Audy Ccusten

Breaking down our latest raise. Our single KPI is Bitcoin per share. Every capital decision we make gets measured against that. After our last institutional offering, we heard from shareholders that they wanted us to think differently about how we raise capital. The demand was still clear: more Bitcoin. So here's what we did. Japanese PIPEs typically price at a ~10% discount to market. We sold shares at a 2% premium to market and packaged our equity vol into fixed-strike warrants at a 10% premium. The company gets immediate capital to grow the Bitcoin balance sheet. If the stock goes higher and warrants are exercised, we receive additional capital at a price above today's market. The investors get to express a view on volatility. This isn't zero-sum. Both sides can win. This is the same playbook MSTR pioneered with convertible bonds. A 0% coupon convert was a bond and an embedded call option packaged into one security. The coupon was zero because the embedded option on a levered BTC vehicle was so valuable it replaced the coupon entirely. The bondholder wasn't lending for free. They were paying for vol. Saylor understood this before anyone else in BTC and it unlocked a new paradigm for Bitcoin treasury capital formation. Same principle, different wrapper. We used stock plus warrants instead of converts, so there's no debt, no maturity risk, no overhang, no ongoing dividend or interest payments. The capital structure stays clean with no debt sitting above equity holders, and that's by design. When we issue preferred shares, the balance sheet underneath needs to be pristine. Every Bitcoin we add strengthens that foundation. The bigger the base, the more credible the credit. We are intentionally building this to become the dominant issuer of Bitcoin backed fixed income instruments in Japan. And finally, we run one of the most active BTC derivatives books in the world. Every scenario here has been stress tested and is being managed, including the tail risk on future warrant exercise. We built this company around Bitcoin volatility and BTC Yield. This is what we do. This is permanent capital with no ongoing cost. The proceeds go to Bitcoin. ~$255M now. Up to ~$531M on exercise. March toward 210,000 BTC continues.