Important Information about mNAV, Net BTC and Net BPS (Cont’d) Net BPS (in Sats) and Net BPS ($) are intended to take account of
the senior claims described above, but they do so on the basis of a number of assumptions and are subject to additional limitations, including that: • the Company’s debt-like instruments and preferred stock are deducted at their notional
amounts rather than at the amounts that would be payable upon liquidation, redemption, repurchase or maturity (which may be higher or (in the case of repurchases) lower, and which exclude accrued and unpaid dividends and any premiums); •
whether a convertible instrument or share of preferred stock is treated as in-the-money (and reflected in Fully Diluted Shares Outstanding) or out-of-the-money (and deducted in determining Net BTC) is determined by reference to market prices as of the measurement date and can
change materially as those prices change; • preferred stock denominated in currencies other than the U.S. dollar is converted into U.S. dollars at prevailing exchange rates as of 12:30 PM New York time on the most recent Friday; • the
offsetting and repurchase of the Company’s senior claims is funded first with the Company’s USD Reserve, and then, to the extent necessary, through sales of the Company’s bitcoin, and that such sales of bitcoin have no effect on
the market price of bitcoin; and • these metrics do not reflect transaction costs, market impact, taxes, or other expenses that the Company may incur in issuing securities or in acquiring or selling bitcoin, and any bitcoin the Company sells to
fund the repayment, redemption, or repurchase of its senior claims could be sold at prices below those used in calculating these metrics. Different assumptions would produce materially different results, and these metrics may overstate or understate
the Company’s bitcoin after accounting for senior claims (net of the Company’s USD Reserve), including
“out-of-the-money” convertible debt. Net BTC and Net BPS (in Sats) may be reduced to, or below, zero if the
Company’s senior claims (net of its USD Reserve) approach or exceed the value of the Company’s bitcoin holdings. Net BPS (in Sats), Net BPS ($), and BPS ($) are not, and should not be understood as, financial performance, valuation or
liquidity measures. Specifically: • Neither Net BPS (in Sats) nor Net BPS ($) represents (i) the Company’s book value per share or stockholders’ equity per share determined in accordance with GAAP, or (ii) the amount, if
any, that holders of common stock would receive in respect of the Company’s bitcoin in a liquidation. • Neither Net BPS (in Sats) nor Net BPS ($) accounts for certain liabilities, such as deferred tax, operating lease, legal
contingencies, and similar liabilities, which could be material. • BPS ($) does not represent (i) the ability of the Company to satisfy the Company’s financial obligations, or (ii) the Company’s book value per share. The
Company’s ability to maintain any given level of mNAV, Net BPS (in Sats), or Net BPS ($) may depend on a variety of factors, including factors outside of its control, such as the trading price of the Company’s class A common stock, the
price of bitcoin, and the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results The trading price of the Company’s class A common stock is informed by numerous factors in addition to
the Company’s bitcoin holdings and its actual or potential shares of common stock outstanding, and as a result, the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s
bitcoin, and none of Net BPS (in Sats), Net BPS ($), or BPS ($) is predictive of the trading price of the Company’s securities. mNAV, Net BTC, Net BPS (in Sats), Net BPS ($), and BPS ($) are merely supplements, not substitutes, to the
financial statements and other disclosures contained in the Company’s SEC filings, on which investors should rely. They should be used only by sophisticated investors who understand their limited purpose and many limitations. 77
