American Bitcoin Debuts on Nasdaq After Completing Gryphon Merger
American Bitcoin Corp. (Nasdaq: ABTC) made its public market debut on Wednesday following the completion of its merger with Gryphon Digital Mining.
The listing marks the culmination of a stock-for-stock deal first announced earlier this year that combines the proprietary mining capacity of Gryphon and American Bitcoin.
As of Sept. 1, the company reported holding 2,443 BTC, up from 2,234 BTC in early August. All of the earlier holdings had been pledged to Bitmain as part of equipment purchase agreements, underscoring the company’s reliance on Antminer deliveries to expand capacity. In the second quarter, the combined entity mined 308 BTC, which translates to a realized hashrate of more than 6 EH/s.
Backed by Canadian miner Hut 8 (NASDAQ: HUT), which launched American Bitcoin in April as a majority-owned subsidiary, the company says its strategy blends self-mining with opportunistic Bitcoin purchases, aiming to maximize “Bitcoin per share” growth.
The firm has also drawn attention because of its high-profile backers. Eric Trump, a co-founder and chief strategy officer, and Donald Trump Jr., a shareholder, both framed the Nasdaq debut as part of an effort to advance U.S. leadership in the global Bitcoin economy.
The debut comes at a time when publicly traded miners have sought ways to differentiate themselves beyond pure-play mining, particularly after the April 2024 halving cut per-block rewards.
