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Gryphon Digital Mining, Inc. is a cryptocurrency mining company primarily focused on Bitcoin. The company operates thousands of ASIC mining computers at renewable energy-powered data centers in New York and Pennsylvania. Gryphon generates revenue by mining Bitcoin and selling only the amount necessary to cover operating expenses and reinvest in its operations. Recently, the company has begun transitioning toward acquiring energy assets to support AI and high-performance computing (HPC) data center infrastructure.
- Bitcoin Mining - Mines Bitcoin using ASIC mining computers hosted at renewable energy-powered data centers, selling mined Bitcoin to cover operational costs and reinvest in growth.
- Energy Assets for AI and HPC - Develops and acquires energy assets to support AI and HPC data center infrastructure, focusing on electrification and computing power expansion.
- Management Services - Provided management services for third-party operations, though this was a minor and non-recurring revenue source.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Steve Gutterman ExecutiveBoard | Chief Executive Officer | Steve Gutterman serves as the Chief Executive Officer, Director, and Principal Executive Officer of Gryphon Digital Mining, Inc., with his active role confirmed as of March 31, 2025. | View Report → | |
Eric Gallie Executive | Senior Vice President of Energy Strategy | Megalodon Energy North; White Top Oil & Gas | Eric Gallie is the Senior Vice President of Energy Strategy at Gryphon Digital Mining, Inc., appointed on December 12, 2024, where he oversees the company’s energy initiatives. Prior to this, he built extensive experience in energy finance and investment management. | View Report → |
Simeon Salzman Executive | Chief Financial Officer and Secretary | Simeon Salzman has served as the Chief Financial Officer and Secretary at GRYP since June 19, 2023. He has previously held executive roles including CFO at Marathon Digital Holdings, Inc. and other companies, demonstrating his extensive expertise in financial management. | ||
Brittany Kaiser Board | Director | Independent Director at Lucy Scientific Discovery Inc. ; CEO and Director at Achayot Partners LLC ; President and Director at Own Your Data Foundation | Brittany Kaiser served as Chairperson of Legacy Gryphon's board from February 4, 2021 until September 2024 and has been a Director at GRYP since December 21, 2020, with her current listing as Director as of March 31, 2025. | |
Dan Grigorin Board | Director (Class III) | Portfolio Manager at Anchor Labs, Inc. | Dan Grigorin is an experienced finance professional with a strong background in investment banking, private equity, and digital assets. He has served as a Director (Class III) at GRYP since October 24, 2024 and also holds the role of Portfolio Manager at Anchor Labs, Inc. (active). | |
Dan Tolhurst Board | Director | Dan Tolhurst has been serving as a Director at GRYP since August 27, 2024. Previously, he co-founded GRYP and served as its President and Board Member until its public listing in February 2024. | ||
Heather Cox Board | Independent Director | Business Unit President at Zelis; Board Director at NRG Energy; Board Director at Atlantic Union Bankshares Corporation | Heather Cox is an Independent Director at GRYP since March 31, 2025. She has a robust background in fintech and healthtech, with current roles as Business Unit President at Zelis and board memberships at NRG Energy and Atlantic Union Bankshares Corporation. | |
Jessica Billingsley Board | Director on the Board of Directors | Board Member at Nxu Inc. ; Private Board Member at OARO ; Learning Officer for YPO Entrepreneurship Network Board ; Chair of the Board of the United States Cannabis Council | Jessica Billingsley is a seasoned executive with over 25 years of experience who served as CEO and Board Chair at Akerna before joining GRYP as a Director on April 8, 2024. She continues to drive strategic vision through her extensive career and diverse board roles. | |
Jimmy Vaiopoulos Board | Chairperson of the Board | CFO and Co-Founder of Stack Capital Group Inc. | Jimmy Vaiopoulos has been serving as Chairperson of the Board at GRYP since September 17, 2024. Previously, he served as CFO and Interim CEO at Hut 8 Mining Corp. from June 2018 to April 2021 and as CFO and Co-Founder at Stack Capital Group Inc. since April 2021. | |
Robby Chang Board | Director | Director of Ur-Energy, Inc.; CEO and Founder of Chang Advisory Inc. | Robby Chang served as CEO, President, and Director at GRYP from January 14, 2021 until his termination as CEO on September 17, 2024. He continues to serve as a Director on the Board as of March 31, 2025. |
- Given the substantial increase in breakeven costs per Bitcoin from $18,192 in 2023 to $47,359 in 2024 due to the halving event and rising hash rate, how do you plan to adjust operations to mitigate further margin pressure?
- With the Captus acquisition set to potentially develop up to 4 gigawatts of power capacity, what are the key milestones and contingencies in your plan to transition effectively from Bitcoin mining to supplying HPC and AI data centers?
- Considering the $19 million acquisition cost for Captus—where $17 million is in cash—how do you intend to balance capital expenditures and secure long-term funding given the competitive and volatile market environment?
- In light of terminating the original agreement with Ericsson and continuing discussions for a subset of wells, what specific criteria will determine which assets are ultimately viable, and how might these decisions affect your overall energy strategy?
- With $6 million in legal and marketing fees impacting your adjusted EBITDA in 2024, what measures are you taking to ensure that such one-time costs do not recur and erode profitability as you shift focus towards power generation infrastructure?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Marathon Digital Holdings Inc. | This company is identified as a competitor in the digital asset mining industry, which involves using computing power to solve cryptographic algorithms for blockchain transactions and earning digital asset rewards. The industry is highly competitive and evolving, with new competitors and technologies potentially impacting market dynamics. |
This entity is listed as a competitor in the digital asset mining sector, where companies compete to mine cryptocurrencies like Bitcoin. The competitive landscape includes both public and private companies, with varying levels of transparency and reliability in available information. | |
This organization is mentioned as a competitor in the cryptocurrency mining industry, which is characterized by rapid technological advancements and a need for significant computational power to remain competitive. | |
This company is noted as a competitor in the digital asset mining space, where participants range from individual enthusiasts to professional operations with dedicated data centers. The industry is marked by evolving technologies and increasing global hash rates. | |
This firm is identified as a competitor in the cryptocurrency mining industry, which involves solving cryptographic algorithms to validate blockchain transactions and earn digital asset rewards. The sector is highly competitive and subject to technological and market changes. | |
This company is recognized as a competitor in the digital asset mining industry, which is influenced by factors such as Bitcoin prices, transaction volumes, and global hash rates. The competitive environment includes both public and private entities. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Captus Energy | 2025 | The acquisition involves an 850-acre industrial site in Pincher Creek, Alberta, for CAD $27M—including CAD $3M in restricted shares vesting over four years and cash deposits of CAD $1M and CAD $200K—that is planned to support AI and high-performance computing (HPC) data center development with scalable capacity up to 4 GW and significant revenue potential. |
Ultra Low-Cost Power Mining Operations | 2024 | This deal, valued at $1.5M, secures operational assets comprising 2.9 MW of bitcoin mining capacity with ultra low-cost power priced at approximately $0.01 per kWh, generating about $1M in estimated annual revenue and serving as a pilot for expanding to over 500 MW of similar low-cost power generation opportunities. |
Ivy Crypto, Inc. | 2024 | Completed on February 9, 2024, this merger—structured via a stock exchange at a ratio of approximately 1.7273744 shares of Gryphon's common stock for each Ivy share—resulted in Ivy becoming a wholly-owned subsidiary of Gryphon Digital Mining and marked a strategic shift, including a new Nasdaq listing under the ticker GRYP. |
Recent press releases and 8-K filings for GRYP.
- Digital asset and network risks: The document highlights potential regulatory challenges in digital asset markets—including strict controls in jurisdictions like China—and concerns about maintaining Bitcoin network integrity amid protocol upgrade issues and a possible shift to proof-of-stake validation.
- Operational challenges for an early-stage company: ABTC’s limited operating history and key personnel dependencies pose risks to executing its business plan and achieving profitability.
- Merger-related risks: The proposed merger entails a multi-class capital structure and potential conflicts of interest between the Combined Company and Hut 8 that may affect market performance and investor perceptions.
- The company executed an Assignment and Amending Agreement and Assignment Side Agreement on May 29, 2025, to transfer its rights and obligations under the Captus Agreement to a designated Assignee.
- Under the agreements, the Assignee assumes all benefits, liabilities, and obligations of the Captus Agreement while the parties mutually release one another from future claims.
- The transaction requires a conditional payment of CAD $1.00 on the effective date and an additional CAD $200,000 upon satisfying specific conditions, and it includes revoking inducement shares previously issued to the management team.
- On May 24, 2025, shareholders participated in a special meeting, approving key proposals including an increase in authorized shares (from 150M to 500M), a reverse stock split (ratio between 1:2 to 1:40), and an issuance proposal, while the declassification proposal was not approved.
- The vote counts reflected strong support with over 38M votes for the authorized shares and reverse split proposals, and the adjournment proposal was also approved with approximately 35.9M votes for, indicating active shareholder participation.
- Nasdaq Extension Granted: The company received an extension from Nasdaq until September 2, 2025 to regain compliance with listing rules, subject to achieving scheduled milestones.
- Delisting Appeal Filed: Following prior notifications for non-compliance with the $1.00 minimum bid price and market value requirements, the company timely requested a hearing to appeal the delisting determination and paid the necessary fee.
- Gryphon Digital Mining, Inc. has suspended its mining operations due to high industry hash rates and energy costs, and is collaborating with Blockfusion USA to rework their Co-Location Mining Services Agreement for profitable future operations.
- The Form 8-K was filed on April 21, 2025 and includes the signature of CEO Steve Gutterman, confirming the update.
- Strategic Transformation: Transitioning from sole Bitcoin mining to developing high-performance computing and AI data centers via a definitive Captus acquisition agreement with potential for up to 4 gigawatts capacity .
- Q4 & FY 2024 Financial Results: Mined 334 Bitcoins, increased cash from $368K to $735K, converted debt (with conversions of $13M and $19.6M to equity) and improved shareholder equity from a deficit of ($18.9M) to ($7.0M), boosting liquidity .
- Operational Improvements: Elevated trading volume from ~249K to ~874K shares per day and completed a non-brokered $2.85M offering with strong management and board participation .
- Management Enhancements: Expanded CEO responsibilities, maintained CFO commitment, and strengthened the leadership team while pursuing selective acquisitions—including assets from terminated agreements like Ericsson .
- Market Positioning: Advanced its NASDAQ listing, further underpinning its strategic shift toward HPC/AI infrastructure .
- Gryphon Digital Mining, Inc. issued an 8-K on March 14, 2025, reporting a delisting notice from Nasdaq due to noncompliance with the MVLS Rule, as the market value fell below $35 million.
- The company has until March 12, 2025 to regain compliance and will present its compliance plan at a hearing on April 15, 2025, with its stock continuing to trade pending the decision.
- The report includes financial statements and exhibits, signed by CEO Steve Gutterman, confirming current corporate details.
- On December 9, 2024, Gryphon Digital Mining entered a Court-approved asset purchase agreement with Erikson National Energy Inc. for the acquisition of natural gas and oil wells located in northeast British Columbia.
- Following due diligence, the company terminated the agreement on February 27, 2025 without incurring material early termination penalties, while noting the potential to evaluate a subset of assets in the future.
- The 8‑K filing, signed by CEO Steve Gutterman on March 3, 2025, also includes standard financial exhibits.