Note 3. Acquisition of American Bitcoin Corp.

On March 31, 2025, a wholly owned subsidiary of the Company contributed substantially all of the Company’s ASIC miners to American Data Centers Inc. in exchange for an 80% interest in American Data Centers Inc. In connection with the transaction, American Data Centers Inc. was subsequently renamed as American Bitcoin Corp. (“American Bitcoin”). The transaction does not meet the business combination criteria under FASB ASC Topic 805, Business Combinations. The net book value of the assets contributed to American Bitcoin was $121.1 million. The Company recorded a non-cash asset contribution expense of $22.8 million related to the non-controlling interest portion of the ASIC miners that were contributed. The Company incurred $1.3 million in transaction costs related to the transaction.