Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 455

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 455
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For the Three Months Ended March 31, 2025 NOTE 2 — DIGITAL ASSETS (cont.)

The following table presents the Company’s Bitcoin holdings as of:

|                              |     |   | March 31, 
      2025 |     |   | December 31, 
         2024 |
|:-----------------------------|:----|:--|----------:|:----|:--|-------------:|
| Number of Bitcoin held       |     |   |      9.53 |     |   |        10.93 |
| Carrying basis – per Bitcoin |     | $ |    90,258 |     | $ |       61,532 |
| Fair value – per Bitcoin     |     | $ |    82,534 |     | $ |       92,987 |
| Carrying basis of Bitcoin    |     | $ |   860,592 |     | $ |      672,259 |
| Fair value of Bitcoin        |     | $ |   787,000 |     | $ |    1,016,000 |

The carrying basis (or cost basis) represents the valuation of Bitcoin at the time the Company earns the Bitcoin through mining activities.

The Company’s Bitcoin holdings are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of March 31, 2025 and December 31, 2024, the Company held no other crypto currency.

As of March 31, 2025 and December 31, 2024, the Company held % of its Bitcoin in cold storage and nil in hot wallets, respectively.

NOTE 3 — MARKETABLE SECURITIES

In accordance with the Agreement and Plan of Merger, dated June 3, 2021, between Gryphon and Sphere 3D (as amended, the “Sphere 3D Merger Agreement”), the Company received shares of Sphere 3D’s restricted common stock upon the termination of the Sphere 3D Merger Agreement on April 4, 2022. On June 23, 2023, Sphere 3D completed a reverse stock split of its common shares on a 1-for-7 basis. This resulted in the Company holding shares.

The shares are accounted for in accordance with ASC 320 — Investments — Debt and Equity Securities, as such the shares will be classified as available-for-sale securities and will be measured at each reporting period at fair value