ABTC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-06

• The following discussion and analysis of our financial condition and results of operations should be read together with our Unaudited Condensed Consolidated and Combined Financial Statements and the related notes and the other financial information included elsewhere in this Quarterly Report and the…

• Our business objective is Bitcoin accumulation, and we aim to pursue that goal through a multi-pronged strategy that combines efficient Bitcoin mining, disciplined Bitcoin reserve expansion, and focused ecosystem engagement. We believe Bitcoin represents an emerging institutional-grade asset class t…

• Scaled Bitcoin Reserve. As of March 31, 2026, we accumulated approximately 7,021 Bitcoin in reserve, positioning us among the top 16 publicly traded Bitcoin treasury companies based on total Bitcoin holdings. Our Bitcoin in reserve included 3,090 Bitcoin pledged for miner purchases as of March 31, 2…

• Expansion of Mining Fleet. In February 2026, we purchased ~11,298 Bitcoin miners, representing 3.05 exahash per second ("EH/s") at 13.5 joules per terahash ("J/TH"). Our operational fleet, which reflects the portion of the owned fleet that is installed and energized, grew to approximately 59,000 min…

• On March 31, 2025, Hut 8, ADC, and the stockholders of ADC entered into a Contribution and Stock Purchase Agreement, pursuant to which Hut 8 contributed to ADC substantially all of Hut 8’s wholly-owned ASIC miners, in exchange for newly issued Class B Common Stock of ADC, representing 80% of the tot…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• 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 Pr…

• 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:

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

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

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Changes in government and economic policies, incentives, trade regulations, or tariffs may have a material impact on equipment that we import. There remains uncertainty regarding the potential imposition of new tariffs or changes to existing tariffs on goods imported from certain countries where we …

• We hold a significant amount of Bitcoin; therefore, we are exposed to the impact of market price changes in Bitcoin.

• As of March 31, 2026, we held 7,021 Bitcoin, and the fair value of a single Bitcoin was approximately $68,222. Therefore, the fair value of our strategic Bitcoin reserve as of March 31, 2026, was approximately $479.0 million. Declines in the fair market value of Bitcoin will impact the cash value th…

• Our Bitcoin is held with third-party custodians, including Anchorage and Bitgo, that we selected based on various factors, including their financial strength, security measures, insurance coverage, and industry reputation. Custodian risk refers to the potential loss, theft, or misappropriation of ou…

• Credit risk arises from our practice of pledging Bitcoin as collateral in transactions with counterparties. We mitigate this risk by engaging with counterparties that we believe possess strong creditworthiness based on their size, credit quality, and reputation, among other factors. During the three…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The Company holds a significant amount of Bitcoin and intends to accumulate additional Bitcoin; therefore, it is exposed to the impact of market price changes in Bitcoin.

• As of September 30, 2025, the Company held 3,418 Bitcoin, and the fair value of a single Bitcoin was approximately $114,068. Therefore, the fair value of the Company's strategic Bitcoin reserve as of September 30, 2025, was approximately $389.9 million. Declines in the fair market value of Bitcoin w…

• The Company's Bitcoin is held with third-party custodians, including Anchorage, Bitgo, and Coinbase, that we select based on various factors, including their financial strength, security measures, insurance coverage and industry reputation. Custodian risk refers to the potential loss, theft, or misa…

• Credit risk arises from the Company's practice of pledging Bitcoin as collateral in transactions with counterparties. The Company mitigates this risk by engaging with counterparties that it believes possess strong creditworthiness based on their size, credit quality, and reputation, among other fact…

• Changes in government and economic policies, incentives, or tariffs may also have an impact on equipment that the Company import. While the final scope and application of recently announced changes in U.S trade policy remain uncertain at this time, higher tariffs on imports and subsequent retaliator…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. …

• There were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2026 that materially affected, or that are reasonably likely to materially affect our internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The Company's management, with the participation of its Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act and regulations promulgated th…

• On September 3, 2025, following the consummation of the Mergers, the Company continued to maintain its own internal control over financial reporting and related processes; Gryphon's internal control over financial reporting and related processes were not integrated and have been excluded from the Co…

• There were no changes in the Company's internal control over financial reporting that occurred during the three months ended September 30, 2025 that materially affected, or that are reasonably likely to materially affect the Company's internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-05-06

• For a description of material legal proceedings in which we are involved, see Note 14. Commitments and contingencies to our Unaudited Condensed Consolidated and Combined Financial statements included elsewhere in this Quarterly Report, which is incorporated herein by reference.

• We are not presently a party to any other legal or regulatory proceedings that in the opinion of our management, if determined adversely to us, would individually or taken together have a material adverse effect on our business, financial condition, or results of operations. However, we are subject …

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The Company is not presently a party to any legal or regulatory proceedings that in the opinion of its management, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, financial condition, or results of operations. However, the …