Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 397

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 397
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 approximately $96.7 million (as part of the settlement and extinguishment, ABTC exchanged collateralized Bitcoin mining equipment and recorded a gain on extinguishment of debt of approximately $23.7 million), and an $11.4 million decrease in interest expense due to a decrease in the amount of outstanding borrowings in 2023 compared to 2022 as a result of the settlement of the NYDIG debt. Income tax benefit ABTC’s income tax benefit was $18.8million in the year ended December 31, 2023 compared to an income tax benefit of $0.4million for the year ended December 31, 2022. This $18.4 million increase was primarily due to lower deferred taxes on lower taxable income for the year ended December 31, 2023. Liquidity and Capital Resources Historically, ABTC’s primary sources of liquidity included cash from Hut8, proceeds from sales of Bitcoin, Hut 8’s strategic Bitcoin reserve, and capital raised from investors. On a go -forwardbasis, ABTC’s primary sources of liquidity are expected to include cash and its strategic Bitcoin reserve, which ABTC started to build on April1, 2025 following the Contributions. ABTC may also raise capital through strategic financing initiatives, including, after the Closing, on the public markets. ABTC’s primary cash needs are expected to be for working capital to support its operations, equipment financing, including the purchase of additional Bitcoin miners, and to pursue open -marketBitcoin purchases. ABTC’s ability to meet its anticipated cash requirements will depend on various factors including its ability to maintain its existing business, compete with existing and new competitors in existing and new markets and offerings, pursue strategic transactions, and respond to global and domestic economic, geopolitical, social conditions and their impact on demand for ABTC’s offerings. ABTC believes that cash flows generated from capital raised from investors, including through ABTC’s anticipated sale of ABTC Class A Common Stock in a private placement and its strategic Bitcoin reserve will meet its anticipated cash requirements in the short -term. ABTC may rely on access to the capital markets for any long -termfunding not provided by operating cash flows or its strategic Bitcoin reserve. Cash Flows The following table summarizes ABTC’s cash flows for the three months ended March 31, 2025 and March 31, 2024:

| (in USD thousands)                                    
 2025                                                  |     | Three Months Ended 
 March 31,          |         | 2024 |