Gryphon Digital Mining says ‘well-positioned’ to secure low-cost power deals

Gryphon Digital Mining (GRYP) announces Steve Gutterman, CEO, has issued a letter to shareholders, which read in part, ” The past few weeks have been a period of significant transition as we refocus the company on execution and delivering results. I want to share the current state of the business and our roadmap for the future, which we believe will drive substantial value. We expect this value to be reflected in attractive growth in our share price and market capitalization. First, we have made some key additions to strengthen our leadership team. In mid-September, my role was expanded from Director to also include CEO and Jimmy Vaiopoulos was added as Chairman. Shortly after that, Sim Salzman decided to continue as CFO. Sim had previously announced his retirement, and we are delighted to welcome him back. Collectively, we believe these moves accelerate our ability to complete accretive transactions and drive the business forward. We expect the expanded team’s collective expertise will be instrumental as we pursue our vision of maximizing shareholder value. As you might also be aware, we recently completed a substantial debt restructuring with Anchorage, our lender. We owed Anchorage 304 BTC, which we restructured by: converting approximately $13 million of our outstanding Bitcoin-based debt into equity at $1.10 per share, representing an approximately 100% premium to our then current market price; and adjusting the remaining $5 million of debt for a three year term with interest only payments until maturity at a 4.25% interest rate. This restructuring has had a major positive impact on our balance sheet by increasing net equity. Additionally, as part of this deal, Anchorage becomes our largest shareholder and has joined our board of directors, bringing valuable expertise and relationships. Moving forward, we expect Anchorage to be a key advisor as we build and grow. The terms of this debt restructuring showcase a sophisticated investor’s belief in Gryphon’s true value and future potential with our significantly healthier balance sheet, we believe we are now well-positioned to: secure low-cost power deals; expand our Bitcoin mining operations; and move into AI hosting and computing Our ultimate vision is to maximize shareholder value. We have the team, assets, and strategy in place to get there. You can expect a steady drumbeat of execution from us in the coming months. At the end of the day, our job is to drive market capitalization and share price. It may sound audacious, but our ultimate goal is to build a company that is worth many hundreds of millions or even over a billion dollars without unduly diluting price per share. In fact, I am so focused on that principle that a good portion of my performance bonuses are set to increases of share price and market capitalization. I’m confident in saying that we are all aligned on the desire to achieve those targets!”