Gryphon Digital Mining, a Bitcoin minor on the stock market based in Las Vegas, Nevada, received the final approval of shareholders to merge with American Bitcoin, a mining company linked to the family of US President Donald Trump.
The shareholders approved on Wednesday the merger of stock for storage, the company announcing the decision on Friday. As part of the agreement, a reversal division of five against one and a new list are scheduled for 5:00 p.m. on September 2.
Once the inverse division is completed, the combined entity will adopt the name of the American bitcoin and will begin to exchange under the symbol of Ticker “ABTC”.
The split in the inverse actions will reduce the actions in circulation of the company to around 16.6 million, against 82.8 million, excluding any new transaction related to the transaction.
The merger, reported for the first time by Reuters earlier this week, follows an initial agreement in May under which American Bitcoin would make public by merging with Gryphon.
After an initial wave on fusion news, Gryphon’s stock fell by more than 10% on Friday, partially putting the 41% rally on Thursday.
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The origins and strategy of the American Bitcoin
American Bitcoin made his debut in March, when Trump’s sons, Donald Trump, Jr. and Eric Trump, renamed American Data Center under the new name. The company was launched as part of Hut 8, a digital asset and infrastructure company.
During the launch, American Bitcoin positioned itself as a Bitcoin “Pure-Play” bitcoin mining company, with plans to accumulate a large Bitcoin treasure (BTC).
Its merger with Gryphon Digital Mining offers a fast way to public procurement by taking advantage of the existing NASDAQ list of Gryphon, eliminating the need for a distinct initial public offer.
Theoretically, the agreement also combines the low-cost mining infrastructure from Gryphon with the Aggressive BTC of American Bitcoin BTC strategy, creating a more evolving platform adapted to investors.
While American Bitcoin has verified the assets of 215 BTC, the estimates of BitcoinTheries.net suggest that the total could reach 1,941 BTC.
This decision comes as more public enterprises are pursuing aggressive strategies to extend their Bitcoin reserves. Collectively, they now hold 989,926 BTC, with Michael Saylor’s microstrategy representing almost 64% of the total.
https://www.youtube.com/watch?v=alc2u0ynfca
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