Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 187

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 187
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    16,641,000 |   |     |  181.3 | % |     |              — |   |     |                     | 16,641,000 |   |     |  175.6 | % |
| Total Stockholders’ Equity               |     |    (7,662,000 | ) |     |  -81.3 | % |     |        291,000 |   |     |                     | (7,371,000 | ) |     | -79.52 | % |
| Total Liabilities & Equity               |     |     8,979,000 |   |     | 100.00 | % |     |        291,000 |   |     |                     |  9,270,000 |   |     |  100.0 | % |
| Net Asset Value (NAV)                    |     |               |   |     |        |   |     |                |   |     | $                   | (3,045,000 | ) |     |        |   |

____________ (1)Based on Gryphon’s unaudited condensed consolidated balance sheets as of March 31, 2025. (2)Based on fair market value assessment by Marshall & Stevens. Value Conclusion for Gryphon The indications of value for Gryphon based upon the above methodologies range from $0 to $13.9 million. Guideline Public Company Analysis for ABTC Marshall & Stevens reviewed and analyzed selected historical information about ABTC provided by ABTC’s management and Hut 8’s management and compared this information to certain financial information of six (6) publicly traded companies that Marshall & Stevens deemed to be reasonably comparable to ABTC (each a “ Guideline Company” and, collectively, the “ Guideline Companies”). Marshall & Stevens performed an independent search for Guideline Companies that are pure -playBitcoin miners.

85 Business descriptions and financial information are provided below for the selected Guideline Companies. The descriptions of these companies and the financial information for such companies set out below are derived from publicly available information and are summary in nature. Shareholders are referred to and these summaries are qualified in full by reference to, the public reports filed by these companies with the SEC. Marshall & Stevens conducted no due diligence as to the truthfulness, accuracy or completeness of this information and makes no representation or warranty as to any such matter. • Bitfarms, Ltd. (TSX:BITF) Bitfarms Ltd. operates integrated Bitcoin data centers