Gryphon Digital Mining, a Bitcoin miner that is quoted in Las Vegas, Nevada, has received the final approval of the shareholders to merge with American Bitcoin, a mining company linked to the family of the president of the United States, Donald Trump.
Shareholders approved the fusion of shares by stock on Wednesday, with the company advertisement Friday’s decision. As part of the agreement, a inverse actions division of five to one and a new list for 5:00 pm et on September 2 is scheduled.
Once the reverse division is completed, the combined entity will adopt the American name of Bitcoin and begin to trade under the “ABTC” Ticker symbol.
The Inverse Shares Division will reduce the company’s in circulation actions to approximately 16.6 million of 82.8 million, excluding any new issuance related to the transaction.
The fusion, first informed by Reuters earlier this week, follows an initial agreement in May under which Americans Bitcoin would make public merging with Gryphon.
After an initial increase in fusion news, Gryphon’s actions fell more than 10% on Friday, partially returning on the 41% demonstration on Thursday.
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American Bitcoin Origins and Strategy
American Bitcoin debuted in March, when Trump’s children, Donald Trump, Jr. and Eric Trump, renamed the US data center under the new name. The company was launched as part of HUT 8, a mining and infrastructure company of digital assets.
In the launch, American Bitcoin positioned itself as a Bitcoin “Pure-Pay” mining company, with plans to accumulate a large Bitcoin (BTC).
Its merger with Gryphon Digital Mining offers a quick road to public markets by taking advantage of the existing Nasdaq list of Gryphon, eliminating the need for an initial separate public offer.
Theoretically, the agreement also combines the low -cost mining infrastructure of Gryphon with the aggressive BTC accumulation strategy of American Bitcoin, creating a more scalable and friendly platform with investors.
While American Bitcoin has verifiably revealed 215 BTC holdings, estimates of Bitcintrease.net Suggest that the total could be as high as 1,941 BTC.
The measure occurs as more public companies seek aggressive strategies to expand their Bitcoin reserves. Collectively, they now have 989,926 BTC, with Michael Saylor’s microstrategia representing almost 64% of the total.
https://www.youtube.com/watch?v=alc2u0ynfca
Related: American Bitcoin linked to Trump seeks Asia’s acquisitions to promote BTC Holdings: Report
