US Bitcoin company purchases Bitmain miners with bitcoin as collateral, achieving an effective discount of 44%

According to ChainCatcher, citing market sources, the latest quarterly report from the US Bitcoin company (NASDAQ: ABTC) disclosed that this year the company purchased approximately 11,298 S21 XP ASIC miners from Bitmain for a total of $49,400,000 (with a combined hash rate of about 3.05 EH/s), of which 80% of the payment was completed by pledging 314 BTC.

Based on this, the estimated protocol valuation for the pledged Bitcoin is approximately $125,900 per coin, while the average market price of BTC at the time was less than $70,000, reflecting a discount of about 44%. According to the agreement, Bitmain cannot forcibly liquidate the pledged BTC during the roughly 24-month redemption period. If, at maturity, the BTC price is higher than the protocol valuation, ABTC can choose to repay in cash and reclaim the BTC, locking in the appreciation; if the price is lower than the protocol valuation, they can forgo redemption and leave the BTC to Bitmain. This structure essentially grants ABTC a long-term call option on Bitcoin.

As of March 31, 2026, ABTC had pledged a total of 3,090 BTC to Bitmain, with a fair value of approximately $210,800,000, corresponding to miner purchase liabilities of about $364,300,000.