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Trump-backed American Bitcoin nears Nasdaq listing as Gryphon merger vote set for August 27

Crypto Newsmart by Crypto Newsmart
3 weeks ago
in Crypto Updates
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Trump-backed American Bitcoin nears Nasdaq listing as Gryphon merger vote set for August 27


Key Takeaways

  • American Bitcoin Corporation, backed by the Trump family, is set for a Nasdaq listing through a merger with Gryphon Digital Mining.
  • Shareholder vote on the merger is scheduled for August 27, following SEC regulatory clearance.

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American Bitcoin Corporation (ABC), a Bitcoin mining firm backed by the Trump family and Hut 8, is one step closer to going public. Nasdaq-listed Gryphon Digital Mining has scheduled a shareholder vote on its proposed stock merger with ABC for August 27, SEC records show.

The SEC’s approval of the Form S-4 registration statement has provided essential regulatory clearance for the transaction. The latest developments were first reported by TheMinerMag.

The merger, initially revealed in May, will see the new entity operate under the American Bitcoin brand and trade on the Nasdaq under the ticker ‘ABTC’. Through the move, American Bitcoin targets enhanced capacity for low-cost Bitcoin accumulation and infrastructure growth in the US.

The company currently controls approximately 10.17 EH/s of Bitcoin hashrate, with a weighted average fleet efficiency of 21.2 J/TH as of May 30, according to the prospectus. It aims to reach 25 EH/s of hashrate capacity, including the option to acquire 15 EH/s of hosted capacity from Hut 8 for Bitmain machines.

Post-merger, American Bitcoin stockholders will hold about 98% ownership, with Hut 8 maintaining a majority stake and continuing as the exclusive infrastructure and operations partner.

American Bitcoin owns 215 BTC valued at approximately $24 million, according to a June disclosure.

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