Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 190

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 190
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 for latest reported bitcoin holdings balances and current Bitcoin price. (2)Metrics based on Hut 8 Compute business segment. (3)Revenue based on 90% of Hut 8 Compute business segment revenue. Hash rate provided by ABTC management. (4)Implied EV/Rev multiple is based on a 2/3 value attribution of Hut 8 to ABTC based on the relative size and analyst growth estimates of Hut 8’s digital mining revenue. Selected EV/(EH/s) multiple is based on the median of the GPC EV/(EH/s) multiple and considers the ABTC’s comparative historical and projected performance. (5)Source: FactSet Control Premium Review 2024. After averaging the two value indications, Marshall & Stevens arrived at an enterprise value indication for ABTC of $480 million.

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Guideline Transaction Analysis for ABTC The market transaction method is a variation of the market approach where transactions involving the actual sale or purchase of ABTC’s enterprise value or the enterprise value of similar companies are analyzed to provide an indication of fair market value. According to Gryphon’s management, prior to the Closing ABTC intends to undertake an external financing involving the private placement to new third party investors of shares of ABTC Class A Common Stock, and for purposes of its opinion, Marshall & Stevens assumed a raise of $150million, at a per share purchase price of $20.00, implying a post -moneyequity valuation of ABTC of $1.15billion. Given the significance of this transaction and its relative size, Marshall & Stevens utilized the assumed implied post -moneyvalue of $1.15billion as another indicator of value. Marshall & Stevens understands that the private placement discussed above is expected to be on arms -lengthterms and include new investors in ABTC. Marshall & Stevens further understands that the proceeds of this private placement are intended to be used to support ABTC’s plans of growing its strategic Bitcoin reserve. Reconciled Conclusion of Value for ABTC The indications of value for ABTC based upon the above methodologies range from $480.0 million to $1.15 billion. Summary — Gryphon Implied Ownership Percentage Range vs. Transaction Terms The stand -alonevaluations of Gryphon and ABTC show that a reasonable ownership split of the combined companies is between 0.6% to 1.4% for Gryphon shareholders. These percentages are based on the mid -pointof the valuation range of Gryphon (between $0 to $13.9 million)