Company: ABTC
Filing Date: 2025-09-03
Form Type: 424B5
Source: 0001213900-25-083737
Chunk: 11

Company: American Bitcoin Corp.
Filing Date: 2025-09-03
Form: 424B5
Chunk 11
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 to the Mergers and the Reverse Stock Split, and pro forma net tangible book value per share represents
pro forma net tangible book value divided by the number of outstanding shares of our Class A and Class B common stock as of June 30, 2025,
after giving effect to the Mergers and the Reverse Stock Split. See Exhibit 99.8 to our Current Report on Form 8-K filed on September
3, 2025 for details on the calculations of pro forma amounts. Pro forma net tangible book value does not include the value of intangible
assets, such as the value of any Bitcoin held by us. Dilution in pro forma net tangible book value per share represents the difference
between the amount per share paid by purchasers of shares of our Class A common stock in this offering and the pro forma net tangible
book value per share of our common stock immediately after this offering.

After giving effect to the
sale of 304,347,826 shares of Class A common stock in this offering at an assumed public offering price of $6.90 per share, the last reported
sale price on Nasdaq on September 2, 2025, giving effect to the Reverse Stock Split, and after deducting commissions and estimated offering
expenses payable by us, our as-adjusted pro forma net tangible book value as of June 30, 2025, would have been approximately $2,329.3
million, or approximately $1.92 per share of common stock. This represents an immediate increase in as-adjusted pro forma net tangible
book value of $1.60 per share to our existing stockholders and an immediate dilution of $4.98 per share to investors participating in
this offering at the assumed public offering price.

Dilution per share to new
investors is determined by subtracting pro forma net tangible book value per share after this offering from the public offering price
per share paid by new investors. The following table illustrates this per share dilution to new investors:

| Assumed public offering price per share                                                      |     |   |      |     | $ | 6.90 |
| Pro forma net tangible book value per share as of June 30, 2025                              |     | $ | 0.32 |     |   |      |
| Increase in pro forma net tangible book value per share attributable to this offering        |     | $ | 1.60 |     |   |      |
| Pro forma as-adjusted net tangible