According to TheMinerMag, the latest quarterly report of American Bitcoin (ABTC) shows that in February, they purchased approximately 11,298 S21 XP ASIC miners from Bitmain, with a hash rate of about 3.05 EH/s, totaling $49.4 million.
80% of the payment was made by pledging 314 BTC, and a two-year redemption arrangement was set up. This structure implies that the pledged BTC is valued at approximately $125,900 per coin, while the average trading price of BTC in February was below $70,000, which means ABTC obtained the miners at an implied discount of about 44%. The document indicates that Bitmain cannot liquidate the pledged BTC within the approximately 24-month redemption window unless ABTC chooses not to redeem upon maturity. As of March 31, ABTC had pledged a total of 3,090 BTC to Bitmain, with a fair value of about $210.8 million, and recorded approximately $364.3 million in miner purchase liabilities.
According to TheMinerMag, the latest quarterly report of American Bitcoin (ABTC) shows that in February, they purchased approximately 11,298 S21 XP ASIC miners from Bitmain, with a hash rate of about 3.05 EH/s, totaling $49.4 million.
80% of the payment was made by pledging 314 BTC, and a two-year redemption arrangement was set up.
This structure implies that the pledged BTC is valued at approximately $125,900 per coin, while the average trading price of BTC in February was below $70,000, which means ABTC obtained the miners at an implied discount of about 44%.
The document indicates that Bitmain cannot liquidate the pledged BTC within the approximately 24-month redemption window unless ABTC chooses not to redeem upon maturity.
As of March 31, ABTC had pledged a total of 3,090 BTC to Bitmain, with a fair value of about $210.8 million, and recorded approximately $364.3 million in miner purchase liabilities.