The bitcoin mining firm American bitcoin crypto mining firm Griffon is becoming public through merger with digital mining, the companies announced on 12 May.
Below terms In the deal, Griffon Digital Mining will acquire American bitcoins in a stock-for-stock transaction. After the merger, the new company will work under the American Bitcoin brand and will be led by its board of directors, including Eric Trump, son of US President Donald Trump.
The merger was reported with a sharp increase in stock price of Graffon Digital Mining, which was a profit of more than 313%on 9 May at the time of writing from $ 0.52 to $ 2.15, which climbed from $ 0.52, which climbed from $ 0.52, According For Google Finance.
The announcement was reported in early April that the American bitcoin was considering an early public offering (IPO).
The American bitcoin is a majority -owned subsidiary of energy infrastructure, crypto mining, and data center firm Hat 8. Hat 8 CEO Asher Genoot said the company aims to “make American bitcoin a purpose-manufactured vehicle for low-cost bitcoin accumulation on a scale.” He said:
“By making public the American bitcoin public, we expect to unlock the direct access to the independent dedicated development capital for our shareholders, preserving the long -term risk for bitcoins.”
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Shareholder and subsequent structure
According to the announcement, the current American bitcoin shareholder will be owned by about 98% of the newly formed company. After the transaction, the new company will control most outstanding stocks.
Hut 8 will continue to manage the infrastructure and operation of American bitcoin through long -term commercial agreements. Those deals are expected, according to the announcement, to generate stable, contracted revenue currents for the power and digital infrastructure segment of Hut 8.
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What is American bitcoin?
Hat 8 acquired the majority stake in the American bitcoin when it was unveiled in late March, with support from several members of Trump’s family. The company, earlier known as the American Data Center, was founded by a group of investors, including Trump’s sons, Donald Trump Junior and Eric Trump.
After the deal, American bitcoin owned Hat 8’s bitcoin mining hardware. The announcement of that time stated that the new firm “is the goal of becoming the world’s largest, most efficient pure-play bitcoin mine, creating a strong strategic bitcoin reserve.”
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