Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 385

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 385
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bt. However, proceeds from Hut 8’s third -partydebts were used to finance ABTC’s purchase of Bitcoin miners or directly used for Bitcoin mining -relatedactivities and are included in ABTC’s combined financial statements included elsewhere in this proxy statement/prospectus. While ABTC is not a legal obligor, certain Bitcoin mining assets of the ABTC were pledged as collateral as disclosed in the notes to ABTC’s March31, 2025 unaudited condensed combined financial statements included elsewhere in this proxy statement/prospectus. References in this section to ABTC activity prior to April 1, 2025 refer to the historical operations conducted through the “Bitcoin mining” sub -segmentof Hut 8’s or USBTC’s “Compute” segment, as applicable. Bitcoin Mining ABTC generates revenue from Bitcoin rewards by providing computation services to third -partymining pool operators, which combine the computing power of Bitcoin miners to increase the chance of solving a block and getting paid by the network. ABTC provides the service of performing computations of its Bitcoin miners to these mining pool 219 operators and receives in return a payout of Bitcoin based on a contractual formula which primarily calculates the computing power provided to the mining pool as a percentage of the total computing power of the network, regardless of whether the mining pool actually receives the Bitcoin award from the network. As of March 31, 2025, ABTC mined Bitcoin at three sites: •Alpha (Niagara Falls, New York); •Medicine Hat (Medicine Hat, Alberta); and •Salt Creek (Orla, Texas) Until April 30, 2024, ABTC also had Bitcoin mining operations hosted at sites in Kearney, Nebraska and Granbury, Texas. ABTC also previously mined Bitcoin at a site in Drumheller, Alberta, which has been non -operationalsince March 2024. The closure was due to the site’s lack of profitability as a result of several factors, mostly elevated energy costs and underlying voltage issues. ABTC also had operations at a site in Pecos, Texas, but ABTC exited the site in February 2022 as part of the NYDIG debt settlement (further discussed below). During the three months ended March31, 2025, ABTC’s mining activity was reduced due to a planned fleet upgrade to higher efficiency Antminer S21+ miners, which was completed on April4, 2025. Upon completion of the fleet upgrade, ABTC’s fleet had a total hashrate of