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Business Description
Gryphon Digital Mining, Inc., incorporated in 2020 as Ivy Crypto, Inc., debuted on Nasdaq on February 9, 2024 under the ticker GRYP via a reverse merger with cannabis-software company Akerna Corp. (KERN), operating as a Bitcoin miner headquartered in Las Vegas, Nevada with a stated mission of carbon-neutral and carbon-negative operations.
Gryphon entered the public markets with an attributable hashrate of up to 1.3 EH/s. All Bitcoin mining ran on renewable energy certified 100% renewable by Energy Web, an independent carbon-emissions auditor, as of the company's entry into 2024. The energy mix relied on hydropower, and Gryphon held carbon offset credits to address residual Scope 3 emissions. Operating hashrate stood at 0.92 EH/s as of September 30, 2024, per BitcoinMiningStock.io data as of that date. Monthly Bitcoin production ran at 19.31 BTC in September 2024, 17.26 BTC in November 2024, and 16.00 BTC in December 2024, with a standalone treasury of 8.56 BTC as of June 30, 2025.
In May 2025, Gryphon Digital Mining announced a definitive stock-for-stock merger with American Bitcoin Corp., a majority-owned subsidiary of Hut 8 launched March 31, 2025 in partnership with investors including Eric Trump and Donald Trump Jr. Hut 8 contributed substantially all of its ASIC miners to American Bitcoin at formation. Gryphon stockholders approved the transaction on August 27, 2025; the merger closed September 3, 2025 (the same date American Bitcoin began trading on Nasdaq as ABTC). Under the deal terms, Gryphon executed a 5-for-1 reverse stock split to satisfy Nasdaq minimum bid-price requirements; former Gryphon shareholders retained approximately 2% of the combined entity and former American Bitcoin shareholders held approximately 98%.
American Bitcoin operates a three-tier model: large-scale Bitcoin mining through Hut 8's turnkey digital-infrastructure platform (purpose-built data centers and next-generation ASICs); capital-markets-driven Bitcoin treasury accumulation beyond mining output; and Bitcoin access initiatives for consumers and enterprises. By early 2026, owned hashrate reached approximately 28.1 EH/s after a purchase of 11,298 ASICs adding roughly 3.05 EH/s, with new machines slated for deployment at Hut 8's Drumheller, Alberta facility in March 2026. The long-term capacity target is 50+ EH/s at average fleet efficiency below 15 J/TH.
Bitcoin treasury holdings grew from approximately 5,401 BTC at December 31, 2025, to approximately 7,021 BTC at March 31, 2026: 817 BTC mined during Q1 2026 (the company's highest quarterly production on record) and 803 BTC acquired via open-market purchases. As of Q1 2026, American Bitcoin ranked as the 16th-largest publicly traded Bitcoin treasury holder globally, with the enterprise value of the legacy Gryphon entity recorded at $0.12 billion at merger close, per BitcoinMiningStock.io data as of September 3, 2025.
