Gryphon Digital Mining (GRYP) is a Bitcoin (BTCUSD) mining company, based in Las Vegas, Nevada, operates a fleet of mining computers and focuses on more environmentally friendly BTC mining. Recently, the under-the-radar penny stock got a major boost. 

About Gryphon Stock

Gryphon’s stock is seeing a turnaround, gaining 650% in the last month. The stock is up 230% in the past three months and 193% in the year to date. 

But despite the strong momentum, it is still far away from its highs, losing 99% of its value over the past five years. 

American Bitcoin and Gryphon Announce Merger

The recent momentum is thanks to an announcement that Gryphon Digital would merge with another cryptocurrency-focused company. 

American Bitcoin, a crypto mining company backed by U.S. President Donald Trump’s sons, Eric Trump and Donald Trump Jr., will go public on the Nasdaq Exchange in an all-stock merger with Gryphon Digital Mining.

The deal is expected to be closed in the third quarter of this year and existing shareholders of American Bitcoin will hold about 98% of the new company. Following the transaction, the new company will be known as American Bitcoin and will trade on the Nasdaq under the ticker “ABTC.”

The Trump family’s involvement in cryptocurrency continues to make headlines as American Bitcoin inches toward going public. 

Eric Trump, co-founder and chief strategy officer of American Bitcoin, has positioned the move as part of a larger effort to solidify America’s role in the global Bitcoin mining industry. During the election, President Donald Trump pledged support for cryptocurrency and stated, among other goals, that he wanted the U.S. to hold a dominant role in crypto mining. 

Gryphon Posts Q4 Results

Gryphon Digital reported its fourth-quarter results on March 31, posting revenue of $20.5 million for full-year 2024. This was down from the $21.9 million reported in 2023, as the company reported less mining revenue and no management services revenue in 2024. 

However, its net loss of $21.3 million for 2024 was lower than the $28.6 million reported in the prior year. 

During the quarter, the company closed a $2.85 million offering. It reduced 70% of total debt by converting $13 million of Anchorage Digital’s debt and pre-funded warrants. The company listed one of its Q4 accomplishments as raising cash and equivalents from $368,000 to $735,000. 

Analyst Ratings on GRYP Stock 

Gryphon’s stock hasn’t garnered much interest on Wall Street with just a sole analyst reviewing the stock with a “Hold” rating and price target of $16.00. This reflects upside of more than 1,000% from current levels.