Capital Raised for Bitcoin Purchases (Gross Proceeds in $M) Equity Financing Debt Financing $1,000 $650 $1,550 $205 $47 $1,869 2020 2021 2022 2023 ~29.0k BTC ~50.6k BTC ~7.4k BTC ~55.5k BTC (1) (1) Does not include $160M of incremental equity issued in 2023 to repay $205M of bitcoin-backed loan raised in 2022. 17 2023 Value Creation from Bitcoin Activities BTC Price Appreciation (Prior Holdings) Capital Raised + Excess Cash (2023 Purchases) BTC Price Appreciation (2023 Purchases) 12/31/2022 BTC Holdings Mar ...