American Bitcoin's Business Segments

American Bitcoin Corp. (ABTC), formerly American Data Centers Inc. and Gryphon Digital Mining, Inc., operates in the cryptocurrency mining industry. Prior to April 1, 2025, ABTC functioned as the "ASIC Compute" sub-segment within Hut 8 Corp.'s "Compute" segment and was not an independent company. On March 31, 2025, Hut 8 Corp. transferred substantially all of its wholly-owned ASIC miners to American Data Centers Inc. in exchange for Class B Common Stock, leading to the company's renaming as American Bitcoin Corp. On September 3, 2025, ABTC completed mergers with Gryphon Digital Mining, Inc. and its subsidiaries, after which Gryphon adopted the name American Bitcoin Corp. The company's financial statements are prepared on a carveout basis to reflect its operations independently from Hut 8. ABTC's primary business involves operating ASIC miners for cryptocurrency mining, utilizing assets contributed by Hut 8 and integrating Gryphon’s operations through mergers. The company is subject to various risks and uncertainties that may materially impact its financial condition and operating results, as outlined in its risk factor disclosures.

The company operates with a single operating segment. The Chief Executive Officer, acting as the Chief Operating Decision Maker (CODM), is responsible for strategic decisions related to operations and financial management. The CODM reviews financial information on a combined basis, using net income (loss) to evaluate profit or loss for resource allocation and performance assessment. Expenses are also reviewed on a combined basis. All required financial segment information is included in the Combined Financial Statements. Segment assets are reported as total assets on the Combined Balance Sheets, and significant segment expenses correspond to those on the Combined Statements of Operations and Comprehensive (Loss) Income. Depreciation and amortization expenses are reported on the Combined Statements of Cash Flows.