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Home»ADOPTION NEWS»Gryphon Digital Mining to join Russell Microcap Index
ADOPTION NEWS

Gryphon Digital Mining to join Russell Microcap Index

By Crypto FlexsJune 3, 20243 Mins Read
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Gryphon Digital Mining to join Russell Microcap Index
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Company • June 3, 2024 12:30 PM EDT

Posted 1 minute ago In ~

Gryphon Digital Mining announced its inclusion in the Russell Microcap Index, effective July 1.

The 100% renewable cryptocurrency mining company said the move would enable growth and improve its visibility and attractiveness to institutional investors and funds.

“Our inclusion in the Russell Microcap Index highlights the rapid progress we believe Gryphon has made in the capital markets, which includes continuing to achieve high operating efficiencies and maintaining lower-than-average mining costs while running our Bitcoin mining operations. “It reflects our commitment to expansion.” Gryphon CEO Rob Chang said:

The company, which trades on Nasdaq under the ticker symbol GRYP, has a market capitalization of just under $50 million. At the time of announcement, the stock was trading at about $1.24 per share and is down 83% year to date.

Russell US Index to be restructured

The Bitcoin mining company is set to join the Russell Microcap Index following the 2024 Russell US Index’s annual reconstitution in early July. The 2024 Russell Reconciliation will become effective after U.S. markets close on Friday, June 28, and the newly recalibrated indices will begin operating when U.S. markets open on Monday, July 1.

“The annual reconstitution of the Russell indices is critical to ensuring they remain accurate and relevant, reflect the ongoing development of the U.S. economy and effectively represent their designated market sectors,” said Fiona Bassett, CEO of FTSE Russell.

Gryphon Digital Mining aims to integrate digital assets into the clean energy grid. Looking ahead to 2024, Bitcoin mining operations have been independently certified as 100% renewable, and the company is also pursuing a carbon emissions strategy.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Brian McGleenon is a UK markets reporter for The Block. He has worked as a financial journalist and producer for several news outlets such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express over the years. Brian is also a screenwriter and producer with one feature film and one in development at Northern Ireland Screen. In addition to web3 and cryptocurrency development, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity studies. Contact us via email (email protected).
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