Gryphon Digital Mining Inc. GRYP shares soared 59.79% in after-hours trading to $1.44 following news that the company filed an amended registration statement with the Securities and Exchange Commission for its pending merger with Bitcoin BTC/USD mining firm American Bitcoin Corp.
What Happened: The stock closed regular trading at $0.90, up 2.26% for the day, before experiencing a dramatic surge after the merger update was announced. Year-to-date, GRYP shares have gained 125.30%.
The amended Form S-4 registration statement updates the initial filing from June and includes a preliminary proxy statement and prospectus for the proposed stock-for-stock transaction.
While the registration statement has not yet become effective, it provides critical information about both companies and the merger structure.
Under the definitive merger agreement, Gryphon will acquire American Bitcoin in an all-stock deal. The combined entity will operate under the American Bitcoin brand and be led by American Bitcoin’s existing management team and board of directors.
The merged company expects to trade on Nasdaq under the ticker symbol “ABTC” with the transaction targeted to close as early as the third quarter of 2025.
Why It Matters: American Bitcoin is a majority-owned subsidiary of Hut 8 Corp., focusing on industrial-scale Bitcoin mining and strategic Bitcoin reserve development. The company combines Hut 8’s mining operations and infrastructure capabilities with commercial expertise from Eric Trump, who brings capital markets experience to the venture.
The merger comes as Bitcoin trades at $106,129.58, up 1.03% for the day, with a market capitalization of $2.11 trillion. The cryptocurrency has shown resilience with a total supply of 19.88 million BTC out of a maximum of 21 million coins.
Gryphon stockholders will need to approve the proposed transaction before it can proceed. The companies have not disclosed the specific exchange ratio for the stock-for-stock merger or other financial terms of the deal.
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