• A gold mining company, but for Bitcoin.
• A specialized data center, focused solely on generating Bitcoin.
• A green energy-driven Bitcoin mining operation.

• Bitcoin Mining: The process of operating specialized computers to validate transactions on the Bitcoin network and earn newly minted bitcoins as a reward.
• ESG-led Mining: Bitcoin mining services conducted with a commitment to environmental, social, and governance principles, often involving sustainable energy sources and responsible operational practices.

American Bitcoin (symbol: ABTC), which operates as Gryphon Digital Mining, Inc., is a bitcoin mining company.

Due to the nature of its business model, Gryphon Digital Mining does not have traditional major customers in the sense of other companies or individual consumers directly purchasing its mining services or output. The company's primary revenue is derived from block rewards and transaction fees, which are received directly from the Bitcoin network protocol for successfully validating transactions and discovering new blocks on the blockchain.

When Gryphon Digital Mining chooses to monetize the digital assets it has mined, it typically sells them on cryptocurrency exchanges on the open market. These exchanges serve as platforms for asset liquidation rather than being direct customers of the company's core mining operations.

Suppliers:

• Bitmain
• Canaan Inc. (NASDAQ: CAN)

Michael Ho Chief Executive Officer, Director

Michael Ho is the Chief Executive Officer and a Director of American Bitcoin Corp.

Matthew Prusak President, Interim Chief Financial Officer

Matthew Prusak serves as the President and Interim Chief Financial Officer of American Bitcoin Corp.

Asher Genoot Executive Chairman of the Board

Asher Genoot is the Executive Chairman of the Board for American Bitcoin Corp.

Michael Broukhim Independent Director

Michael Broukhim is an Independent Director for American Bitcoin Corp.

Richard Busch Independent Director

Richard Busch is an Independent Director for American Bitcoin Corp.

Key Business Risks for American Bitcoin (ABTC)

American Bitcoin (NASDAQ: ABTC), operating as Gryphon Digital Mining, Inc., faces several significant risks inherent to the cryptocurrency mining industry and its specific financial situation. The most prominent risks include the extreme volatility of Bitcoin's price, the company's precarious financial stability and associated delisting threats, and ongoing regulatory and environmental scrutiny.

1. Bitcoin Price Volatility: As a Bitcoin mining company, American Bitcoin's revenue and profitability are directly and substantially impacted by the fluctuating market price of Bitcoin. Significant declines in Bitcoin's value can lead to substantial losses in revenue, making it challenging for the company to maintain profitability. The company's financial performance is intrinsically linked to this highly unpredictable asset.
2. Financial Instability and Nasdaq Delisting Risk: Gryphon Digital Mining, which merged with American Bitcoin, has received notifications from Nasdaq regarding its failure to meet minimum market value and bid price requirements for continued listing. The company has also faced challenges with a significant debt burden, short-term obligations exceeding liquid assets, consistent operational losses, and negative shareholder equity, indicating a precarious financial position. Failure to regain compliance with Nasdaq's listing standards could result in delisting, severely impacting the company's access to capital markets and investor confidence.
3. Regulatory and Environmental Scrutiny: Despite operating with an "ESG-led mining" focus, American Bitcoin is part of an industry that faces increasing regulatory and environmental scrutiny due to the high energy consumption and carbon footprint associated with Bitcoin mining. Governments worldwide have considered or implemented restrictions on crypto mining due to energy concerns, and there is an ongoing debate about the environmental impact, which could lead to new regulations, increased operating costs, or public relations challenges for the company.

The increasing dominance and acceptance of Proof-of-Stake (PoS) consensus mechanisms in the broader cryptocurrency landscape presents an emerging threat. Exemplified by the successful transition of other major cryptocurrencies like Ethereum, PoS offers a significantly more energy-efficient alternative to Bitcoin's Proof-of-Work (PoW) model. This shift could lead to increased public and regulatory pressure against the energy consumption inherent in PoW mining, potentially affecting investment sentiment and creating an unfavorable environment for even ESG-led Bitcoin miners.

• **2026 (estimated):** Between approximately USD 2.775 billion and USD 3.2375 billion.
• **2035 (projected):** Between approximately USD 35.802 billion and USD 41.769 billion.

American Bitcoin (ABTC) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and operational efficiencies, following its merger with Gryphon Digital Mining. These drivers include:

1. Scaling Bitcoin Mining Operations and Hashrate Expansion: The company plans to significantly increase its Bitcoin mining capacity through ongoing expansion of its mining fleet. This includes opportunistic acquisitions of mining machines and aiming for higher exahash targets, which directly translates to a greater share of Bitcoin block rewards.
2. Strategic Bitcoin Reserve and Accumulation: American Bitcoin's business model emphasizes not only mining Bitcoin but also strategically accumulating and holding it as a long-term balance sheet asset. By building a substantial Bitcoin reserve, the company aims to benefit from potential future appreciation in Bitcoin's value.
3. Expansion into High-Performance Computing (HPC) and AI Infrastructure: American Bitcoin, through the strategic direction of its merged entity, is diversifying its operations by leveraging its energy infrastructure for high-performance computing (HPC) and artificial intelligence (AI) compute tasks. This involves acquiring and developing assets, such as the Captus Energy acquisition, to support AI-related infrastructure, opening new revenue streams beyond traditional Bitcoin mining.
4. Cost Structure Optimization and Energy Efficiency: The company is focused on maintaining and improving an industry-leading cost structure, particularly through enhancing energy efficiency and securing ultra-low-cost power sources. Utilizing renewable energy strategies and optimizing operational controls are crucial to reducing the cost of Bitcoin production, thereby boosting profitability and revenue.

Share Repurchases

• Gryphon Digital Mining, Inc. authorized a share repurchase program of up to $5 million of its common stock on April 22, 2024.
• As of June 30, 2025, Gryphon Digital Mining had not repurchased any common shares during that quarter.

Share Issuance

• Prior to the merger, Gryphon Digital Mining had a placement of 6,941,856 shares on January 13, 2025, raising $2.78 million.
• In Q2 2025, Gryphon Digital Mining had 83 million shares outstanding, marking an 18.3% increase from the prior quarter.
• As part of the merger with American Bitcoin Corp., Gryphon stockholders approved the issuance of new shares representing over 20% of the outstanding stock as merger consideration in August 2025. After a 5-for-1 reverse stock split, the combined American Bitcoin Corp. had approximately 908 million shares outstanding, with legacy Gryphon shareholders receiving about 2% of the fully diluted equity.

Inbound Investments

• American Bitcoin Corp. raised $220.1 million before its merger with Gryphon Digital Mining.
• Subsequent to September 30, 2024, Gryphon refinanced a bitcoin-denominated note of approximately $19 million, exchanging it for company common stock and a $5 million principal note.
• The stock-for-stock merger between Gryphon Digital Mining, Inc. and American Bitcoin Corp. in September 2025 resulted in the combined entity trading on Nasdaq under the ABTC ticker.

Outbound Investments

• Before the merger, American Bitcoin Corp. acquired approximately 1,726 Bitcoin and purchased around 16,299 new-generation ASIC miners.

Capital Expenditures

• Gryphon Digital Mining, Inc. incurred -$558,000 in capital expenditures over the twelve months leading up to early 2026.
• In Q3 2024, Gryphon Digital invested -$2.5 million in capital expenditures.
• The company completed a machine upgrade program in April 2024, deploying new Bitmain S21 200 TH/s miners to enhance operational efficiency and increase hashing power by approximately 23 PH/s. Following the merger, American Bitcoin expanded its mining capacity by about 14.8 exahash per second (EH/s) in Q3 2025, reaching a total of approximately 25.0 EH/s.