Bitcoin mining firm American Bitcoin is going public through a merger with crypto mining company Gryphon Digital Mining, the companies announced on May 12.
Under the terms of the deal, Gryphon Digital Mining will acquire American Bitcoin in a stock-for-stock transaction. After the merger, the new company will operate under the American Bitcoin brand and be led by its board of directors, which includes Eric Trump, the second-eldest of US President Donald Trump’s three sons.
News of the merger coincided with a sharp rise in Gryphon Digital Mining’s stock price, which climbed from $0.52 on May 9 to $2.15 at the time of writing, a gain of more than 313%, according to Google Finance.
The announcement follows early April reports that American Bitcoin was considering an initial public offering (IPO).
Gryphon Digital Mining share price. Source: