Asher Genoot, CEO of Hut 8, which holds 80 per cent of the bitcoin miner formed from a merger between the Canadian-founded company and Eric Trump’s American Data Centers, told Reuters he expects a reverse takeover with Gryphon Digital Mining to close soon. (Reuters)
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Asher Genoot, CEO of Hut 8, which holds 80 per cent of the bitcoin miner formed from a merger between the Canadian-founded company and Eric Trump’s American Data Centers, told Reuters he expects a reverse takeover with Gryphon Digital Mining to close soon. (Reuters)
Talking point: Hut 8 is getting closer to making its buzzy, Trump-linked venture a reality. Earlier this month, the firm announced it raised US$220 million in cash and bitcoin from pre-selected investors in an oversubscribed sale of American Bitcoin’s stock. Shareholders of Gryphon Digital voted on whether to approve the transaction Wednesday, with results not yet available. Genoot told Reuters that American Bitcoin had better access to financing by going public through a reverse takeover, rather than an initial public offering. At a Toronto conference in May, Hut 8 executives said American Bitcoin plans to use financialization tools to multiply the firm’s returns and accumulate bitcoin, a hot trend in the crypto world.
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