Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 184

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 184
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.1% of the global network hash rate. Based on discussions with Gryphon’s management, in light of Gryphon’s financial condition, and the absence of any reported strategic plan to invest in hash rate, Gryphon’s management expects their share of global network hash rate to go down to approximately 0.04% of global network hash rate by end of the second quarter of 2025. •In contrast, ABTC has a path to more than double its current reported hash rate of approximately 10 (EH/s) to 25 (EH/s) based on ABTC investor presentation, “Building America’s Bitcoin Infrastructure Backbone” as of April 2025 and Hut 8 investor presentation, “Hut 8 Operations Update for January 2025” as of February4, 2025. •Relative to other Bitcoin miners (such as MARA Holdings, CleanSpark, and Riot Platforms), Gryphon’s revenue growth has underperformed over the last two years, increasing by less than 1% in 2023 and declining by 6.3% in 2024. In contrast, other Bitcoin mining companies have grown either hash rate and/or revenue, based on publicly available information on Capital IQ, a financial database. •For the one analyst (HC Wainwright & Co.) that is covering Gryphon’s stock, they estimated revenue decline of 35% and gross margin negativity in FY 2025 based on their report as of April1, 2025. •Subsequent to Bitcoin block awards halving in April 2024, based on draft Q1’25 financial statements provided by Gryphon’s management, Gryphon’s Bitcoin mined declined year over year from 142 in Q1’24 to 17 in Q1’25. This contributed to Gryphon’s revenue for the same periods decreasing by 79.2%. Over the same period, costs to mine increased by 252.2% (from $34,070 to $120,117), making the quarter gross margin negative ( -31.8%). •Based on discussions with Gryphon’s management, at the current run -rate, there does not appear to be enough liquidity on balance sheet to sustain operations to fiscal 2025 year end, unless Gryphon is able to secure other sources of capital. •Based on discussions with Gryphon’s management, Gryphon’s HPC opportunity is still in early stages and has not meaningfully progressed. •Gryphon is under threat of soon being delisted by Nasdaq unless they