Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 99

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 99
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Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations 

Information regarding market
and industry statistics contained in this Report is included based on information available to the Company that the Company believes is
accurate. It is generally based on industry and other publications that are not produced for purposes of securities offerings or economic
analysis. The Company has not reviewed or included data from all sources and cannot assure investors of the accuracy or completeness of
the data included in this Report. Forecasts and other forward-looking information obtained from these sources are subject to the same
qualifications and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance of products
and services. The Company does not assume any obligation to update any forward-looking statement. As a result, investors should not place
undue reliance on these forward-looking statements.

The following discussion
and analysis are intended as a review of significant factors affecting the Company’s financial condition and results of operations
for the periods indicated. The discussion should be read in conjunction with the Company’s consolidated financial statements and
the notes presented herein. In addition to historical information, the following Management’s Discussion and Analysis of Financial
Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Actual results could differ
significantly from those expressed, implied or anticipated in these forward-looking statements as a result of certain factors discussed
herein and any other periodic reports filed and to be filed with the Securities and Exchange Commission.

Business Overview

Founded in October 2020, Gryphon
has traditionally been a bitcoin mining company based in Las Vegas, Nevada. Gryphon launched its mining operations in September 2021 upon
the receipt of the first of 12 batches of 600 Bitmain S19j Pro Antminers. Gryphon’s current revenue model is to mine and hold bitcoin,
and then sell only the bitcoin that is necessary to pay its operating expenses and to reinvest in operational expansion. The bitcoin that
is sold to pay operating expenses and to reinvest in operational expansion is typically sold within 24-hours of receipt.

Gryphon operates approximately
5,880 bitcoin ASIC mining computers, referred to as “miners,” from Bitmain Technologies Limited (“Bitmain”) that
Gryphon has installed at a third-party hosted mining data center located in Pennsylvania. Revenue generated by the mining of bitcoin is
measured on a dollar per megawatt-hour (“MWh”) basis and is variable based on the price of Bitcoin, the measure of difficulty,