Company: ABTC
Filing Date: 2025-08-15
Form Type: 424B3
Source: 0001213900-25-077441
Chunk: 4

Company: American Bitcoin Corp.
Filing Date: 2025-08-15
Form: 424B3
Chunk 4
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’s financial statements          
 (e.g., from their 10-K and 10-Qs). Typically, this is shown as the margin of revenue less            
 cost of revenue, typically mining or hosting costs (e.g., energy and hosting costs to mine           
 Bitcoin). Gross Margins were calculated using the Capital IQ financial database which, as            
 explained above, is reported revenue after cost of revenue divided by revenue. Marshall &            
 Stevens’s analysis encompassed the last three (3) reported calendar years (2022 to                   
 2024) of each of the selected comparable public companies.                                           |

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Amending and restating the first full paragraph under the heading “—Guideline Transaction Analysis for ABTC” on page 89 as follows (with new text in underline):

The market transaction method
is a variation of the market approach where transactions involving the actual sale or purchase of ABTC’s enterprise value or the
enterprise value of similar companies are analyzed to provide an indication of fair market value. According to Gryphon’s management,
prior to the Closing ABTC intends to undertake an external financing involving the private placement to new third party investors of shares
of ABTC Class A Common Stock, and for purposes of its opinion, Marshall & Stevens assumed a raise of $150 million, at a per share
purchase price of $20.00, implying a post-money equity valuation of ABTC of $1.15 billion.

Inserting the following paragraph after the first full paragraph under the heading “—Guideline Transaction Analysis for ABTC” on page 89:

As disclosed elsewhere in
this proxy statement/prospectus, on June 27, 2025, after the delivery of the M&S Opinion, ABTC completed the first closing of
an external financing in the form of a private placement of 11,002,954 shares of ABTC Class A Common Stock to third party investors. ABTC
received aggregate gross proceeds of $220,059,080 and aggregate net proceeds of approximately $215 million after deducting certain fees
and expenses incurred in connection with the financing.

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Cautionary Note Regarding Forward–Looking Statements

This Supplement contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended (the “Securities Act”), and Rule 175 promulgated thereunder, and Section 21E of the Securities