Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 383

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 383
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 statements have not been prepared for ABTC and it has not operated as a standalone business from Hut 8. ABTC’s combined financial statements included elsewhere in this proxy statement/prospectus have been prepared in accordance with U.S. GAAP. On November30, 2023, U.S. Data Mining Group, Inc. (“ USBTC”), Legacy Hut, and Hut 8 entered into a business combination agreement pursuant to which Legacy Hut and its direct wholly -ownedsubsidiary, Hut 8 Holdings Inc., a corporation existing under the laws of British Columbia, amalgamated to continue as Hut Amalco and both Hut Amalco and USBTC became wholly -ownedsubsidiaries of Hut 8 (the “ Hut Business Combination”). For accounting purposes, USBTC was deemed as the accounting acquirer in the Hut Business Combination. USBTC historically had a June 30 year -end, which was changed to December 31 for the period ended December31, 2023. Consequently, the results of operations for the year ended December31, 2022 represent the results of USBTC’s Bitcoin mining operations, which were included in USBTC’s “Bitcoin mining” sub -segmentof its “Compute” segment. The results of 218 operations for the year ended December31, 2023 represent eleven months of USBTC’s Bitcoin mining operations and one month of combined company (USBTC and Legacy Hut) Bitcoin mining operations, in each case included in its “Bitcoin mining” sub -segmentof its “Compute” segment. The results of operations for the year ended December31, 2024 and the three months ended March31, 2024 and 2025 represent full periods of Hut 8’s Bitcoin mining operations, included in the “Bitcoin mining” sub -segmentof its “Compute” segment. The revenues and costs as well as assets and liabilities directly associated with what was historically Hut 8’s Bitcoin mining activities are included in ABTC’s combined financial statements included elsewhere in this proxy statement/prospectus, including Hut 8’s strategic Bitcoin reserve. However, upon the effectuating of the Contributions on March31, 2025, Hut 8 retained its strategic Bitcoin reserve and none of the Bitcoin were transferred to ABTC. Additional costs allocated to ABTC include corporate general and administrative expenses which consist of various categories, including, but not limited to: employee compensation and benefits, professional services, facilities and corporate office expenses, information technology, interest expenses, and share -basedcompensation. The corporate and general