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. Of this amount, 80% was paid by collateralizing 314 BTC, with a two-year redemption arrangement set. This structure implies that the collateralized BTC is valued at approximately $125,900 per coin, while the average trading price of BTC in February was below $70,000, meaning ABTC acquired the miners at an implied discount of about 44%. The report indicates that Bitmain cannot liquidate the collateralized BTC within the approximately 24-month redemption window unless ABTC chooses not to redeem upon maturity. As of March 31, ABTC had collateralized a total of 3,090 BTC with Bitmain, with a fair value of about $210.8 million, and recorded approximately $364.3 million in mining equipment purchase liabilities.