Company: ABTC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001193125-25-281390
Chunk: 4

Company: American Bitcoin Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the financial condition and results of operations of the Company should be read together with its condensed and combined financial statements and the related notes and the other financial information included elsewhere in this Quarterly Report and with the Proxy Statement/Prospectus, the Annual Report, and the Current Report. This discussion contains forward-looking statements that involve risks and uncertainties. The Company’s actual business, financial condition, and results of operations could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Quarterly Report and in the Proxy Statement/Prospectus, the Annual Report, and the Current Report. See also “Cautionary Note Regarding Forward-Looking Statements” in this Quarterly Report. The Company's historical results are not necessarily indicative of the results that may be expected for any period in the future. 

Overview 

The Company is a purpose-built Bitcoin accumulation vehicle and aims to pursue that goal through a levered strategy that combines efficient Bitcoin mining, disciplined Bitcoin reserve expansion and focused ecosystem engagement. References to the "Company" herein refer to:

(i)the “Bitcoin mining” sub-segment of Parent’s “Compute” segment prior to the effectiveness of the Transactions on March 31, 2025; 

(ii)Historical ABTC following the effectiveness of the Transactions on April 1, 2025 until the consummation of the Mergers on September 3, 2025; and 

(iii)American Bitcoin Corp. (formerly known as Gryphon Digital Mining, Inc.) following the consummation of the Mergers on September 3, 2025.

See “—Basis of Presentation” below.

Q3 2025 Highlights

•As of November 13, 2025, ABTC had accumulated approximately 4,090 Bitcoin in reserve, which includes Bitcoin held in custody or pledged for miner purchases, and owned approximately 77,944 Bitcoin miners with a cumulative hashrate of 25.0 EH/s and weighted average fleet efficiency of 16.3 J/TH.

•Launch of 2025 At-The-Market Offering Program. On September 3, 2025, the Company entered into a Controlled Equity Offering Sales Agreement to establish an at-the-market equity program (the "2025 ATM"), allowing the Company to offer and sell up to $2.1 billion of its Class A common stock from