Gryphon Digital Mining to join Russell Microcap Index
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.
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