Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 188

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 188
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 |         |     |         |     |         |      |                |   |      |       |   |      |       |   |      |         (4) Implied |Selected Multiples |   |      |       |   |    |       |   |     |              |   |     |        |         |     |   |        |   |     |         |   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