Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 458

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 458
---
 which conditions include obtaining the mineral rights formerly held by Erikson, obtaining approval for the well, facility and pipeline license transfers from the British Columbia Energy Regulator, completion of Gryphon’s due diligence, and the granting of a sale approval and vesting order by the Court, all of which must be satisfied or waived by the Company by January 31, 2025, which date may be extended at the Company’s option to March 8, 2025 (in either case, the “Outside Date”). No assurance can be given that the transactions contemplated by the Purchase Agreement will close. The Court also granted an amended interim financing order approving the Company as a debtor in possession (“DIP”) lender to Erikson. As part of the Erikson Purchase Agreement, the Company provided DIP interim financing to Erikson to cover its operating expenses and legal and professional fees during the period between December 9, 2024 and the applicable Outside Date. Upon closing, The Company may offset some or all of the interim financing provided against the purchase price. On February 14, 2025, the Company gave Erikson notice of the cancellation of the Erikson Purchase Agreement, and expensed approximately $608,000 of deposits classified under the Merger and acquisition expenses in the accompanying unaudited condensed consolidated statement of operations NOTE 5 — MINING EQUIPMENT, NET Mining equipment consisted of 10,725 and 8,825 units of bitcoin mining machines as of March 31, 2025 and December 31, 2024, respectively. The following table summarizes the carrying amount of the Company’s mining equipment as of:

|                            |     |   |  March 31, 
       2025 |     |   | December 31, 
         2024 |   |
|:---------------------------|:----|:--|-----------:|:----|:--|-------------:|:--|
| Mining equipment           |     |   |            |     |   |              |   |
| Balance, beginning of year |     | $ | 17,109,000 |     | $ |   15,978,000 |   |
| Additions                  |     |   |    686,000 |     |   |    1,573,000 |   |
| Disposals                  |     |   |          — |     |   |     (442,000 | ) |
| Ending balance             |     | $ | 17,795,000 |     |