Historical Execution

In May 2024, we purchased 581 bitcoins at an aggregate purchase price of $40 million, inclusive of fees and expenses. We purchased the bitcoin over-the-counter through a bitcoin liquidity provider. We negotiated fees related to trading commissions. We executed trades using a time-weighted average price over a prearranged time period that was expected to be low price volatility and high market liquidity to limit cost and pricing risks. In selecting our liquidity provider, we evaluated pricing, annual trading volume, security and customer service.

Custody

Our bitcoins are held offline in cold storage with a third-party provider. Digital assets like bitcoin depend on private keys to retrieve and transfer funds.