Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 190

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 190
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 |   |     |        |         |     |   |        |   |     |         |   5.19x |   |     |        |    38.0x |   |
|                                        |     |          |      |         |     |         |     |         |      |                |   |      |       |   |      |       |   |      |                  (5)x Control Premium % |   |      |       |   |    |       |   |     |              |   |     |        |         |     |   |        |   |     |         |      25 | % |     |        |       25 | % |
|                                        |     |          |      |         |     |         |     |         |      |                |   |      |       |   |      |       |   |      |              Enterprise Value (Rounded) |   |      |       |   |    |       |   |     |              |   |     |        |         |     | $ |    480 |   |     | $       |     472 |   |     | $      |      484 |   |

____________ (1)Source: Capital IQ. Adjusted EV was adjusted 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