Gryphon Digital Mining shareholders have approved a merger with American Bitcoin, linked to Eric Trump and Donald Trump Jr., leading to a Nasdaq listing as ABTC. The development marks a significant shift in the cryptocurrency mining landscape.

The approved merger is crucial for its participants and market observers, marking a major consolidation in the Bitcoin mining sector.

Gryphon Digital Mining stockholders have backed the merger with American Bitcoin, intended to form a new Nasdaq entity, ABTC. Eric Trump and Donald Trump Jr., key figures behind American Bitcoin, have significant stakes in the new company.

Hut 8, another major player in the mining industry, joins as an investor in American Bitcoin. The Winklevoss twins also have pivotal roles as anchor investors, enhancing the venture’s financial muscle.

Eric Trump’s and Donald Trump Jr.’s involvement raises the profile of Bitcoin mining within mainstream finance. The merger bolsters market confidence in digital currencies’ institutional acceptance.

“Gryphon stockholders approved the previously announced stock-for-stock merger transaction with American Bitcoin…Gryphon will implement a reverse stock split of 5-for-1 to satisfy Nasdaq’s listing requirements.” — Asher Genoot, CEO, Hut 8

The move reinforces Bitcoin’s importance in corporate treasuries. No immediate effects on Ethereum or altcoins are reported, yet increased interest in BTC-centric stocks might occur.

The merger can drive further institutional investments into Bitcoin mining. Previous events similar to MicroStrategy’s Bitcoin strategy hint at an aggressive BTC accumulation model emerging from such consolidations.

https://cointelegraph.com/news/gryphon-stock-soars-september-american-bitcoin-merger