Gryphon Digital Mining set to join the Russell Microcap Index

Gryphon Digital Mining announced its inclusion in the Russell Microcap Index, which will take effect on July 1.

The 100% renewable crypto mining company said the move will enable growth and enhance its visibility and attractiveness to institutional investors and funds.

"Our inclusion in the Russell Microcap Index underscores the rapid progress we believe Gryphon has made in the capital markets. It reflects our commitment to expanding our bitcoin mining operations while continuing to achieve high operational efficiency and maintaining lower-than-average mining costs," Gryphon CEO Rob Chang said.

The company, which trades on the Nasdaq under the ticker GRYP, has a market cap of just under $50 million. At publication time, the stock traded around $1.24 per share and was down 83% year-to-date.

Russell U.S. Indexes upcoming reconstitution

The bitcoin mining company will join the Russell Microcap Index after the 2024 Russell U.S. Indexes annual reconstitution at the beginning of July. The 2024 Russell Reconstitution takes effect after the U.S. market closes on Friday, June 28, and the newly recalibrated indexes will begin to operate from the opening of U.S. markets on Monday, July 1.

"The annual reconstitution of the Russell Indexes is critical in maintaining their accuracy and relevance, reflecting the ongoing evolution of the U.S. economy and ensuring they effectively represent their designated market segments," FTSE Russell CEO Fiona Bassett said.

Gryphon Digital Mining aims to integrate digital assets into the clean energy grid. Heading into 2024, its bitcoin mining operation is independently certified as 100% renewable, and the company is also pursuing a carbon-negative strategy.