The profits related to cryptocurrency mainly rely on three major paths: Bitcoin price appreciation: From June to July 2025, the price of Bitcoin rose from $105,000 to $118,000, driving an increase in the company's unrealized gains of approximately $1.8 million (calculated based on 148.8 BTC equivalent). By regularly disclosing holding data (such as weekly updates on reserves), it attracts institutional investors to follow suit, creating a price transmission effect. ETF investment leverage returns: Utilizing capital market financing to amplify Bitcoin reserves, such as the 200 million Swedish Krona (approximately 19.5 million USD) ATM-type financing agreement signed with shareholders in July 2025, which allows for flexible increases in Bitcoin holdings over the next 6 months. This model amplifies asset appreciation returns through leverage, achieving an investment return rate of 18.7% in Q2 2025, significantly higher than the industry average. Profit sharing from computing power assets: By holding shares of Northern Data AG, indirectly participate in Bitcoin mining, with mining profit sharing of approximately $720,000 expected in Q1 2025. At the same time, explore financial products based on computing power, planning to launch a stablecoin issuance scheme based on computing power collateral.

Institutional Entry Demonstration Effect: As Canada's first publicly listed company focused on Bitcoin reserves, its "financing - increase - appreciation" model has been emulated by traditional European financial institutions. By Q3 2025, two German asset management companies have announced the adoption of similar strategies. The company's regular disclosure of holding data enhances transparency, driving a 12% increase in the acceptance of Bitcoin in the compliant investment sector. Capital efficiency optimization: By dynamically converting between ETF increases and direct reserves, the holding cost of Bitcoin is reduced. For example, in July 2025, the average cost of Bitcoin increased through ETFs was $108,000 per coin, which is 4.3% lower than the market average at the same time, saving approximately $680,000. Compliance risk isolation: Separating cryptocurrency assets from traditional business, managing digital asset reserves through independent subsidiaries. In Q2 2025, the asset-liability ratio is only 9.2%, significantly lower than the industry average, avoiding the impact of cryptocurrency price fluctuations on the credit rating of the main business.

Bitcoin ( BTC ): Market supply and demand adjustment: As of July 2025, the Bitcoin directly and indirectly held by the company accounts for 0.00071% of the global circulation. Its accumulation behavior led to an 8% month-on-month increase in the overall mining difficulty of Bitcoin in June 2025, temporarily suppressing the earnings of small and medium-sized miners. Price expectation guidance: By disclosing position data weekly, it conveys a long-term bullish signal to the market. After the disclosure of its position in July 2025, the open interest in the Bitcoin futures market increased by 15%, reflecting institutional investors' optimistic expectations for short-term prices. Other cryptocurrencies: Currently, there is no public information indicating that the company holds Ethereum (ETH), Solana (SOL), or other cryptocurrencies. The business focus is entirely on the Bitcoin ecosystem.