 8 CEO Asher Genoot indicated to Reuters that the merger is imminent, with the transaction planned to begin in early September.
According to Reuters, the merger will be conducted in an all-stock format, with the new company retaining the name American Bitcoin, and 98% of the shares will be owned by its two founders Eric Trump and Donald Trump, Jr., as well as Hut 8.
The anchor investors have been confirmed. The two investors in American Bitcoin are Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini. Cointelegraph has contacted American Bitcoin for comments but did not receive a response by the time of publication.
American Bitcoin has been quietly accumulating Bitcoin (BTC), forming an effective BTC treasury. It has also purchased Bitcoin mining machines and plans to acquire Asian companies to expand its BTC reserves.
Policy changes drive IPO
With more crypto companies going public, American Bitcoin plans to go public. Circle is set to go public in June 2025, with the stock price rising 167% on the same day. The cryptocurrency exchange Bullish went public in August, with its stock price soaring 218% on the first day.
In December 2024, crypto asset management firm Bitwise predicts that 2025 will be the year of crypto IPOs. Other companies expected to prepare for IPOs include Gemini, which has already submitted IPO preparation forms, and cryptocurrency exchange Kraken.
This wave of crypto companies listing or preparing to list in the U.S. comes as the country shifts its digital asset policies. On March 6, U.S. President Donald Trump signed an executive order to create a national strategic Bitcoin reserve and digital asset inventory. On July 18, he signed the GENIUS Act to regulate stablecoins and their issuers.
