Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 284

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 284
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 forma adjustments are based on the management of Gryphon’s and the management of ABTC’s assessment that, in order to fairly present the pro forma information included herein, historical unrealized gains and losses related to Bitcoin should be adjusted to only reflect the mark -to-marketimpact of Bitcoin accumulated during the historical periods presented, rather than for all Bitcoin accumulated by ABTC since inception of Hut8, as all Bitcoin accumulated by ABTC until March 31, 2025 was retained by Hut 8 upon the consummation of the Contributions (as described elsewhere in this proxy statement/prospectus). Management of Gryphon and the management of ABTC believe that adjusting these gains and losses in the unaudited pro forma condensed combined statements of operations would better reflect the Combined Company’s financial results as (i) the Combined Company intends to accumulate Bitcoin, which would result in mark -to-marketimpacts on the Combined Company’s balance sheet for each reporting period and (ii) following the Closing, the Combined Company will only retain the Bitcoin accumulated by ABTC following the Contributions. The unrealized gains and losses reflect the quantity of the Bitcoin accumulated by the Combined Company during the periods presented. 152

Pro Forma Condensed Combined Consolidated Balance Sheets as of March 31, 2025
(Unaudited)

| (in USD thousands)                                   
 Assets                                               |     | Historical 
 Gryphon    |         |   |     | ABTC |         |     | Pro Forma   
 Adjustments |         |   |     | Note                   |     | Pro Forma 
 Combined  |         |   |
|:-----------------------------------------------------|:----|:-----------|--------:|:--|:----|:-----|--------:|:----|:------------|--------:|:--|:----|:-----------------------|:----|:----------|--------:|:--|
| Cash and cash equivalents                            |     | $          |     318 |   |     | $    |       — |     | $           |       — |   |     |                        |     | $         |     318 |   |
| Restricted cash                                      |     |            |   1,263 |   |     |      |       — |     |             |  (1,263 | ) |     | -a                     |     |           |       — |   |
| Accounts receivable                                  |     |            |     175 |   |     |      |       — |     |             |       —