Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 183

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 183
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 cash flow valuation methodology. Publicly Traded Market Capitalization Analyses for Gryphon Marshall & Stevens utilized two methods to approximate the value of Gryphon’s equity on a stand -alonebasis: •30 -dayVolume Weighted Average Pricing (“ VWAP”) market capitalization of $13.9 million as of April10, 2025. April10, 2025 was referenced because this was the date on which the non -bindingterm sheet for the Mergers was signed. Marshall & Stevens utilized the 30 -dayVWAP given Gryphon’s “penny -stock” status, threat of Nasdaq delisting, relatively higher bid/ask spreads and low analyst coverage (i.e., one analyst). •As a sensitivity measure, Marshall & Stevens also utilized the 30 -dayVWAP of Gryphon as of May7, 2025, which would increase the market capitalization of Gryphon to $16.7 million. This would increase the ownership proportion to 0.7% to 1.7% for Gryphon shareholders based on a mid -pointof the sensitivity valuation range of Gryphon (between $0 to $16.7 million) compared to the two indications of value of ABTC ($480 million and $1.15 billion) (see “ Summary — Gryphon Implied Ownership Percentage Range vs. Transaction Terms” further below). Adjusted Net Book Value Analysis for Gryphon Given the current operating losses of Gryphon and the substantial doubt raised by Gryphon’s auditor about Gryphon’s ability to continue as a going concern, an adjusted book value approach was used as another indicator of value. In preparing this analysis, Marshall & Stevens considered the following statements provided by Gryphon’s management: •According to Gryphon’s management, Gryphon, relative to other larger Bitcoin mining companies, is disadvantaged given its smaller size, less efficient fleet equipment and energy usage, which has the effect of making Bitcoin more expensive for Gryphon to mine relative to other Bitcoin mining companies; •as of the date of the M&S Opinion, ABTC operates more efficiently than Gryphon, which makes its cost to mine one Bitcoin less than half of Gryphon’s cost to mine one Bitcoin based on discussions with Gryphon’s management and publicly available information on Gryphon, ABTC and Hut 8; 83 •as of the date of the M&S Opinion, according to Gryphon’s management, Gryphon’s hash rate is approximately 0.998 (EH/s) which is estimated at 0