Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 546

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 546
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 which are the result of net funding provided by or distributed to Parent. Prior to the effectiveness of the Transactions on March 31, 2025, cash was managed through bank accounts controlled and maintained by Parent. ABTC does not have legal ownership of any bank accounts containing cash balances. As such, cash held in commingled accounts with Parent is presented within net parent investment on the unaudited condensed balance sheets. Subsequent to March 31, 2025, ABTC has set up its own bank accounts to appropriately settle its liabilities. Prior to the effectiveness of the Transactions on March 31, 2025, ABTC was not a co -obligoron Parent’s third -party, long -termdebt obligations nor is ABTC expected to pay any portion of Parent’s third -party, long -termdebt. However, proceeds from Parent’s third -partydebts were used to finance ABTC’s purchase of ASICs or directly used for Bitcoin mining -relatedactivities and were included in ABTC’s unaudited condensed combined financial statements. While ABTC is not a legal obligor, certain Bitcoin mining assets of ABTC were pledged as collateral as disclosed in Note 4. As of March 31, 2025, following the effectiveness of the Transactions, ABTC is no longer connected to any Parent debt. The accompanying unaudited condensed and combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. While these statements reflect all normal recurring adjustments which are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all the information and footnotes required by GAAP for complete financial statements. As such, the information included in these unaudited condensed and combined financial statements should be read in conjunction with the ABTC’s combined annual financial statements for the year -endedDecember 31, 2024 and 2023 and related notes. Interim results are not necessarily indicative of results for a full year. The U.S. Dollar is the functional and presentation currency of ABTC. Significant accounting policies followed by ABTC in the preparation of the accompanying Unaudited Condensed Combined Financial Statements are summarized below. Note 2. Significant accounting policies and recent accounting pronouncements Recent accounting pronouncements ABTC continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects ABTC’s financial reporting, ABTC undertakes