11. LOAN

In May 2025, the Company entered into a Master Loan Agreement (the “MLA”) with BitGo Prime, LLC providing the Company the ability to secure USD cash loans secured by Bitcoin (“BTC”). On May 5, 2025, the Company entered into a loan under the MLA for a total of $200,000, collateralized by three BTC with an interest rate of 11% per annum and a maturity date of August 31, 2025 (the “May 2025 BitGo Loan”). On August 29, 2025, the Company repaid the outstanding balance under the May 2025 BitGo loan and entered into a new loan agreement for a total of $275,000, collateralized by four BTC, with an interest rate of 9.99% per annum and an open maturity date (the “August 2025 BitGo Loan”).

As of December 31, 2025, the aggregate outstanding balance on the August 2025 BitGo Loan was $220,000, The loan includes provisions requiring the collateral to be balanced against the outstanding borrowings.