Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 358

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 358
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, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Loan Agreement were made only for the purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties. Pursuant to the New Anchorage Agreements, Gryphon also issued Anchorage the Anchorage Warrants. On May 10, 2025, Gryphon entered into a warrant amendment with Anchorage to amend the $1.50 Warrants. Pursuant to the Amendment, Gryphon reduced the exercise price of the $1.50 Warrants from $1.50 to $0.55 per share. The Anchorage Warrants were exercised in full and on a cashless basis on June24, 2025, resulting in the issuance of an aggregate of 4,384,470shares of Gryphon Common Stock. 201

Results of Operations Three Months ended March 31, 2025 compared to the three months ended March 31, 2024 The following table shows the Company’s results of operations for the three months ended March 31,

| Revenues                                  |     | 2025 |            |   |     | 2024 |             |   |     | Change 
 Dollar |            |   |     | Percentage |    |
|:------------------------------------------|:----|:-----|-----------:|:--|:----|:-----|------------:|:--|:----|:-------|-----------:|:--|:----|-----------:|:---|
| Mining activities                         |     | $    |  1,558,000 |   |     | $    |   7,490,000 |   |     | $      | (5,932,000 | ) |     |      (79.2 | )% |
| Operating cost                            |     |      |            |   |     |      |             |   |     |        |            |   |     |            |    |
| Cost of revenues (excluding depreciation) |     |      |  2,054,000 |   |     |      |   4,837,000 |   |     |        | (2,783,000 | ) |     |      (57.5 | )  |
| General and administrative expenses       |     |      |  3,000,000 |   |     |      |