Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 901

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 901
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 I-19

Annex J

| May 15, 2025 |     | File Reference: 10-34-36-64337 |

Board of Directors Gryphon Digital Mining, Inc. c/o Steve Gutterman Chief Executive Officer and Director 1180 N. Town Center Drive, Suite 100 Las Vegas, NV 89144 To the Board of Directors: Marshall & Stevens Transaction Advisory Services LLC (referred to herein as “M&S TAS” “we,” “us,” or “our”) has been engaged by Gryphon Digital Mining, Inc. (“GRYP” or the “Company”) for the benefit of the Board of Directors (the “Board”) of the Company regarding a proposed transaction between GRYP and American Bitcoin Corp., a Delaware corporation (“ABTC” or the “Acquired Business”), in connection with the consideration by the Board of a proposed transaction, which we understand to consist of the acquisition of ABTC by GRYP in accordance with a to-be-signed Agreement and Plan of Merger by and among GRYP, ABTC and certain other parties (the “Merger Agreement”). We are being engaged to perform an analysis of the reasonable range of value for ABTC and GRYP immediately prior to the execution and delivery of the Merger Agreement and to issue our opinion (the “Opinion”) as to the fairness to GRYP, from a financial point of view, of the purchase price to be paid by GRYP for ABTC in the proposed transaction. Based upon our review of the non-binding Letter Agreement dated April 10, 2025 (the “LOI”) and the draft Merger Agreement dated May 7, 2025, we understand that the Board is considering a transaction (the “Transaction”) whereby the ultimate economic result is the acquisition of the Acquired Business by GRYP for consideration of the issuance by GRYP to the stockholders of ABTC of shares of GRYP common stock which will, upon issuance, represent by number ninety-eight percent (98%) of the then issued and outstanding shares of such common stock (the “Purchase Price”), as described in greater detail below.

| Charter Amendment: |     | At the closing of the Transaction (the “Closing”), GRYP will amend and restate its certificate of incorporation (the “Charter Amendment”) to, among other things, authorize two classes of common stock: Class A Common Stock (“GRYP Class A Shares”) and GRYP Class B Common Stock (“ GRYP Class B Shares” and, together with GR