Strategy Inc. 2025 Annual Review: 

Executive Summary

In 2025, Strategy Inc. (NASDAQ: MSTR) (formerly MicroStrategy) completed its evolution from a software firm with a Bitcoin balance sheet into the world's first purpose-built Bitcoin Treasury Company. The fiscal year was defined by the aggressive operationalization of the company’s capital structure, utilizing intelligent leverage to "manufacture" Bitcoin exposure for investors.

The defining achievement of 2025 was the accumulation of a treasury holding 672,497 bitcoins approximately 3.2% of the total global supply by year-end.¹ This was fueled by a capital markets engine that raised over $20 billion through a sophisticated suite of equity, convertible debt, and a new family of preferred stock instruments.

Key strategic milestones included:

• Rebranding: Official transition to Strategy Inc. in August 2025, aligning corporate identity with the treasury mandate.
• Stock Split: A 10-for-1 stock split executed in August 2025 to enhance liquidity and accessibility.
• BTC Yield: Achieving a 26% BTC Yield YTD, validating the company's ability to accretively acquire Bitcoin faster than share dilution.

USD Reserve: The establishment of a $1.44 billion USD Reserve to immunize the balance sheet against crypto-winter volatility.

^{2025 Quarterly Execution: Fundraising & Accumulation Matrix}

Q1 2025: Introduction of Preferreds

• Capital Source:
• ATM Equity: Raised $2.4 billion through early February.
• Convertible Notes: Issued $2.0 billion of 0% Convertible Senior Notes due 2030.
• Preferred Stock: Launched the inaugural STRK (Convertible Preferred) offering, raising $584 million.
• Accounting Change: Adopted ASU 2023-08, shifting to Fair Value accounting. This resulted in a one-time retained earnings increase of $12.745 billion.
• Bitcoin Activity: Aggressive accumulation continued.
• March 31, 2025 Holdings: 528,185 BTC.

Q2 2025: Record Income

• Capital Source:
• ATM Equity: Raised $5.2 billion via Class A Common Stock ATM.
• STRF IPO: Raised $711m million
• Preferred ATM: Raised $446.9 million via STRK ATM and $163.1 million via STRF ATM.
• Bitcoin Activity:
• Holdings reached 597,325 BTC by June 30, 2025.
• Notable purchases: 4,020 BTC on May 26; 13,390 BTC on May 12.
• Financial Impact: Reported Operating Income of $14.0 billion for the quarter, driven primarily by unrealized gains on Bitcoin holdings under the new fair value accounting standards.

Q3 2025: Expanding the Preferred Suite

• Capital Source: Continued issuance of STRD (Stride) and STRK preferred stock.
• Bitcoin Activity:
• August 2025 purchases included 3,081 BTC (Aug 25) and 430 BTC (Aug 18).
• September 2025 purchases included 4,048 BTC (Sept 2) and 1,955 BTC (Sept 8).
• Quarter-End Holdings: 640,031 BTC.
• Financial Impact: Net Income of $2.8 billion reported for the quarter.

Q4 2025: The Euro Bond and USD Reserve

• Capital Source:
• STRE IPO: Launched STRE (Stream), the Euro-denominated preferred stock. The IPO of 7.75 million shares raised approximately €608 million ($702 million).
• USD Reserve: Established a $1.44 billion USD Reserve to cover 21 months of dividend obligations for the preferred stock, funded by ATM equity sales.
• Bitcoin Activity:
• Purchased 10,645 BTC on Dec 15; 10,624 BTC on Dec 8; 1,229 BTC on Dec 29.
• Quarter-End Holdings: 672,500 BTC.

Metaplanet 2025 Annual Review:Executive Summary

In 2025, Metaplanet Inc. (TYO: 3350) reached a definitive inflection point in its corporate history, completing its transformation from a legacy hospitality operator into the leading Bitcoin Treasury Company in Asian capital markets. Under the strategic stewardship of CEO Simon Gerovich, the company adopted a high-conviction Bitcoin Standard, leveraging Japan’s unique monetary environment to build a globally significant Bitcoin treasury.

By December 31, 2025, Metaplanet had accumulated 35,102 BTC, positioning the company among the largest corporate Bitcoin holders worldwide. This accumulation was enabled through a disciplined “capital recycling” strategy—raising Yen-denominated capital via equity, debt, and hybrid instruments and redeploying proceeds into Bitcoin.

Over the fiscal year, Metaplanet deployed approximately $3.78 billion into Bitcoin at an average cost basis of ~$107,606 per BTC. The year was defined by aggressive and innovative capital markets execution, including the use of Moving Strike Warrants, international equity placements, Bitcoin-backed credit facilities, and the landmark issuance of Class B perpetual preferred shares (“Mercury”).

2025 firmly established Metaplanet’s balance sheet as an active instrument of value creation and positioned the company as the reference Bitcoin treasury vehicle for Asian and global investors.

Key strategic milestones included:

• Strategic Pivot: Full transition from hospitality operations to a Bitcoin-centric treasury mandate
• Treasury Scale: Accumulation of 35,102 BTC by year-end
• Capital Innovation: Deployment of warrants, bonds, credit facilities, and perpetual preferred equity
• Institutionalization: Expansion from domestic retail markets into global institutional capital
• Capital Discipline: Shift away from common equity issuance when trading below NAV

2025 Quarterly Execution: Fundraising & Accumulation Matrix

Q1 2025: The Pivot & Initial Accumulation

Strategic Context The first quarter marked the operational pivot toward a Bitcoin-first strategy. The company began divesting legacy assets and testing capital market appetite for a Bitcoin-centric balance sheet.

Bitcoin Activity

• Initiated accumulation through smaller, frequent tranches
• Notable purchase: 696 BTC on March 31
• Quarter-End Holdings: ~4,046 BTC (ramp-up phase)

Capital Source

• Stock Acquisition Rights (11th Series): Exercise of Moving Strike Warrants provided the primary funding source, dynamically injecting capital as the share price appreciated
• Asset Divestments: Sale of non-core hotel assets (excluding Gotanda) supplied initial seed capital

Q2 2025: The “Summer Scale-Up”

Strategic Context Q2 represented the acceleration phase. Rising equity valuations enabled highly efficient capital formation, allowing rapid treasury expansion.

Bitcoin Activity

• Accelerated acquisition pace with multiple large tranches
• Notable purchases:
  • 696 BTC (April 1)
  • 160 BTC (April 2)
  • 319 BTC (April 14)
  • 330 BTC (April 21)
  • 1,004 BTC (May 19)
• Quarter-End Holdings: 13,350 BTC (June 30)

Capital Source

• Bond Issuance (18th & 19th Series): Short-term Yen bonds funded immediate Bitcoin purchases
• Stock Acquisition Rights (20th–22nd Series): Ongoing issuance of Moving Strike Warrants created a continuous equity “conveyor belt,” allowing Metaplanet to sell equity at rising premiums and recycle proceeds into Bitcoin

Q3 2025: Institutional Expansion

Strategic Context The third quarter marked Metaplanet’s transition from retail-driven funding to institutional-grade capital formation, enabling the most aggressive treasury expansion of the year.

Bitcoin Activity

• Continued large-scale accumulation
• Notable purchases:
  • 775 BTC (August 18)
  • 103 BTC (August 25)
• Executed substantial block trades late in the quarter to approach its 30k BTC target
• Quarter-End Holdings: 30,823 BTC (September 30)

Capital Source

• International Equity Offering (~$881M): Issuance of ~385 million shares to overseas institutional investors, bypassing domestic liquidity constraints
• Bitcoin-Backed Credit Facility: Established a $500 million facility, enabling non-dilutive capital access secured by existing Bitcoin holdings

Q4 2025: Defensive Capital & the “Mercury” Issuance

Strategic Context With common equity trading below NAV in October and November, management pivoted away from dilutive issuance toward debt and preferred equity to sustain accumulation.

Bitcoin Activity

• Temporary pause in October followed by renewed buying
• Acquired 4,279 BTC in Q4 at an average price of ~$105,412
• Year-End Holdings: 35,102 BTC (December 31)

Capital Source

• Class B Perpetual Preferred Shares (“Mercury”):
  • Issued ¥21.25 billion (~$135M) in November
  • 4.9% fixed dividend
  • High conversion strike (¥1,000), minimizing near-term dilution
• Credit Facility Drawdown: Additional $130 million borrowed in November to opportunistically buy during market weakness

Capital Structure Innovation: The Metaplanet Stack

Moving Strike Warrants (Dynamic Equity Issuance)

Predominantly used in H1 2025, these warrants allowed Metaplanet to issue equity dynamically as prices rose. Capital inflows from exercised warrants were rapidly recycled into Bitcoin, creating a reflexive capital-to-treasury loop.

Perpetual Preferred Shares (“Mercury”)

Introduced in Q4 to satisfy domestic demand for yield in a near-zero-rate environment.

• Fixed 4.9% dividend obligation
• Proceeds deployed into Bitcoin
• Accretive as long as Bitcoin returns or yield strategies exceed the dividend cost

Bitcoin-Backed Credit

By collateralizing its existing treasury, Metaplanet unlocked liquidity without asset sales. The $500M facility provided strategic flexibility to buy market dips when equity issuance was unattractive.

Capital B 2025 Annual Review:Executive Summary

In 2025, Capital B (Euronext Growth: ALCPB), formerly The Blockchain Group, completed a decisive strategic transformation into Europe’s leading Bitcoin Treasury Company. Through a comprehensive rebranding, an aggressive capital deployment strategy, and disciplined execution under European regulatory frameworks, the company institutionalized Bitcoin treasury management within the public equity markets of the European Union.

Entering the year with a “Year 0” mindset toward institutional Bitcoin adoption, Capital B systematically leveraged the full spectrum of financial instruments available under French commercial law—including convertible bonds (OCA), shareholder warrants (BSA), at-the-market (ATM) equity programs, and accelerated bookbuilding (ABB) placements—to accumulate 2,823 BTC by late November 2025.

Across the fiscal year, Capital B raised over €260 million, deploying capital with a singular objective: maximizing Bitcoin per fully diluted share. The company formalized this objective through the introduction of BTC Yield as its core performance metric, reporting a BTC Yield of over 1,650% YTD by Q3 2025, reflecting substantial net accretion despite headline dilution.

Strategic partnerships with Adam Back, Fulgur Ventures, and TOBAM formed the institutional backbone of the strategy, providing credibility, scale capital, and continuous market liquidity. By year-end, Capital B had established itself as the reference Bitcoin treasury vehicle for European investors.

Key strategic milestones included:

• Rebranding: Transition from The Blockchain Group to Capital B, aligning corporate identity with treasury mandate
• Treasury Scale: Accumulation of 2,823 BTC by November 2025
• BTC Yield Framework: Formal adoption of BTC Yield as primary KPI
• Capital Market Mastery: Execution across OCA, BSA, ATM, and ABB structures
• Institutional Validation: Anchor participation from Adam Back, Fulgur Ventures, and TOBAM

2025 Quarterly Execution: Fundraising & Accumulation Matrix

Q1 2025: Strategy Genesis & Proof of Concept

Strategic Context Q1 focused on operationalizing the Bitcoin Treasury strategy announced in late 2024. The priority was establishing institutional-grade infrastructure and executing the first major capital raise to validate market appetite.

Operational Foundations

• Custody: Taurus (Swiss institutional digital asset custodian)
• Banking: Banque Delubac & Cie (AMF-registered DASP)

Capital Source

• Convertible Bonds (OCA – Tranche A-01 & B-01):
  • €48.6M issued on March 6
  • 0% coupon, 30% conversion premium (€0.544)
  • Tranche B allowed direct BTC subscription
  • Led by Fulgur Ventures, Adam Back, TOBAM, UTXO Management

Bitcoin Activity

• March 26 Purchase: 580 BTC
• Average Price: ~€81,550
• Quarter-End Holdings: ~620 BTC

Market Impact

• Share price appreciation exceeded 200% post-acquisition, validating the regulated Bitcoin proxy thesis.

Q2 2025: Hyper-Growth & Liquidity Industrialization

Strategic Context Q2 marked the transition from proof-of-concept to industrial-scale execution, combining large private financings with continuous equity liquidity.

Capital Source

• BSA 2025-01 Warrants: Issued to existing shareholders, enabling accretive self-funding as price appreciated
• May Financing Stack:
  • €9.6M equity private placement
  • €13.6M OCA Tranche 2 (Adam Back & TOBAM)
• Large Convertible Bond (OCA B-02):
  • €55.3M subscribed by Fulgur Ventures
• ATM Program (TOBAM): Launched mid-June for continuous equity issuance

Bitcoin Activity

• May Purchases: 227 BTC
• June 2 Mega-Acquisition: 624 BTC (€60.2M)
• ATM-Funded Buys (June): 317 BTC
• Quarter-End Holdings: 1,788 BTC

Governance Event

• AGM Approval: €10B theoretical capital-raising mandate, removing regulatory ceilings on future expansion.

Q3 2025: The Capital B Era & Institutional Expansion

Strategic Context Q3 marked the maturation of Capital B’s corporate identity and its full integration into cross-border institutional capital markets.

Strategic Milestone

• Rebranding: Formal transition to Capital B (ALCPB)

Capital Source

• ATM Program: Ongoing weekly issuance
• Peak Hodl Capital Increase: €8.7M
• TOBAM Injection: €5M
• Accelerated Bookbuilding (ABB):
  • €58.1M raised at €1.55/share
  • Adam Back subscribed €2.2M at €2.24/share

Bitcoin Activity

• July DCA Purchases: 225 BTC
• August Purchase: 126 BTC
• September ABB Deployment: 551 BTC
• Quarter-End Holdings: 2,800 BTC

Market Impact

• Capital B demonstrated the ability to raise €58M in a single institutional tranche across 10 countries, confirming sustained demand for the Bitcoin Treasury equity model.

Q4 2025: Consolidation & BTC Yield Protection

Strategic Context Q4 represented a deliberate slowdown, prioritizing BTC Yield protection and balance sheet optimization over raw accumulation.

Capital Discipline

• ATM Suspension (October): Paused issuance after 6 BTC purchase to avoid dilution while trading below NAV

Balance Sheet Activity

• OCA Conversions (November 25): Internal conversions by UTXO Management and Ludovic Chechin-Laurans

Bitcoin Activity

• November Adjustment: +5 BTC
• Year-End Holdings: 2,823 BTC

KPI Status

• BTC Yield: ~1,658.5% YTD

Year-End Positioning

• Total Acquisition Cost: ~€263.1M
• Entered 2026 with a stabilized balance sheet and substantial unrealized gains following late-2025 Bitcoin appreciation.

Capital Structure Framework: The European Stack

• Convertible Bonds (OCA): Zero-coupon, premium-priced instruments enabling scale without near-term cash drag
• Shareholder Warrants (BSA): Loyalty-aligned dilution with immediate BTC recycling
• ATM Program: Continuous liquidity without block discounts
• Accelerated Bookbuilding: Institutional-scale capital capture at premium pricing

Smarter Web Company 2025 Annual Review:

Executive Summary

In 2025, The Smarter Web Company PLC (“SWC”) completed its transformation into the United Kingdom’s leading publicly traded Bitcoin treasury vehicle. Under the strategic framework formalized in “The 10 Year Plan,” the Company leveraged public capital markets to build a Bitcoin reserve of 2,664 BTC by December 31, 2025.

The year was defined by a disciplined “stair-step” capital formation model: seed funding via IPO proceeds, rapid scaling through Accelerated Bookbuilds (ABBs) and retail participation (WRAP), diversification into convertible debt via “Smarter Convert,” and consolidation through a rolling subscription (ATM-style) approach in Q4. Across the fiscal year, SWC deployed approximately £220.7 million into Bitcoin, using its premium to NAV to pursue accretive dilution and expand treasury capacity.

Key FY 2025 metrics:

• Total Bitcoin Acquired: 2,664 BTC
• Total Capital Deployed: ~£220.7M
• Funding Strategy: Hybrid capital stack (Placings / Subscriptions / ABBs + Convertible Bonds)

Key strategic milestones included:

• Listing: Admission to the AQUIS Stock Exchange Growth Market (late April 2025)
• Treasury Scale: Ramp from 0 BTC to 2,664 BTC in the first year as a public vehicle
• Capital Formation Flywheel: High-velocity ABB + retail WRAP raises during periods of strong demand
• Debt Diversification: Introduction of “Smarter Convert,” a $21M convertible bond subscribed by TOBAM
• Institutional Validation: Entry of a major US institutional investor via Maxim-led placing (Q4)

2025 Quarterly Execution: Fundraising & Accumulation Matrix

Q1 2025: Strategic Preparation & Listing Readiness

Strategic Context Q1 was dedicated to corporate restructuring and regulatory preparation ahead of admission to the AQUIS Growth Market. The Company transitioned from a private web design agency into a public-market vehicle designed for digital-asset capital formation.

Bitcoin Activity

• No Bitcoin purchases in Q1 (pre-listing period)

Capital Source

• Pre-listing preparation phase (no material treasury capital formation disclosed for BTC acquisition)

Q2 2025: The Pivot & High-Velocity Accumulation

Strategic Context Following its late-April listing, SWC executed an immediate pivot into Bitcoin treasury operations. Q2 was characterized by rapid fundraising and synchronized deployment, scaling treasury holdings from 0 to 773.58 BTC by quarter-end.

Capital Source

• April 25 (IPO / Admission): Raised up to £2.0M via institutional + retail subscriptions
• May 15: Raised ~£3.45M via WRAP Retail Offer + Accelerated Bookbuild
• June 5: Raised ~£13.4M via ABB + Retail Offer
• June 16: Raised £29.3M via placing + subscription (~7.39% dilution)
• June 26: Raised £41.2M via ABB (£36.2M) + subscription (£4.9M)

Quarter-End Holdings: 773.58 BTC

Q3 2025: Scaling & Capital Stack Diversification

Strategic Context Q3 represented the heaviest buying phase of the year, crossing the 1,000 BTC and 2,000 BTC milestones. Alongside continued equity issuance, SWC diversified funding by introducing a convertible bond structure to attract sophisticated institutional capital.

Capital Source

• July 18: Raised £17.5M via at-market ABB (295p/share)
• Aug 6 (Debt): “Smarter Convert”
  • $21M (~£16M) convertible bond, fully subscribed by TOBAM
  • Zero interest instrument; capped at 30% of unencumbered holdings
• Aug 11: Raised £7.6M via subscription (~£2.21/share)
• Sep 22: Raised £5.0M gross via subscription updates

Quarter-End Holdings: 2,525 BTC

Q4 2025: Institutionalization & Consolidation

Strategic Context In Q4, SWC shifted from high-volume expansion toward institutional validation and treasury consolidation. The quarter introduced a major US institutional investor and adopted a rolling subscription (ATM-style) approach—smaller, consistent inflows supporting “drip-feed” accumulation.

Capital Source

• Oct 6: Raised £9.7M via placing at £1.00/share
  • £8.0M subscribed by a single new US institutional investor (via Maxim Group)
• Oct 6 (concurrent): Raised £2.6M via subscription updates
• Oct 20: Raised £1.2M via placement (1.337M shares at ~£0.89)
• Nov 3: Raised £0.3M via subscription
• Nov 17: Raised £0.1M via subscription

Year-End Holdings: 2,664 BTC

Capital Structure Framework: SWC’s “Stair-Step” Stack

• IPO Seed Capital: Established public-market access and initial treasury seeding
• Accelerated Bookbuilds + WRAP Retail: High-velocity scaling during periods of strong demand / premium pricing
• Convertible Debt (“Smarter Convert”): Non-dilutive-adjacent growth capital (zero-interest structure)
• Rolling Subscriptions (ATM-style): Fine-tuned inflows for opportunistic, smaller purchases in Q4
• Strategic Principle: Use premium-to-NAV windows to execute accretive dilution and expand BTC treasury

H100 AB 2025 Annual Review:

Executive Summary

In 2025, H100 Group AB (formerly eBlitz Group AB) completed a decisive corporate transformation into the Nordic region’s premier Bitcoin Treasury Company. Over twelve months, the company executed a high-velocity strategic pivot—philosophically and operationally—adopting Bitcoin as its treasury reserve asset and formalizing a singular mandate: maximize Bitcoin exposure per share.

This pivot was paired with a dual-pillar operating model. The reverse acquisition and integration of Healthy to 100 AS established the H100 Health-Tech division, creating a structure where (i) the Bitcoin treasury provides financial resilience and long-duration purchasing power protection, and (ii) operational activity in health infrastructure supports the corporate platform over time.

Execution was defined by speed and institutional rigor. The Company initiated treasury operations in late May and scaled to 1,046 BTC by mid-September, reaching 1,004.56 BTC in just 104 days from the first purchase. Accumulation was funded through a sophisticated capital stack—most notably premium-priced, zero-interest convertible facilities and directed share issues—attracting high-profile backing including Dr. Adam Back.

Key strategic milestones included:

• Corporate Transformation: Pivot from legacy investment holding structure into a Bitcoin Treasury Company
• Strategic Acquisition: Reverse acquisition of Healthy to 100 AS and formation of a Health-Tech operating pillar
• Treasury Scale: Accumulation to 1,046 BTC by Q3 close-phase (mid-September)
• Capital Structure Innovation: Multi-tranche convertible framework with premium conversion pricing
• Institutionalization: Frankfurt trading venue expansion, IFRS transition initiation, and balance-sheet deleveraging via conversions

2025 Quarterly Execution: Fundraising & Accumulation Matrix

Q1 2025: Structural Genesis & Governance Foundations

Strategic Context Q1 was an architectural preparation phase. While Bitcoin accumulation did not begin until Q2, the Company established the legal, governance, and corporate structure required to support rapid capital formation and treasury execution.

Key Governance & Corporate Events

• March 7 (EGM): Approved reverse acquisition of Healthy to 100 AS
• Board authorized broad issuance capacity for shares, warrants, and convertible instruments without preferential rights—enabling fast execution in later quarters

Balance Sheet Positioning

• Legacy portfolio cleanup commenced, including material write-downs (~11.7 MSEK) to reset valuation drivers around the new strategy

Bitcoin Activity

• No material Bitcoin accumulation in Q1 (strategy infrastructure phase)

Q2 2025: Strategy Activation & Initial Accumulation

Strategic Context Q2 marked the activation of treasury operations: corporate repositioning, first Bitcoin purchase, and the establishment of the foundational institutional partnership that would define the year’s accumulation engine.

Capital Source

• May 25: 21 MSEK convertible loan facility led by Dr. Adam Back (strategic validation + liquidity for scaling)
• June 16: Institutionalized multi-stage “Tranche” investment framework (Tranches 6–8) featuring premium conversion prices (non-toxic structure)
• Early tranche proceeds (Tranches 1–4) funded initial spot accumulation

Bitcoin Activity

• May 22: First treasury purchase — 4.39 BTC
• By June 30: Treasury scaled to 247.54 BTC

Strategic Milestone

• June 30: Formal market presentation of the Bitcoin Treasury Strategy (“pure play” declaration)

Q3 2025: Hyper-Growth & Nordic Leadership

Strategic Context Q3 was the maximum velocity phase. The Company executed the large-scale financings structured in Q2 and built the dominant Nordic Bitcoin treasury position through relentless accumulation.

Capital Source

• July 9: Tranches 6 & 7 Close (~516 MSEK total)
  • Tranche 6: Directed share issue (6.38 SEK) raising 173.3 MSEK
  • Tranche 7: Directed convertible issue (8.48 SEK conversion), zero-interest, maturity July 2030 (342.3 MSEK)
• Ongoing directed issues through August/September to maintain tactical fundraising speed
• International Access: Shares began trading on Frankfurt Stock Exchange (Open Market) under ticker GS9 (July 22), expanding capital pool

Quarter-End / Peak Q3 Holdings: 1,046 BTC (mid-September)

Governance Transition

• Sept 19 (AGM): CEO transition—Johannes Wiik appointed CEO; outgoing CEO Sander Andersen moved to Executive Chairman, signaling a shift from structuring to operational scaling.

Q4 2025: Consolidation, Reporting, and Institutional Maturation

Strategic Context With the 1,000 BTC milestone achieved, Q4 shifted toward institutional maturity: reporting standards, brand infrastructure, debt optimization, and long-term roadmap signaling. The quarter emphasized corporate readiness rather than aggressive incremental accumulation.

Capital & Balance Sheet Actions

• Oct 12: Board initiated transition to IFRS, improving transparency for NAV representation
• Nov 20: Converted 122.5 MSEK of convertibles into equity (balance sheet deleveraging)
• Continued corporate infrastructure positioning and market communications

Operational / Strategic Development

• Oct 7: Acquired domain H100.com
• Oct 10: Released roadmap “Project Svalbard” (security / long-term preservation framing)
• Interim Report (Nov 18): Health-Tech division drove higher net sales; operating loss reflected scaling costs; Bitcoin valuation volatility noted as non-cash in treasury context
• December: Thought leadership via “H100DL” content (Bitcoin credit markets, commodity volatility)

Bitcoin Activity

• No new BTC purchases disclosed in your Q4 narrative beyond consolidation focus
• Year-end positioning remains anchored by the 1,046 BTC treasury base established in Q3

Capital Structure Framework: H100’s Nordic Stack

Premium-Priced, Zero-Interest Convertible Engine

• 0% interest reduced cash servicing burden
• Conversion prices set at 33% premiums (fixed, stepped-up tranches), aligning incentives and avoiding “death spiral” structures
• Designed as a reflexive engine: higher BTC holdings → stronger equity narrative → higher share price → less dilutive conversion / next tranche enablement

Directed Share Issues as Tactical Execution

• Used to raise capital rapidly without the time/cost burden of rights issues
• Enabled “market sniper” behavior—capital raised in days and deployed with minimal cash drag

Accretive Dilution Discipline

• Company explicitly framed performance in BTC-per-share terms
• Highlighted efficiency metrics (BTC growth massively outpacing share count growth) as proof of accretive treasury engineering

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