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Daniel George Tolhurst, a director at Gryphon Digital Mining, Inc. (NASDAQ:GRYP), recently acquired shares of the company's common stock, according to a filing with the Securities and Exchange Commission. On January 13, Tolhurst purchased 96,824 shares at a price of $0.39 per share, totaling approximately $37,761. This transaction increases his direct ownership to 3,406,473 shares. The purchase comes as GRYP shares show signs of momentum, gaining over 17% in the past week, though InvestingPro analysis indicates the company faces challenges with cash burn and significant debt burden.
Additionally, Tolhurst acquired warrants to purchase common stock on the same day. These warrants, totaling 96,824 shares, have a conversion price of $1.50 per share and are set to expire on January 13, 2035. This acquisition reflects Tolhurst's continued investment in Gryphon Digital Mining, a firm involved in finance services and crypto assets with a current market capitalization of $22.4 million. Track insider transactions and access 11 additional key insights about GRYP with InvestingPro.
In other recent news, Gryphon Digital Mining secured $2.85 million in a stock sale, a crucial move for its operations, given the company's current financial challenges. This capital raise is part of Gryphon's efforts to fund significant expansion projects, such as the acquisition of a high-performance computing asset in Alberta and natural gas assets in British Columbia. The company also reported mining 17.26439 bitcoins, generating estimated revenues of $1,487,580.
Gryphon has made significant strides in its operations, including a debt restructuring with Anchorage Digital, reducing the company's outstanding debt by over 70%. Despite facing a lawsuit filed by its former CEO, Robby Chang, Gryphon has been cleared of liability in a security breach incident involving Sphere 3D Corp and continues to pursue a counterclaim against Sphere for alleged breaches of their Master Service Agreement, seeking approximately $45 million in damages.
H.C. Wainwright, an analyst firm, has maintained a neutral stance on Gryphon, despite the company's recent developments and leadership changes, including the appointment of Steve Gutterman as CEO. These are recent developments in Gryphon Digital Mining's operations.
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