Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 347

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 347
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,000 on January 1, 2025 and $200,000 on February 1, 2025 (“ Cash Deposit”) and (iii) the Company is required, prior to January 27. 2025 and thereafter at all times during the Term, maintain an irrevocable letter of credit or prior to January 31, 2025 maintain a cash deposit and thereafter at all times during the Term, in the amount of $1,200,000 (“ LOC Deposit”). As of the of the date of this proxy statement/prospectus, the Cash Deposit has been paid and is not outstanding while the LOC Deposit remains outstanding. Subsequent to March 31, 2025, on April 15, 2025, due to high industry hash rates and high energy costs, Gryphon and Blockfusion agreed to suspend mining operations and curtail service, respectively. Gryphon and Blockfusion are actively collaborating to rework their agreement to enable the Company to mine profitably moving forward. Mawson Agreement On January 3, 2025, Gryphon entered into a Master Co -LocationAgreement (the “ Mawson Agreement”) with Mawson Hosting LLC (“ Mawson”) with a right to host up to 5,880 Bitcoin miners in Mawson’s facility in Midland, Pennsylvania. Pursuant to the Mawson Agreement, Gryphon is entitled to 20 MW of power at a cost of approximately $23.50 per MW/hour paid monthly with a minimum fee of approximately $165,521 per month, as well as certain other fees set forth in the agreement. The Mawson Agreement has an initial term of one year and may be terminated on sixty days’ notice. The Company has delivered 6,719 Bitcoin miners to Mawson. BitGo Custodial Services Agreement Pursuant to the BitGo Custodial Services Agreement between BitGo Trust and Gryphon, dated October 1, 2021, BitGo Trust, through its custodial services enables Gryphon to create one or more custody accounts, controlled and secured by BitGo Trust to store certain supported digital currencies and digital tokens or certain fiat currencies such as dollars or euros. BitGo Trust also provides Gryphon with the option to create non -custodialwallets that support certain digital assets via an API and web interface. Gryphon may also elect to store fiat currency with BitGo Trust. 192 The BitGo Custodial Services Agreement had an initial term of one year. After the initial term,