Mentioned:
The new Bitcoin mining company backed by Hut 8 and the Trump family is coming to the Nasdaq next.
What’s happening:
- American Bitcoin has announced a merger agreement with Gryphon Digital Mining (NASDAQ: GRYP) to go public on the Nasdaq
By the numbers:
- American Bitcoin shareholders will own 98% of the company following the completion of the merger
- Gryphon Digital Mining shareholders will own 2% of the newly combined company following the successful completion of the merger
Why it matters:
- American Bitcoin Corp is a subsidiary of Hut 8 (NASDAQ: HUT) and is co-founded by Eric Trump and Donald Trump Jr
Going deeper:
- Hut 8 previously made waves when they contributed 61,000 ASIC mining rigs to American Bitcoin in exchange for an 80% equity stake in the company
The fine print:
- The merger between Gryphon Digital Mining and American Bitcoin will still ultimately require approval from the United States Securities and Exchange Commission before it can officially close
