American Bitcoin (ABTC) has disclosed in its latest quarterly report that it purchased approximately 11,298 S21 XP ASIC miners from Bitmain in February, with a total hash rate of about 3.05 EH/s, for $49.4 million. The transaction was primarily financed by pledging 314 BTC, valued at an implied rate of $125,900 per BTC, significantly above the average February BTC trading price of under $70,000. This arrangement effectively allowed ABTC to acquire the miners at an approximate 44% discount. Bitmain is restricted from liquidating the pledged BTC within a 24-month redemption window unless ABTC opts not to redeem. As of March 31, ABTC had pledged a total of 3,090 BTC to Bitmain, with a fair value of approximately $210.8 million, and recorded $364.3 million in miner purchase liabilities.