The Bitcoin American Bitcoin mining company talks about a connection with the Crypto Gryphon Digital Mining mining company, announced companies on May 12.
Under conditions He will acquire American Bitcoin in a reserve transaction from the Gryphon Digital Mining agreement. After the merger, the recent company will operate under the American Bitcoin brand and will be run by its management, including Eric Trump, son of US President Donald Trump.
The message about the merger coincided with a rapid escalate in the price of Graphon Digital Mining, which increased from USD 0.52 on May 9 to USD 2.15 at the time of writing, which is an escalate in over 313%, According to to Google Finance.
The announcement appears at the beginning of April that American Bitcoin is considering the initial public offer (IPO).
American Bitcoin is a subsidiary of most energy infrastructure, cryptographic extraction and Data Center Hut 8. Hut 8, ASHER Genoot, said that the company aims to make American bitcoins “a specially built vehicle for cheap bitcoins on a scale.” He added:
“We expect the public American Bitcoins to unlock direct access to dedicated growth capital regardless of Hut 8 balance, while maintaining a long -term exposure to Bitcoin Upside for our shareholders.”
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Shareholders and structure after merger
According to the announcement, the existing American shareholders of Bitcoin will have about 98% of the newly created company. After the transaction, the recent company will control most of the overdue shares.
Hut 8 will continue to manage the American Bitcoin infrastructure and operations through long -term trade agreements. These offers are expected, according to the announcement, in order to generate stable, contract revenue streams for energy segments and Hut 8 digital infrastructure.
Related: Bitcoin Miner Hut 8 is growing with 79%
What is American Bitcoin?
Hut 8 acquired the majority of shares in American Bitcoin, when it was presented at the end of March, along with the support of several members of the Trump family. The company, previously known as the American Data Center, was founded by a group of investors, including the sons of Trump, Donald Trump Jr. and Eric Trump.
After the American Bitcoin transaction, he took over the ownership of Bitcoin Hut 8 mining equipment. The announcement at that time explained that the recent company “aims to become the world’s largest, the most efficient bitcoin miner with a pure game while building a solid strategic Bitcoin reserve.”
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