Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 901

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 901
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 on equity holders of the Company. In connection with this opinion, we have made such reviews, analysis, and inquiry as we, in the exercise of our professional judgment, have deemed necessary and appropriate under the circumstances. We have considered, among other things, the following information: •Conducted management interviews with GRYP’s management. Topics addressed included, but were not limited to, transaction overview, business operations, production, economic conditions and industry trends, market competitors, and various other topics related to mining and business operations; •Management’s representations to us that if the Transaction is not consummated, it is likely that the Company’s currently outstanding common stock will be delisted, and that the Company may become in the near future insolvent; •ABTC presentations; •ABTC Corporate Organizational Documents; •ABTC Management Services and Colocation Agreements; •The LOI; •The Merger Agreement; •GRYP’s most recent fixed asset listing; •Third-party industry and economic research, including, but not limited to, IBIS World, Capital IQ, Bloomberg; Guide to Cost of Capital published by Kroll LLC; and •Other information and studies as we deemed appropriate. With your consent, we have i) relied upon the accuracy and completeness of the financial and supplemental information (a) provided by or on behalf of the Board, the Company, or ABTC or (b) which we have otherwise obtained from public sources or from private sources and which we believe, in the exercise of our professional judgment, to be reasonably dependable, ii) not assumed responsibility for independent verification of such information, iii) not conducted any independent valuation or appraisal of any specific assets of the Company or ABTC, except for the fixed assets of GRYP, or any appraisal or estimate of any specific liabilities of the Company or ABTC, and iv) assumed that there are no contingent or off-balance sheet assets or liabilities of the Company or ABTC that have not been disclosed in writing to us. Except as otherwise provided herein, our Opinion is based upon economic, market and other conditions as they exist and can reasonably be evaluated on the date hereof and does not address the fairness of the Purchase Price as of any other date. Likewise, our Opinion, is based on the factual circumstances, agreements, and terms, as they exist and are known to us at the date of our Opinion. It is understood that financial markets are subject to volatility, and our opinion does not purport to address potential developments in applicable financial markets. Annex J-3 Our