According to ChainCatcher, American Bitcoin Company (NASDAQ: ABTC) disclosed in its latest quarterly report that it purchased approximately 11,298 Bitmain S21 XP ASIC miners for $49.4 million this year, with 80% of the payment completed through collateralizing 314 BTC. The collateral agreement valued Bitcoin at approximately $125,900 per coin, compared to a market price below $70,000 at the time, resulting in a 44% discount. Under the agreement, Bitmain cannot force liquidate the pledged BTC during a 24-month redemption period. If BTC price exceeds the agreement valuation at maturity, ABTC can repay in cash and recover the BTC; if lower, ABTC can forfeit the collateral.
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