Gryphon’s rising share price comes as more crypto companies go public and digital asset regulation in the United States has progressed.
Gryphon Digital Mining is set to merge with Trump-linked American Bitcoin in September, with its shares already up 231% since the May announcement.
Gryphon’s shares jumped 42.1% on Thursday to $1.75 from $1.35, according to Google Finance. The rally came as American Bitcoin’s largest investor, Hut 8 CEO Asher Genoot, told Reuters the merger between American Bitcoin and Gryphon is expected to be finalized soon, with trading set to begin in early September.
According to the Reuters report, the merger will be all-stock. The new entity will retain the name American Bitcoin, and its two founders — Eric Trump and Donald Trump, Jr. — and Hut 8 will own 98% of the entity.
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