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Gryphon Digital Mining to Become Publicly Traded on Nasdaq Via Merger With Sphere 3D
Based on the current price of Sphere's shares, the merger is valued at $184.3 million.
Gryphon Digital Mining, a privately held company focused on mining bitcoin using 100% renewable energy, is going public through a reverse merger with Nasdaq-listed Sphere 3D, a data management company.
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- Under terms of the deal, Sphere said it will issue 111 million shares to Gryphon shareholders, who will control 77% of the combined company. Sphere holders will own the remaining 23%.
- In recent trading, shares of Sphere are down 6.32% to $1.66 a piece. Based on the current price, the merger is valued at $184.3 million.
- Gryphon CEO Rob Chang, who previously served as CFO of bitcoin miner Riot Blockchain, will be CEO of the combined company, which will take the Gryphon name.
- Closing of the deal, which needs shareholder and regulatory approval, is slated for Q3.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
