Gryphon Digital Mining's stock price rose 11% due to the approval of the merger with American Bitcoin

ChainCatcher news, according to The Miner, Gryphon Digital Mining (NASDAQ: GRYP) saw its stock price rise 11% in pre-market trading on Thursday, after Reuters reported that its all-stock merger deal with American Bitcoin, backed by Trump’s eldest son, has been approved by shareholders and is expected to be completed in the coming weeks.

After the merger is completed, the new company will retain the name American Bitcoin, primarily controlled by Hut 8 and the Trump brothers, who will jointly hold about 98% of the shares. The new company plans to start trading under the ticker "ABTC" in early September.

Reportedly, Gemini co-founders Tyler and Cameron Winklevoss are among the main investors in the deal. American Bitcoin CEO Asher Genot stated that the investor team has been finalized.

Previously, it was reported that Bitcoin mining company Gryphon Digital Mining is going public through a reverse merger with Nasdaq-listed data management company Sphere 3D.