Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 185

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 185
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     |        |   |     |                |   |     | $                   | (3,045,000 | ) |     |        |   |

____________ (1)Based on Gryphon’s unaudited condensed consolidated balance sheets as of March 31, 2025. (2)Based on fair market value assessment by Marshall & Stevens. Value Conclusion for Gryphon The indications of value for Gryphon based upon the above methodologies range from $0 to $13.9 million. Guideline Public Company Analysis for ABTC Marshall & Stevens reviewed and analyzed selected historical information about ABTC provided by ABTC’s management and Hut 8’s management and compared this information to certain financial information of six (6) publicly traded companies that Marshall & Stevens deemed to be reasonably comparable to ABTC (each a “ Guideline Company” and, collectively, the “ Guideline Companies”). Marshall & Stevens performed an independent search for Guideline Companies that are pure -playBitcoin miners.

85 Business descriptions and financial information are provided below for the selected Guideline Companies. The descriptions of these companies and the financial information for such companies set out below are derived from publicly available information and are summary in nature. Shareholders are referred to and these summaries are qualified in full by reference to, the public reports filed by these companies with the SEC. Marshall & Stevens conducted no due diligence as to the truthfulness, accuracy or completeness of this information and makes no representation or warranty as to any such matter. • Bitfarms, Ltd. (TSX:BITF) Bitfarms Ltd. operates integrated Bitcoin data centers in Canada, the United States, Paraguay and Argentina. It primarily owns and operates data centers housing computers to validate transactions on the Bitcoin blockchain, as well as sells computational power used for hashing calculations for cryptocurrency mining in multiple jurisdictions. The company also provides electrician services to commercial and residential customers in Quebec, Canada. It also undertakes hosting of third -partymining hardware. The company was formerly known as Bitfarms Technologies Ltd and changed its name to Bitfarms Ltd. in October 2018. The company was founded in 2017 and is based in Toronto, Canada. • Cipher Mining, Inc. (NasdaqGS:CIFR) Cipher Mining, Inc. is an industrial -scaledata center construction and operations company. It allocates data center opportunities between Bitcoin mining and other high performance computing services, such as AI. It continues to develop a pipeline of power capacity at high quality data center sites, either for Bitcoin