Bitcoin miner Gryphon surges more than 19% after CFO decides to stay on

Quotes on Gryphon Digital Mining, a company with a market capitalization of $29.5 million that brands itself as a carbon-neutral Bitcoin miner, surged more than 19% on Friday, September 27. This came on the news that its CFO, who had been “instrumental in taking it public,” had decided to continue in his role, despite an early-August announcement of his upcoming departure.

Details

On Friday, Gryphon stock soared 19.30% to $0.73 per share on the Nasdaq and gained another 1.36% after the final bell. However, in pre-market trading today, Monday, September 30, it began to give back some of those gains.

Friday’s surge was attributable to Gryphon’s announcement that CFO Sim Salzman, whose resignation, planned for November, was announced nearly two months ago, would remain with the company.

Salzman’s decision “follows the company’s recent efforts to bolster its management team and board, which included appointing Steve Gutterman as CEO and Jimmy Vaipoulos as Chairman,” Gryphon explained. These appointments were announced on September 19, but the stock did not react to the news.

As reported to the U.S. SEC, Salzman will continue as CFO on “substantially” the same terms and conditions as before.

About Gryphon Digital Mining

Gryphon brands itself as a carbon-neutral Bitcoin miner. In late August, the company announced that it had secured an agreement to purchase electricity generated by burning flare gas, a byproduct of oil extraction, at $0.01/kWh. According to its own estimates, this could generate up to $1 million in annual revenue. Gryphon expected to mine about $1.2 million worth of Bitcoin in August, based on an average Bitcoin price of $60,500 that month.

Analyst insights

Gryphon stock is off more than 91% since the beginning of the year and over 80% over the last 12 months. According to MarketWatch, the company is covered by one analyst, who recommends holding the stock at a target price of $16 per share. This implies upside of almost 2,100% versus the last closing price. 

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