Slide 1: FY 2025 Financial Results Presentation
Marketing Strategy 2025 — FY 2025 Financial Results Presentation
Slide 2: Disclaimers: Forward-Looking Statements
Marketing Strategy 2025 2 Disclaimers Forward-Looking Statements This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. Forward-looking statements include, without
Slide 3: Disclaimers: Non-GAAP Measures
Marketing Strategy 2025 3 Disclaimers Non-GAAP Measures We use certain financial measures not based on U.S. GAAP, including Revenue and gains from operations and Capital markets revenues and gains (together, the "Non-GAAP Measures"), as well as key performance indicators and operating metrics, inclu
Slide 4: Fiscal Year Ended December 2025 – Summary Results
Marketing Strategy 2025 Fiscal Year Ended December 2025 – Summary Results Key Metrics - 2025 AuM (1) $7.4 billion Yield on AuM 2.53% Revenue (2) $197.6 million Asset Management Revenue $126.4 million Capital Markets Revenue & Gains $73.1 million EBITDA (3) $131.3 million Operating Income $127.0 mill
Slide 5: Financial Overview – 2023 through 2025
Marketing Strategy 2025 Financial Overview – 2023 through 2025 Revenue Adjusted EBITDA $95 $179 $198 2023 2024 2025 $64 $125 $136 2023 2024 2025 Adj. EBITDA Margin 69% 70% 68% Asset Management Capital Markets Yield on AuM (2) 1.7% 1.7% 1.6% 1.3% 1.0% 0.9% 2023 2024 2025 AuM (1) '23-'25 CAGR: 44% Dua
Slide 6: Diversifying the Asset Management Product Suite
Marketing Strategy 2025 57% 56% 53% 49% 47% 45% 43% 39% 34% 25% 25% 24% 26% 29% 33% 34% 37% 38% 18% 13% 12% 12% 10% 12% 13% 13% 18% 6% 11% 13% 14% 11% 11% 10% 10% $4,170m $6,933m $6,052m $5,874m $8,035m $6,128m $8,048m $9,610m $7,401m 170bps 164bps 170bps 168bps 169bps 179bps 168bps 161bps 162bps -3
Slide 7: Current Valuation Creates Substantial Downside Protection with Strong Upside Opportunity
Marketing Strategy 2025 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 Jan '23 Jul '23 Jan '24 Jul '24 Jan '25 Jul '25 Jan '26 Jul '26 Jan '27 Current Valuation Creates Substantial Downside Protection with Strong Upside Opportunity Even With Materially Lower Digital Asset Prices Bitco
Slide 8: Illustrative Financial Performance at a Range of Total AuM
Marketing Strategy 2025 Illustrative Financial Performance at a Range of Total AuM AuM ~$7.4bn As of 12/31/25 (1) 162bps Asset Management Yield (2) 92bps Capital Markets Yield (2) 90% Gross Profit Margin (3) $40 Million Annual Fixed Overhead (3) Note(s): (1) Including $0.57bn seed AuM for CoinShares
Slide 9: Current Capitalization and Valuation
Marketing Strategy 2025 Current Capitalization and Valuation Shares Outstanding (million) 132.3 (*) Share Price (1) 5.35 Market Capitalization ($m) 708 (+) Debt ($m) (2) 29 (-) Available Capital Position ($m) (2) (481) Enterprise Value ($m) 256 Enterprise Value / CY2025 Adj. EBITDA 1.9x 2025 P/E Rat
Slide 10: Reconciliation Tables
Marketing Strategy 2025 Reconciliation Tables Revenue & Gains from Operations Adjusted EBITDA (1) (#039;000) FY2025 FY2024 FY2023 Operating Income 126,990 125,011 61,273 Share Option Liability Expense 2,839 12,369 1,261 Expensed SPAC Transaction Costs 4,332 - - ETP/XBT Pricing Differential (1,633) (15,