Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 346

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 346
---
8. Neither Mr. Genoot nor Mr. Ho received additional compensation or compensation adjustment in connection with their appointment to the ABTC Board. Following the Closing, it is expected that all four members will serve on the Combined Company Board and may receive compensation in connection with their service which may include equity awards granted under the 2025 Plan. For the material terms of the 2025 Plan see the section titled “ The Plan Amendment Proposal (Proposal 9).” 191 GRYPHON’S BUSINESS Corporate History and Background Overview Traditionally, Gryphon’s revenue model was to mine and hold Bitcoin and then sell only the Bitcoin necessary to pay its operating expenses and to reinvest in operational expansion. Founded in October 2020, Gryphon is based in Las Vegas, Nevada. Gryphon commenced its digital assets mining operations in September 2021. Founded in October 2020, Gryphon is based in Las Vegas, Nevada. Gryphon commenced its digital assets mining operations in September 2021. Gryphon operates approximately 5,880 Bitcoin miners from Bitmain Technologies Limited that Gryphon has installed at a third -partyhosted mining data center located in Pennsylvania. Revenue generated by the mining of Bitcoin is measured on a dollar per megawatt -hourbasis and is variable based on the price of Bitcoin, the measure of difficulty, transaction volume and global hash rates. Material Agreements Blockfusion Agreement On December 1, 2024, Gryphon entered into an agreement with Blockfusion USA, Inc. (“ Blockfusion”) to provide hosting services for 3,780 of Gryphon’s Bitcoin miners not to exceed 12 MW of allocated power (“ Blockfusion MSA”) for a period of twelve months, automatically renewing for one month extensions until terminated by either party (“ Term”). Gryphon is required to pay to Blockfusion a monthly facility fee of $13,000 per MW, for an aggregate of $156,000 (“ Facility Fee”) for standard levels of maintenance of Gryphon’s mining equipment, including fault diagnosis and software upgrades and racking and unracking of faulty machines. Gryphon’s monthly power usage will charge to Gryphon without a Blockfusion markup charge. At the signing of the Blockfusion MSA, Gryphon was required to pay (i) an initial monthly Facility Fee of $156,000 to be applied to the December 2024 Facility Fee, (ii) a deposit in the aggregate of $600,000, as follows $200,000 on December 6, 2024, $200