Capital B Bitcoin Treasury Q&A Update

Join Alexandre Laizet in this investor Q&A video on Capital B's Bitcoin accumulation strategies, yield maximization, market challenges, expansions, and future innovations as Europe's leading BTC treasury company.

Timestamp Overview

[00:00:00 - 00:02:50] Introduction and Company Overview

Alexandre greets viewers and explains this is the first video update to answer investor questions from X.
He shares his screen to show a list of questions grouped by topics like BTC buys, yields, and market feelings.
Capital B is introduced as Europe’s first Bitcoin treasury company listed on a stock exchange.
The main goal is to increase the number of Bitcoin per share through regular buys and big deals.

[00:02:50 - 00:05:14] Bitcoin Accumulation Targets and Strategies

The company aims for 3,000 BTC by 2025 but hopes to exceed it, with long-term goals of 21,000 BTC in three years and 210,000 by 2033.
They’ve already reached over 2,000 BTC, adding more than 50 recently, and are ahead of their plan.
They buy Bitcoin regularly without waiting for price drops, using all available money quickly.
No forward plans on bond sales for more BTC, but they can issue BTC-based bonds anytime.

Share price dropped sharply earlier this year but recovered after big transactions that took 1-3 months to complete.
Similar future deals could greatly impact the company positively.
They’re working hard on operations like restarting a Luxembourg setup, with daily meetings worldwide.
The pace to reach 1% of all BTC by 2033 is on track, despite new competitors emerging.

[00:07:48 - 00:09:28] Competition and Growth Comparison

Bitcoin treasury companies compete to buy BTC but also help each other by promoting BTC adoption.
Capital B has grown from 40 BTC last year to 2,000 now, giving huge returns like 1,400% BTC yield this year.
This growth has attracted big investors and even short sellers who bet against the stock.
Compared to others like MicroStrategy, their pace is strong when adjusted for starting time and market.

[00:09:28 - 00:11:58] Market Impacts and Capital Raising

Short sellers affect short-term prices but could become buyers later based on BTC moves or company deals.
More companies adopting BTC helps Capital B raise money as it converts traditional assets to BTC.
Only a tiny fraction of global money is in BTC yet, so there’s huge potential for more inflows.
Plans like rebranding, US stock listing, and Abu Dhabi office could speed up growth.

[00:11:58 - 00:14:35] Investor Details and Tokenization

PeakHODL invested recently and may help tokenize shares for 24/7 trading directly with BTC.
Tokenization allows shares to trade anytime in wallets, boosting access without needing more investor details.
No updates on Fulgur Ventures’ position, but they’re a key investor holding potentially 44% if converted.
The company’s investors are mostly long-time Bitcoin fans, which is a big strength.

[00:14:35 - 00:17:56] Proof of Reserves and Buying Approach

As a public company, audits happen twice a year with trusted banks handling BTC safely.
No short-term plans for public proof of reserves, but it’s not ruled out.
They don’t time buys for price dips because the focus is getting BTC quickly, not predicting markets.
Past timing attempts would have led to fewer BTC overall.

[00:17:56 - 00:20:47] Marketing and Capital Yield in Tough Markets

Frequent small buys aren’t for marketing; the goal is fast accumulation when cash is ready.
Company value comes from BTC on balance sheet, growth in BTC per share, and market premium.
Premium depends on future BTC yield potential, like earnings in traditional companies.
In bad markets, premium might drop, but they can still raise money through special bonds.

[00:20:47 - 00:23:28] Bear Market Strategies

Bear markets make raising harder, but tools like BTC bonds have built-in premiums to help.
They’re considering preferred stocks like other companies to keep accumulating BTC.
Even in downturns, investor shifts could limit losses as money flows back to BTC.
BTC treasury companies might change how bear markets work by steadily buying BTC.

[00:23:28 - 00:25:34] Dilution and Instrument Details

Warrants from earlier can be exercised to add more BTC; faster exercise helps accumulation.
They’ll update on how operations add value without real dilution on a BTC basis.
Raises aren’t backed by BTC but some are in BTC with long terms for company growth.
If goals aren’t met in 5 years, investors might get BTC back, but that’s unlikely.

[00:25:34 - 00:28:03] Fund Partnerships and Yield Products

No current plans for a yield fund with partner TOBAM, but their program already adds extra yield.
TOBAM gets special prices for buying shares, helping them outperform.
No comments on option income products yet; updates if they happen.
To raise value, focus on more capital, BTC buys, and better communication.

[00:28:03 - 00:30:17] Hiring and Regulations

Hiring to speed up tasks like US listing and executions for faster BTC growth.
French/EU rules are tough but create barriers, making Capital B unique in Europe.
This gives access to big European debt markets for future growth.
Scaling in Europe could lead to huge balance sheet increases like others in the US.

[00:30:17 - 00:33:50] Advantages in Europe vs. Other Markets

Europe has liquid markets and demand for BTC treasuries, shown by high performance and liquidity.
BTC treasuries appeal for indirect BTC exposure due to taxes and privacy.
Share price drops despite BTC rises due to summer lows, shorts, and new competitors.
But long-term, performance is measured in BTC yield, which is up hugely.

[00:33:50 - 00:36:06] Risks and Long-Term Focus

Investing has risks like BTC volatility, bank issues, and operations.
Fiat money prints endlessly, but BTC is limited, making it strong long-term.
Short sellers may lose betting against a BTC-focused company.
Volatility is a chance for convinced investors to buy low.

Price falls from competition drawing attention, lower summer trading, and shorts.
But more BTC adoption overall helps; aim to beat benchmarks in yield.
Right timeline for BTC is years, not short-term moves.
Confident in beating shorts with deals and BTC growth.

[00:39:18 - 00:41:05] Roadmap and Metrics

No price predictions; can’t give guidance.
In top 25 BTC treasuries now; aim for top 20 by best raising and velocity.
If BTC surges, contingency is raising more as adoption grows.
PCV metric shows strong conversion of premium to value, better than traditional investments.

[00:41:05 - 00:44:07] Protecting Shareholders

All operations increase sats per share, no real dilution if you believe in BTC.
Use fully diluted metrics to account for future shares.
No alliances yet with other treasuries; focus on own growth.
Congrats to competitors like Sequence; M&A is complex.

[00:44:07 - 00:46:32] Capital Raise Updates

June approval was for capacity to raise up to 10B euros, not an actual raise.
It takes time; share price links to successful raises adding BTC.
Still seeking US head; reach out if interested.
US ticker delayed by admin issues; more updates soon.

[00:46:32 - 00:49:22] Expansions and Events

Setting up in Abu Dhabi; open to meetings there.
Planning events like conferences and possible investor day.
No Lightning or DeFi focus; core is BTC per share.
Developer team works on BTC nodes for clients, not company use.

[00:49:22 - 00:51:57] Tokenization Benefits

Tokenizing shares adds 24/7 liquidity and BTC trading, helping yield.
Targets BTC holders with wallets for direct access.
Pool of capital is huge, like all BTC, and will grow with mainstream adoption.
No min market cap for preferred shares; considering options.

[00:51:57 - 01:01:39] Governance and Closing

Payroll aligned with investors; team fully committed with skin in game.
More transparency coming within rules.
Thanks to question contributors.
Considers all investors equal; works 24/7 for them.

Notable Quotes

Bitcoin Accumulation Focus
Our goal is to accumulate as much Bitcoin as possible as fast as possible and in the most accretive way as possible.
Alexandre Laizet @AlexandreLaizet

Long-Term Targets
Our goal is to accumulate 21,000 plus BTC over three years and to go towards 210,000 BTC towards 2033.
Alexandre Laizet @AlexandreLaizet

Competition in BTC Treasuries
We are in competition to accumulate as much Bitcoin as possible. At the same time, we are cooperating into the adoption of Bitcoin on all of our balance sheets.
Alexandre Laizet @AlexandreLaizet

Volatility as Opportunity
That is why we call volatility as vitality. That is why we call volatility as opportunity.
Alexandre Laizet @AlexandreLaizet

Bear Market Strategy
The whole point of a Bitcoin treasury company is to securitize Bitcoin and issue financial instruments that will allow the company to raise capital and accumulate Bitcoin with an embedded premium.
Alexandre Laizet @AlexandreLaizet

European Advantages
What I see in Europe is scaling scarcity. Yes, there is constraints, but that means that the scarcity is higher than in other markets.
Alexandre Laizet @AlexandreLaizet

Investor Alignment
You are my priority every day. I work for you 24 7, 365. And I will continue to do so.
Alexandre Laizet @AlexandreLaizet

BTC Yield Maximization
My sole function in the company and what you expect from me every day is to raise as much capital as possible as fast as possible and to accumulate the most bitcoin possible on the balance sheet.
Alexandre Laizet @AlexandreLaizet

Short Sellers
The highest probability for short sellers is that we will be very happy to welcome them potentially in the future as future shareholders.
Alexandre Laizet @AlexandreLaizet

Tokenization Benefits
More liquidity, more access is at the end of the day, more premium potential and more BTC yield potential for our shareholders.
Alexandre Laizet @AlexandreLaizet

Questions & Answers

Question 1: Are large BTC buys coming?

Answer: As a publicly listed company, we cannot give forward-looking statements, but we update on large transactions when they happen. Focus is on maximizing Bitcoin per share through regular purchases and potential big deals.

Question 2: 3000 BTC by 2025 when 10,000?

Answer: We’ve already hit 2013 BTC and are ahead of targets. We aim to exceed 3000, with goals of 21,000 in three years and 210,000 by 2033 to reach 1% of total BTC supply.

Question 3: Monthly purchase plans or price zones?

Answer: We don’t consider fiat prices; we allocate all capital to BTC as fast as possible without timing the market.

Question 4: Forward guidance on bond issuance to grow BTC stack?

Answer: We can’t give forward statements, but we can issue BTC-denominated convertible bonds anytime via our Luxembourg SPV.

Question 5: When will the Luxembourg nuclear reactor restart?

Answer: We can’t announce unconfirmed details, but we’re working relentlessly on such operations with investors worldwide.

Question 6: Is the current pace fast enough to reach 1% of the total BTC supply by 2033, especially as other Bitcoin treasuries are emerging?

Answer: Yes, our growth from 40 to 2000 BTC shows strong pace. Competition helps adoption, and differentiation comes from velocity and aggressiveness.

Question 7: Who is peakhodl and what is their role?

Answer: PeakHODL invested in our recent equity raise and aims to tokenize shares for 24/7 trading directly with BTC via Stocker.

Question 8: Do we have an idea of Fulgur’s position in the coming months?

Answer: No updates now; we’ll announce if needed. They hold potentially 44% fully diluted and are strategic Bitcoin maximalists.

Question 9: Any plans for ALTBG to show proof of reserves?

Answer: As an audited public company, we rely on half-year and year-end audits with trusted banks. No short-term plans for cryptographic proof, but not closing the door.

Question 10: Will Capital B time Bitcoin purchases around macro dips?

Answer: No, we don’t time the market; focus is accumulating BTC as fast as possible.

Question 11: Did they study the marketing engagement impact of frequently buying small amounts of btc?

Answer: We buy as soon as possible without getting cute on pace; marketing isn’t the driver.

Question 12: Capital yield fundraising plants in a bear market?

Answer: Bear markets challenge raises, but we use instruments like BTC bonds with embedded premiums to continue accumulating.

Question 13: Expected dilution from Warrants and Convertible?

Answer: Warrants help accumulate BTC faster; we publish updates on accretion. All operations increase BTC per share on a Bitcoin standard.

Question 14: Will Raises remain BTC backed?

Answer: Raises aren’t BTC-backed; some are BTC-denominated with protective terms, but priority is equity and accretive instruments.

Question 15: Could TOBAM engineer a yield bearing fund using altbg?

Answer: Not currently; TOBAM already gains extra yield via our ATM program.

Question 16: Plans for an option Income ETF like msty?

Answer: Can’t comment now; we’ll update if involved in the future.

Question 17: What are you going to do to raise MNav?

Answer: Relentlessly raise capital, accumulate BTC, improve communication, hire talent, and issue new securities.

Question 18: Would you say French and EU regulation is more of a constraint or mode for those able to navigate it effectively?

Answer: It’s a constraint but an advantage due to higher barriers, giving us unique position in Europe’s liquid markets.

Question 19: Advantages and challenges of a Bitcoin strategy in Paris EU and how this compares to to other markets?

Answer: Challenges in rules, but high demand shown by performance. Compares well to US/Japan/UK; EU appeals for indirect BTC exposure.

Answer: Due to summer lows, short sellers, and attention to new competitors. Measure in BTC yield, which is up hugely; volatility is opportunity.

Question 21: Confidence in beating short sellers?

Answer: Yes, shorts provide service and may become buyers; we focus on BTC yield and deals.

Answer: Can’t comment as a public company.

Question 23: Short term guidance to lift sentiment and price?

Answer: Can’t provide; focus on major transactions and partnerships.

Question 24: Top 20 BTC, treasury roadmap?

Answer: We’re top 25 now; aim for top 20 via best raising, velocity, and instruments.

Question 25: If BTC price surges. Do you have a contingency plan to keep accumulating efficiently?

Answer: Higher BTC price means more adoption, allowing us to raise more capital accretively.

Question 26: PCV Premium Compression velocity, the metric of Adam Livingstone which provides a view of how many units of premium the company is able to transform in net asset value each month is below 1. So it’s about 1070089?

Answer: Our PCV around 1 is highly accretive, converting premium to value in 4-5 months, best in class.

Question 27: How will Capital B protect existing shareholders from dilution?

Answer: All operations increase sats per share; we use fully diluted metrics and focus on long-term partners.

Question 28: Any plans to ally with other BTC treasury companies or to position defensively against similar players like Sequence entering the space?

Answer: No alliances now; focus on own craft. M&A is complex; congrats to Sequence.

Question 29: Do you have any updates regarding the 10 billion capital raise in June 10th?

Answer: It was approval for capacity up to 10B euros, not an actual raise; takes time to execute.

Question 30: Status on US Head recruitment?

Answer: Still looking for Bitcoin maximalist with raising experience; reach out if interested.

Question 31: Awareness for the US Ticker?

Answer: Delayed by admin issues; will update soon on timeline.

Question 32: Updates on Abu Dhabi?

Answer: Establishing presence; open to meetings in the region.

Question 33: Investor day planned before year end?

Answer: Considering it; attending conferences like UN, Plan B, Bitcoin Mina.

Question 34: Will Capital B adopt lightning or defi strategies?

Answer: Not core priority; focused on BTC per share. Developers work on BTC nodes for clients.

Question 35: Plans to tokenize ALTBG shares or destruction from BTC’s focus?

Answer: Tokenization adds liquidity and access, helping BTC yield; not a distraction.

Question 36: What’s the main type of expected investor that would choose tokenized shares of capital B over normal shares?

Answer: Sovereign BTC holders with wallets wanting direct BTC trading and to outperform BTC.

Question 37: How big do you think this pool of capital is for tokenized shares?

Answer: As big as BTC’s trillions, growing with mainstream access.

Answer: For traditional ones, bigger helps; considering adapted versions.

Question 39: How is payroll and salary indexing managed at Capital B in broad terms?

Answer: Not public, but team is aligned with investors and all in.

Question 40: How much skin in the game does the team have?

Answer: Fully committed; remuneration tied to maximizing BTC per share.

Organizations Mentioned

Capital B (ALTBG, Europe’s first Bitcoin treasury company, formerly The Blockchain Group)
Euronext Growth Paris (stock exchange where listed)
Tobam (French asset manager, partner in ATM program)
Fulgur Ventures (strategic investor)
Bitcoin Magazine (investor)
UTXO Management (investor, investment arm of BTC Inc.)
Taylor Events (mentioned as investor, possible transcription error)
PeakHODL (investor in equity raise for tokenization)
Stocker (Stokr, tokenization platform in Luxembourg)
Banque Delubac (Bitcoin custody bank in France)
Swissquote (regulated bank in Luxembourg/Switzerland for custody)
MicroStrategy (referred to as Strategy, benchmark Bitcoin treasury)
Meta Planet (Japanese Bitcoin treasury company)
Smarter Web Company (European Bitcoin treasury)
H100 (Bitcoin treasury company)
Semler (Bitcoin treasury company)
Sequans (US Bitcoin treasury company)
Blockstream (developer of Liquid sidechain for tokenization)

Transcript

Alexandre Laizet [00:00:00]: Hello everyone. Thank you all for being here today. It’s a pleasure for me to address directly the questions that have been asked by the investor community on X. I’ve been asked many times to do weekly updates or to provide answers on X and I thought that it might be even better potentially to do a video like this. It’s the first one. So you will let us know what you think and I will go through a list of questions that we have put together with the team and I will address them one by one. So let me share my screen. All right, let’s see if that works.

Alexandre Laizet [00:00:54]: Yes, that’s perfect. All right, so these are questions from our shareholders on X and we have put them together in sections and I will go through them one by one on different topics. So thank you all for having contributed to those questions. The agenda for today is the BTC acquisitions, the capital yield and the different structures that we have. The market performance and sentiment, expansion and strategic roadmap innovation, tokenization of the share, new financial products, governance team and transparency. So BTC acquisition are large BTC buys coming? As you know, Capital B is Europe’s first Bitcoin treasury company company listed on Euronext Growth Paris under ticker altbg. And of course we are a publicly listed company and we cannot give forward looking statements and we will be updating you as soon as we potentially do large scale transactions or BTC purchases. But as you know, my full focus is is on maximizing the number of Bitcoin per share and that goes with both the of course setting up of the Bitcoin accumulation machine of Capital B through regular purchases that can happen through the ATM type program that we have with tobam at the same time that I’m of course focused on working with investors to finding deals where we have potential new big transactions in the future.

Alexandre Laizet [00:02:50]: But I would like to remind that nothing is certain and that as we put all of our effort it might sometimes take more time than you could expect. 3000 BTC by 2025 when 10,000. Well a few months ago we had put our targets at about 3000 BTC at a higher bound and we are already at 2013 BTC as we announced today, more than 50 BTC added to our balance sheet. So we will happily of course work to exceed that target of 3000 BTC. Our goal is to accumulate 21,000 plus BTC over three years and to go towards 210,000 BTC towards 2033. So the goal is to accumulate 1% of the total BTC supply and if we can achieve that target, as I see question number four there earlier, then we will do it of course. But what we can see as of today, and I invite you to go to our website on capitalb cptlb.com analytics you will see that we are in advance in our program of Bitcoin accumulation. Monthly purchase plans or price zones.

Alexandre Laizet [00:04:25]: We are not considering the fiat price for, for our BTC accumulation. Our goal is to accumulate as much Bitcoin as possible as fast as possible and in the most accretive way as possible. We are not waiting with fiat on the balance sheet for long term capital. We are allocating all available capital as fast as possible to Bitcoin. Because you do not want to time Bitcoin. What matters is the number of Bitcoin on the balance sheet as soon as possible. Forward guidance on bond issuance to grow BTC stack. Well, the same answer that I gave, we cannot give forward looking statements.

Alexandre Laizet [00:05:14]: But what we have is the capacity out of our SPV in Luxembourg to issue BTC denominated convertible bonds. And that can happen at any anytime. Back when we were in January, February, you know that the stock price went from 0.60 to 020 and that was at the time quite a sharp decrease of the share price. And you know that today we went from of course 5, about 5 to 550 to now free, about €3. So that gives a little bit of perspective. And what happened between 0.60 and 0.20? Well, to go to €5 and now about €3. Well, what happened is major type transactions that took us at the time between one to three months to, to complete and to finalize. And that requires a lot of work with major investors.

Alexandre Laizet [00:06:26]: But of course if we were to do a similar type transaction in the future, that would potentially have significant impacts on the future of the company. When will the Luxembourg nuclear reactor restart? Well, you know that we cannot say something that cannot be announced or is not confirmed or is not complete. But we are relentlessly working on such operations. I have many meetings with investors in Europe, in the Middle east, in the US every day. And I am working relentlessly all summer, every day to maximize BTC yield for our shareholders. Is the current pace fast enough to reach 1% of the total BTC supply by 2033, especially as other Bitcoin treasuries are emerging? That taps into a phenomena that we have seen over the last month is the emergence of tens of companies that are adding Bitcoin to their balance sheet. Here I would like to emphasize two points. The first one, we are in competition to accumulate as much Bitcoin as possible.

Alexandre Laizet [00:07:48]: At the same time, we are cooperating into the adoption of Bitcoin on all of our balance sheets. And what will differentiate Bitcoin treasury companies with each other in terms of market potential performance will be the velocity, the size and the aggressiveness. Within eight months, we’ve gone from 15 Bitcoin to 40 Bitcoin to 620 Bitcoin 800 Bitcoin 1200, 1600 and now from 1900 to 2000 Bitcoin, which while this can be of course compared with the pace of other Treasuries either from the past or from the recent past. Well, each company has its own structure, its own pace, its own market and its own story. And I would say that our growth has been substantial. We have gone from 40 bitcoin end of last year to 2000 now. And that has generated a 1400% BTC yield year to date and already a 10% plus BTC yield this month. If you compare that with traditional financial market, that is completely unseen, more than 2000 3000% performance over the last eight months.

Alexandre Laizet [00:09:28]: One of the most performing European stock and depending on the time frame, the best performing European stock that has attracted the attention of many institutions that we now count as part of our shareholders, like generally in Europe, a major asset manager and and even short sellers that have started to pay attention to the stock, which is good. And I would like to emphasize that over the last two months, as it was the case back in January and February, short sellers have indeed a bit affected the stock performance and now in the summer with a bit lower volumes. But at the end of the day, short sellers are future potential buyers and we will happily welcome them as shareholders at the time when it is the time. Meaning either based on what Bitcoin can do and or based on the potential significant transactions that we could have the capacity to do at some point in the future. And so compared with other Bitcoin Treasuries, I think it’s not really pertinent to compare different companies based on different time frames. I would say that if you take strategy and Meta Planet and you take the time from when they started their Bitcoin treasury company strategy and you compare with ours, you see that we are exactly on track, if not above the pace of those absolute leaders in the market. And we are the leaders in the European market and we are very happy to have been joined by the smarter web company, for example, and H 100 and many more that will come and that is is reinforcing our capacity to accumulate more Bitcoin by raising more capital. Because the more investors are introduced to the strategy, the more assets, traditional assets are being converted to Bitcoin and Bitcoin treasury balance sheets, the more we will be able to raise capital.

Alexandre Laizet [00:11:58]: I would like to emphasize that only 3% of global capital has been really starting to be allocated to Bitcoin, if not less, and that there will be 97% of global capital in hundreds of trillions of dollars that will over time flow to Bitcoin as it becomes the global reserve of value. And our actions in terms of global rebranding and in terms of US ticker, even if that takes a bit more time than expected and setting up a subsidiary in process in Abu Dhabi where I am currently based on, will potentially accelerate our pace in a way that could surprise or not, of course, but that could potentially surpass some expectations. Who is peakhodl and what is their role? Peakhodl has been an investor in our last equity raise of more than 8 million euros. PicoDL is an investor that previously participated in the tokenization of shares for strategy and or Metaplanet with Stoker out of Luxembourg. And this equity issuance has the objective to potentially tokenize the shares of ALTBG Capital B over in Luxembourg and which would allow the shares of Capital B to be traded 247365 directly in the wallet of investors and or through Stocker. And that would allow as well native trading between Bitcoin and Capital B directly with Stocker. So we have been asked about more details for Peakholder, but we have no requirement to give further details on our investors. And that of course is already quite some information that we publish when we do private placements for specific investors.

Alexandre Laizet [00:14:35]: Well, you know the name of these investors. Do we have an idea of Fulgur’s position In the coming months? We will, if the case, make any announcement that is needed based on what Fulgur could do. But Fulgur Ventures is one of our strategic investors. Since March they have participated in two tranches of our BTC denominated convertible notes. And as of today, if they were to convert all of their convertible notes, they would hold on a fully diluted basis 44% of the capital, which is significant. And so that also highlights one of the big significant advantages of Capital B which is its capitalization table composed of Bitcoin maximalists that have been there for decades now with Adam Bach, with Fulgo Ventures, with Bitcoin magazine with UTXO Management, Taylor Events. Thank you and Tobam, the French 2 billion asset manager who’s been in Bitcoin for many years now. So no update on Fulgur for now, but if that happens we will of course keep you updated.

Alexandre Laizet [00:16:05]: Any plans for ALTBG to show proof of reserves? I have already given some comments on this topic with the observation that similar to Strategy’s position, we are an audited public company that has audits on our accounts both at half year and at end of year and our auditors work with our banks. The bank d’ Lubac in France that has been doing Bitcoin custody for many years and that is led by bitcoin maximalists since 2011 that they are bitcoin maximalists and Swissquote regulated bank as well, based in Luxembourg and in Switzerland who have also had a very very good track record at doing this. Both are audited, both have been audited from a cybersecurity perspective. They are both responding to European regulations that have been put in place now for many years and auditors are working with those banks to perform the audit of our Bitcoin reserves. So there is no short term plan to publish cryptographic proof of reserve. And many times we have asked this question to some of our banking partners. Many times it also creates some technical timing necessities for the bank if they want to provide this service. That would also require some time.

Alexandre Laizet [00:17:56]: So we are not at all closing the door, but that is not a short term priority. Will Capital B time Bitcoin purchases around macro dips? No. What matters is not the fiat price. Fiat is going to zero and what matters is accumulating Bitcoin as fast as possible. Effectively if we had tried to time the market based on our past purchases, we would have ended up with less Bitcoin because you cannot predict what Bitcoin will do. And what only matters is the Bitcoin you add on the balance sheet as soon as possible. Did they study the marketing engagement impact of frequently buying small amounts of btc? That’s the same answer. You do not want to get cute with the pace of Bitcoin accumulation.

Alexandre Laizet [00:18:56]: You want to buy it as soon as possible. You know that was one of the discussions I’ve had with investors back in February about separating BTC purchases in smaller amounts. You know when the cash is available you put it in bitcoin and if you have the opportunity to do a major large scale transaction, you do it. And I’ve been also asked about the pace of our ATM for example about not publishing it weekly but twice a month. I believe that the fastest way is the best and the one week time horizon has been very good at deploying the capital as fast as possible. With our partners now Capital yield fundraising plants in a bear market as you know, the valuation of a bitcoin treasury company is based on three main factors, of course. The Bitcoin valuation on the balance sheet, the net asset value and the BTC yield. The increase of bitcoin per fully diluted share that a company can do and the premium that can be generated by a company on the market, represented by the difference between the market cap and the net asset value of the bitcoin on the balance sheet and more precisely the fully diluted market cap, meaning the shares issued and to be issued versus the net asset value of the company.

Alexandre Laizet [00:20:47]: The premium is highly dependent on the market sentiment on the capacity of the company to generate further BTC yield. And so as for traditional companies, you evaluate the company revenue costs and potential profit over time, potential gains over time, and you add multiple of forward expectations of those gains in the future for the company. In traditional markets, it’s not unusual. In fact, it’s quite normal to see high multiples of 5x10x, sometimes 20x because investors value the future earnings of the company. In our case, we have a multiple on our potential future earnings which are in bitcoin land. The equivalent of earnings is the BTC gain. The BTC gain is not earnings in the traditional sense, but it is in some way the purest form of earnings because you are adding bitcoin straight to the balance sheet. It’s like cash flows that are adding straight to the balance sheet.

Alexandre Laizet [00:22:16]: And those bitcoin to the balance sheet, you adjust them for the dilution and in this way you get the bitcoin added to the balance sheet. That’s a pure accretion to the shareholders. On a bitcoin standard, there is no dilution. In this case, it is pure accretion because you are increasing the number of bitcoin per share. And of course in a bear market you could be in a situation where the premium goes to one or even lower than one that has happened in the past. For example, for strategy for maybe a month that was a short period. But at that time of course, investors may have felt some fear. What you see is that in the meantime, strategy has been relentlessly increasing its BTC yield and has now a premium of about 2, which shows you that yes, it can be more difficult to raise capital in a bear market.

Alexandre Laizet [00:23:28]: In a situation in which the premium may have fell down a little bit, but still, that is the whole point of a Bitcoin treasury company is to securitize Bitcoin and issue financial instruments that will allow the company to raise capital and accumulate Bitcoin with an embedded premium, meaning not needing market premium, with an embedded premium into credit type instruments in the form of convertible bonds, in the form of preferred stocks, in the form of, in our case, BTC denominated convertible notes that have an embedded premium. In our BTC denominated notes, you see that There is a 30% premium on top of the market price. And you see that for the tranche 2, there is a plus 30% on top of the plus 30% market premium, which means that even at a premium of 1, you could be raising capital at a premium of 1.7 to 2. And that is not even mentioning what you could do with preferred stocks. And what strategy is brilliantly doing with the preferred stocks offering. That we are definitely considering potentially in a form that would be adapted to our context over in France and our context in terms of balance sheet. But we are definitely working closely on this matter. And so with instruments that are dedicated to raising capital, no matter what is the market context, we are confident that we will be able to maximize and to continuously accelerate the pace of our Bitcoin accumulation even in a bear market.

Alexandre Laizet [00:25:34]: Even if it is true that it might be more challenging to raise capital in a bear market. The last point I would like to make on this is that a bear market might be different in the context of the current market than it was in past markets. In past markets you had situations in which the way for short term traders to outperform the Bitcoin bull market was to sell Bitcoin to get exposures to Altcoin. Even if today we are seeing that to some extent, for some investors, you can see a major shift in the market where the way and the smarter way to outperform the Bitcoin bull market is to feed the Bitcoin bull market by accumulating shares and equity linked instruments of Bitcoin treasury companies. And in this way, the Bitcoin treasury companies will keep accumulating Bitcoin. What you can notice as well is that a lot of capital raised from Bitcoin treasury companies is from investors that would otherwise come back to Bitcoin in an adverse time. And in this case, well, imagine that you could have a form of bear market for Bitcoin treasury companies, but those investors may very well come back to Bitcoin itself, which would in turn of course limit the downside in terms of the balance sheet of the Bitcoin treasury companies that hold the very asset that the investors could come back to. And in this context, and if you take into the context that many of those investors might be attracted for bear market type instruments, like very fitted preferred stock type of instruments, well, you could end up in a structure where even if a share price might be affected for some time, you could end up with a continuous Bitcoin accumulation pace of Bitcoin treasury companies, which would in turn of course affect a potential bear market into a more continuous Bitcoin accumulation for the market.

Alexandre Laizet [00:28:03]: Expected dilution from Warrants and Convertible well, of course we have been issuing warrants from the bsa, the warrants open to all investors that we have issued back in April for all shareholders to be able to participate in the Bitcoin accumulation. And those have been partially exercised and converted and some of them are still pending, maybe half or a bit more, and the period was over one year. So I would like to emphasize for shareholders that the fastest you exercise those warrants, the fastest we accumulate Bitcoin as well, and the most accretive it is if you believe that the price of Bitcoin is going slightly upwards. In the future, we will be publishing, as we have done in all our past announcements, the progress on the difference between the issuance of revs and the accumulation of Bitcoin and how that is accretive based on the full type of instruments that we are issuing at the same time over the same period. And for convertibles, we have issued some convertibles at much higher prices than today. And some tranche tools are still open for investors to potentially subscribe or not, but they are available for investors for some of them to be subscribed. But we will of course publish update on this and if you want more information as we go on the accretion of our operation, you can go to our financial information tab on our website. Will Raises remain BTC backed? So our raises are not per se, BTC backed.

Alexandre Laizet [00:30:17]: It is our Bitcoin. It is not secured by Bitcoin. It is for some of them, for the BTC denominated notes denominated in Bitcoin, but it is not BTC backed. The structure we have done is that the investors in the Bitcoin denominated note, they have the possibility to subscribe directly in Bitcoin and the maturity of the notes is 5 years and over 5 years it gives 5 years for the company to perform by about 70% for the instrument to be converted. And if the company doesn’t perform like this, yes, there is a risk that there is not conversion and that the Bitcoin as the denominated note is denominated in Bitcoin, then that the Bitcoin could be given back to the investor. But that would mean that either Bitcoin would have failed or that the company wouldn’t have performed by 70% over five years, which is of course based on our execution and potential execution in the future, quite unlikely. There is always a risk, but we are able to generate potentially major BTC yield figures that would potentially be higher than 70%. And on top of this, Bitcoin itself could go much higher than it is today.

Alexandre Laizet [00:31:59]: Nothing is certain, but those are conditions that are extremely protective for the company. And so all our raises will not be BTC backed. In fact, our priority is always to raise equity directly. And equity linked instruments such as these instruments are very accretive for the company because they attract investors that maybe would have not come or would have put less capital into the company. Could TOBAM engineer a yield bearing fund using altbg? That is not currently the case and we will of course update or TOBAM could update if that would happen in the future. But of course I cannot pronunciate myself on something that would not exist as of today, but still already. Toban funds that are participating in Capital B ATM type program effectively can generate an additional yield already for their subscribers as they are partners for our ATM type program. And every day under certain conditions they have access to the price, the subscription price of the day before and so that incentivize for ATM type program that is a form of long only type program and that Topham can only access the highest of the following three options.

Alexandre Laizet [00:33:50]: The closing price of the day before, the weighted average price of the day before and the -15% of the 20 day moving average of the last volume average weighted prices, that is of course the highest of those three. And so under this condition Topam can access this price and they are incentivized of course to do it within 21% of the volumes of the day before every day that those conditions are met. And so in this way effectively Topham funds can over time outperform Capital B itself by being able to capture this difference on top of the performance of Capital B. And so some shareholders and that incentivizes some potential major shareholders and investors to subscribe directly to TOBAM funds to get exposure to Capital B plans for an option Income ETF like msty I couldn’t for now pronunciate myself on this matter. But if this topic arises in the future and if we were to do something like this or be involved in something like this, we would communicate with the market. What are you going to do to raise MNav? I will relentlessly and continuously work on maximizing BTC yield every day. I believe that my sole function in the company and what you expect from me every day is to raise as much capital as possible as fast as possible and to accumulate the most bitcoin possible on the balance sheet in the most accretive conditions and to communicate relentlessly about our strategy. And so I am doing all of this and at the same time I intend together with the team and we are also hiring right now to raise our capacity to execute full.

Alexandre Laizet [00:36:06]: For example, we have taken too long for the OTC ticker in the US to come and it might still take more time than expected due to administrative processes that we do not fully control, of course, but we do everything in our hands and we are hiring brilliant minds to accompany us in the future to increase the pace of bitcoin accumulation and to increase the communication and potentially provide a more detailed view on our future strategy which is focused on maximizing bitcoin per share. And of course that goes with maximizing the liquidity in different markets and maximizing awareness about the company unique focus on BTC yield maximization. Would you say French and EU regulation is more of a constraint or mode for those able to navigate it effectively? Just before this I would like to say that of course to raise MNAV over time we will definitely work on the issuance of new type of securities, as I mentioned before, and we are of course working as we’ve been authorized to, on potential public offerings which also take some months to materialize. Would you say French EU regulation is more of a constraint? I would say that yes, it is in a constraint in some way. At the same time it is an advantage because you know, at the end of the day, given this constraint, the barrier of entry is higher and we have already passed those constraints before because we are already listed, we have the track record, we have a great relationship with the French administration, the French authorities, since the very beginning and it is going extremely well in this matter. And so yes there are constraints, but at the end of the day that might be the reason why we are the first and only major bitcoin treasury company out of the European Union. And that is a major advantage in a market that globally has one of the most liquid exchange markets with Euronext and that has one of the most significant debt market and credit markets with America, with Japan. The European unit specifically has mandates that are exclusively driven to European entities for convertible notes and other type of credit type instruments.

Alexandre Laizet [00:39:18]: And so yes, it can take a bit more time out of Europe to go from 2,000 BTC to 20,000 to 200,000 BTC. But if we are able to successfully grow the size of our balance sheet at a pace that could surprise, then we could be in a unique position over in Europe to take full advantage of the European credit market as strategy did, by taking 10% of the convertible bond market for example, or by completely outperforming the preferred stock market over in the US and by doing so, you know that the European market for convertible bond as an illustration is 60 billion. So taking 10% of this would be 6 billion. Even if it was 3 billion, that would mean that we would go from a balance sheet of 500 million and 1 billion fully diluted to 5, 10 billion if we were to do similar type of growth as strategy did in the US but for the European market. So what I see in Europe is scaling scarcity. Yes, there is constraints, but that means that the scarcity is higher than in other markets and that we have global demand mixing with we have global demand facing local scarcity. And that is great for the perspective of our company. Advantages and challenges of a Bitcoin strategy in Paris EU and how this compares to to other markets.

Alexandre Laizet [00:41:05]: Well, we have seen that us, Japanese, UK markets are highly demanding of the Bitcoin treasury play. I would say that the Parisian market has shown that it is in very high demand as well. I think you can call 2000, 3000, even 4000% performance over eight months. Quite some demand. I think you can call liquidity coming from a few hundred K euros per day to 5 million 10 million 20 million euros per day. Quite a demand for Bitcoin treasury company over in France. You have one of the most bullish scenarios forming in the European Union for Bitcoin treasury companies. It is not that it is not very great for individuals, but for security reasons, for tax reasons, for privacy reasons, many individuals are likely to be willing to allocate to Bitcoin treasury companies over time compared with Bitcoin specifically.

Alexandre Laizet [00:42:27]: That is not of course very good news for individuals. But Bitcoin treasury companies provide great structure for indirect type exposure to Bitcoin. It’s the Bitcoin of the company. It is not a fund, it is not an ETF but on top of a bitcoin exposure, you get a potential increase over time of bitcoin per share, which is extremely attractive in a continent that has its own issues as all parts of the world. And so, yes, there are challenges, but I see them more as a highest bar in terms of potential competition in the future market performance and sentiment. Why is the share price falling despite BTC rising there? I would like to call the attention in the fact that, and specifically in the context that I have spoken with different shareholders that have been talking with me and telling me, look, I hadn’t even before had exposure to Bitcoin itself. And my first type of bitcoin exposure has been with capital B. And further to that, my whole pea, the local tax wrapper in France to allocate to European stocks.

Alexandre Laizet [00:44:07]: Some shareholders have told me that they have converted all of their capital into their pea to capital B. I would like to tell you that I am fully committed day to day to maximize over time the potential performance of capital B. But nothing is certain. And when you buy security, you take risks. And you take risk from of course, Bitcoin itself, because we have Bitcoin on the balance sheet. You take some counterparty risk because we work with banking regulated partners, but still there are some risk. And you take traditional operational risk because we are an operational company. So I would like to emphasize that there are risks and that performance is not guaranteed, although we work relentlessly every day to maximize it.

Alexandre Laizet [00:45:08]: And I would like to say in a second step that the performance, if you believe in Bitcoin, should be measured in Bitcoin. And our BTC yield, the increase of bitcoin per share has gone from 600, 700 plus percent in March to 1,400% as of right now in July. I would call that extremely high accretion. However, I fully understand, of course, the situation of some shareholders that have maybe bought the stock one month, two months ago when it was at around €5 and and now it’s at €3. But you know, the stock in January was at 0.60. And some shareholders thought that they had made a bad investment when the stock went down to 0.20 and the stock is now at €3, the stock went to €5, even 6, about €6. So what matters is not the fiat price. Fiat is going to zero because there is no limit in the number of fiat currency that is printed.

Alexandre Laizet [00:46:32]: And so when you invest in bitcoin specifically, there is a lot of volatility, sometimes minus 50%, minus 70%, minus 90% in Bitcoin itself, it might be that in the future it may not happen. It might be that it happens. It might be that it goes by plus 100, 200% and then goes by minus 50%. It is possible. But what matters is that there is an unlimited number of fiat currency being printed every day. And that there is a fixed supply of bitcoin limited to 21 million units, based on the most secure and decentralized network in the world, the equivalent of 21 nuclear reactors out there in the world, distributed geographically, so that no individual, no corporation, no government can touch it, can act on it unilaterally. It’s based on decentralized consensus of 300 million-plus people in the world. So you can stay in front of an army of 300 million people going right to you with the best asset on earth.

Alexandre Laizet [00:48:02]: But if you bet against Bitcoin, the highest probability is that you get completely obliterated. And the highest probability of short sellers that have been shorting the stock of a laser eyes focused company focused on maximizing bitcoin per share over time and building one of the most solid balance sheets based on Bitcoin. And based on maximizing bitcoin per share, the highest probability for short sellers is that we will be very happy to welcome them potentially in the future as future shareholders. And we will thank them for their public service to shareholders that can potentially now have the opportunity to acquire a stock at a lower price than it was one month ago. And that is why we call volatility as vitality. That is why we call volatility as opportunity. If you are long term focused investor believing in Bitcoin, then the times where stock where you believe in the team is down minus 50%. This is a test of conviction.

Alexandre Laizet [00:49:22]: And if you are not in a conviction position, then you are of course not in the right position. And you should of course make your own decisions based on your own analysis, not based on sentiment on social media. So why the share price has been falling despite BTC rising? I would say that this is for many types of reasons. The first one is we’ve been the first and the largest one in Europe. But there has been some competition emerging and some attention has been going to new Bitcoin treasury companies over time. Over the long run, this is extremely positive for us because we want Bitcoin to be adopted by all corporations. And over time this is extremely bullish for the company because we are one of the earliest Bitcoin treasury companies and the most companies adopt Bitcoin the most. Our balance Sheet will represent a major value for the future of capital markets.

Alexandre Laizet [00:50:38]: But in the short term it can drive attention from us to other companies. And it is then our full job to work on major transactions and our major partnerships that will drive our BTC yield at a higher pace than the benchmark. Pace based and adjusted for the size of the balance sheet and where the company is at the current moment. I would say that an explanation is also that simply volumes have been lower in summer over in France and that at the same time short sellers have emerged as I mentioned. And you know why they have emerged? They have emerged because the company is highly attractive due to its volatility and the most volatility, the most opportunity for our shareholders. And so I would say that the right time horizon for Bitcoin is 4 years. The best one is 21 years as Michael says. And of course the one that would matter is forever for bitcoin itself.

Alexandre Laizet [00:51:57]: And there is no reason why, if you have conviction in bitcoin and if you have conviction in a team and a long term strategy, there is no reason why you would get shaken by a short term price movement. But each investor has to make its own decision based on its own analysis. Confidence in beating short sellers well, I think that I addressed this topic. I think that short sellers are doing a service overall. They are of course affecting the short term price and they have no of course timeline because any type of announcement would come at the time they need to come when an information becomes certain at the time that that would be potentially in the future a potential transaction if it happens. So I would appreciate if you have this understanding that we are public listed company and we cannot communicate on this type of elements. Year end share price expectations. Well, that is absolutely the type of information that I cannot comment on.

Alexandre Laizet [00:53:24]: Short term guidance to lift sentiment and price. I think I addressed some of those elements before top 20 BTC, treasury roadmap. Well, not that long ago we were top 21 which was a great number and now we have been updated to top 25 as major companies have joined have joined the race with plus 10,000, 30,000 Bitcoin in one shot. And here I would like to highlight that in fact the size that we are at right now and the track record we have is very ideal for our future growth as it’s much easier to go from 2,000 to 20,000 and then it’s to go from 20,000 to 200,000 but still our objective remains the same. It is to go to 1% of the total BTC supply and this will mean that we should issue best in class financial instruments and be the best at raising capital and be the best at maximizing BTC yield to have the best velocity and and the best aggression in the accumulation of Bitcoin. And that is my full focus and that is how we will potentially manage to enter and remain within the top 20 and hopefully higher if BTC price surges. Do you have a contingency plan to keep accumulating efficiently? So I don’t necessarily understand the question, but if Bitcoin price increases that would mean that financial market would have allocated more capital to Bitcoin. And in this context Bitcoin would be more adopted by traditional investors.

Alexandre Laizet [00:55:33]: And if it’s more adopted by traditional investors, then Bitcoin treasury companies and especially the laser eyes ones would be able to raise more capital. And so as much Bitcoin price surges as much we can raise capital but in the condition that we are doing so in a very accretive way for our shoulders and in a pace that is in the best in class based for our benchmark industry. PCV Premium Compression velocity, the metric of Adam Livingstone which provides a view of how many units of premium the company is able to transform in net asset value each month is below 1. So it’s about 1070089. PCV at about 1 is extremely accretive. If you consider that our MVav is 4 to 5x right now, which means that we are able to transform a premium compared with the balance sheet in the market cap into net asset value for the shareholders on the balance sheet in about four to five months. Which means that this is absolutely unseen in traditional markets where the value of your investment is made in net asset value on your share within about five months. Which means that this is absolutely one of the best potential outcomes that we could expect for the shoulders of Bitcoin treasury companies.

Alexandre Laizet [00:57:29]: And that is showing that Bitcoin treasury companies and the best risk adjusted way to outperform Bitcoin. And with months to cover the mnav of about 4 to 5, this is one of the most accretive Bitcoin treasury company out there. Together with our amazing peers Strategy Metaplanet, Smarter Web, Semler and so on, H100 and so on. So I would say that this metric will vary over time and it will be higher in some moments, lower in some moments, but we will work relentlessly to completely maximize the conversion of premium into net asset value over time. How will Capital B protect existing shareholders from dilution? Well, if you look at all of Our operations since the launch and the inception of the Bitcoin treasury company strategy on a Bitcoin standard, there has been no dilution. So even the term accretive dilution is absolutely incorrect. If you believe in Bitcoin, if you don’t believe in Bitcoin, then all our operations that are adding Bitcoin to the balance sheet are not accretive for you. But if you believe in Bitcoin, all of our transactions and you can look at our latest press release of this morning where we publish our latest Bitcoin purchase.

Alexandre Laizet [00:59:15]: You go through the press release and you see that each of our BTC accumulation announcement has brought the number of sats per share higher. And the number of sats per share has gone from in March 300, about that to now about 600. That’s a 2x increase between beginning of the year and now in July. So that’s extremely accretive. And how we protect shareholders over time for dilution is that we focus on maximizing the number of Bitcoin per share at all the different capital market operation we conduct Then I understand a bit. Another part of this question is speaking of dilution in terms of shares that can be issued based on past operations. For example, the conversion of convertible note shares into ordinary shares. And in this meaning, well, shares that were not available in the market become available in the market.

Alexandre Laizet [01:00:30]: But that’s why for all our metrics we take into account the fully diluted shares taking into account the shares issued and the shares to be issued. And that’s how you should look at it. And then each investor can make its own assumption in terms of buying or selling pressure in terms of the market. But that cannot be predicted. And I wouldn’t of course pronunciate myself on things that don’t really exist or cannot be predicted. So we focus on maximizing BTC yield and we focus on long term bitcoin maximalist strategic partners like Fulgo Ventures, adambac, UTXO Management, tobam and of course our team. I will take a bit of water. Any plans to ally with other BTC treasury companies or to position defensively against similar players like Sequence entering the space.

Alexandre Laizet [01:01:39]: Well, first of all, congrats to Sequence. They have been able to being listed in the US directly. They have been able to raise substantial amounts of capital since the beginning and go to 3,000 bitcoin already, which is absolutely impressive. And congrats to the team. I have huge respect from Ben out there and the team and I would like to congratulate the Operational team and the Bitcoin strategy team out there on our side plans to ally. Not for now and it might make sense in the future. But I would like to highlight that any type of M and A type activity, there can be partnerships in other aspects. But if the question is about MNA activity, I would like to highlight that any type of MNA activity is much, much more complex than people can imagine.

Alexandre Laizet [01:02:48]: It requires the alignment of so many players, delays of administrative processes and so on. And the best strategy is the simplest one. And the best strategy is to focus on your own craft. And the own craft of Capital B is to maximize BTC yield. And so yes, size matters, but what matters as well is velocity and aggressiveness. And the future of Capital B and its performance will depend on our capacity to provide size, velocity and aggressiveness. And if you compare over the last month or so, yes, it’s been. If you compare with other companies, you could say, yes, other companies have added more Bitcoin to their balance sheet than Capital B.

Alexandre Laizet [01:03:42]: Okay, but we still went from 600 bitcoin in March to 2,000 bitcoin in July. And so we will work relentlessly to maximize that amount and to make that the highest number possible. And if we can get more than the other Bitcoin treasuries, better. Do you have any updates regarding the 10 billion capital raise in June 10th? I would like to say and highlight very importantly, we have taken the terms of the question here, but this was not a 10 billion capital raise approved. This was a 10 billion capital raise capacity approved by the General assembly of shareholders on June 10. Meaning that the company Capital B has the capacity since June 10 to raise capital over the next year or so to raise capital above and about 10 billion euros of capital. And that will necessarily take time and we will do it as fast as possible. And it might not go towards 10 billion, which is higher than our plan for this year.

Alexandre Laizet [01:05:11]: But of course, the higher we can go, the faster we can go. And the share price is not really related with this capital raising capacity. But of course it is related in the fact that if we raise more capital to accumulate more Bitcoin, there could be of course impacts on the share price. But significant operations that we could do in the future can take some time. But we are working day to day on this expansion and strategic roadmap status on US Head recruitment. I have not found yet the adequate partner for a US type director role. We are still and actively looking for Bitcoin maximalists based in America. Potentially, if you speak French, that would not be bad.

Alexandre Laizet [01:06:19]: That has capital raising experience and that understands deeply Bitcoin treasury companies and how to maximize BTC yield. So please feel free to reach out to us. You can reach out to me directly on LinkedIn via a message. You can also reach out to me on X and we will make sure to get back to you. You can reach out to Daniela, my Chief of Staff out there in X. She will definitely be able to answer faster than me. Please do so and let’s have a conversation awareness for the US Ticker and we will update as soon as possible on this matter, but what I can say is that it will be a bit longer than expected. There are some administrative delays that our partner OTC market had not known and that they notified to us a week ago or so.

Alexandre Laizet [01:07:33]: So they have notified us and we have done necessary to go towards the next step in terms of the final stage, hopefully of the US Ticker complete listing and complete white listing. So it might take more time than expected and we will update on an estimate of this administrative additional period that will need to happen before a full completion. So that is not great news but we are working on it as fast as possible and that is basically due to differences in terms of administrative standards between France and US Market and Euronext Growth Paris specifically. But that can add some weeks to the process. We will update that more specifically very soon. Updates on Abu Dhabi I am currently based in Abu Dhabi and we are in the process of establishing a presence here and we will update on any future potential action in this matter later on. Investor day planned before year end Just before this of course if you are based in Abu Dhabi or in the UAE or in the region or if you think that I should meet people, please let me know and I will do so. I am of course already having great meetings.

Alexandre Laizet [01:09:18]: Investor day planned before year end. We have a lot of events where I will be going to potentially the UN Conference by Tim Kuntzman where I confirm my presence as well potentially Plan B in Lugano and Hong Kong potentially that I will go by the end of August and many more to come. Of course Bitcoin Mina where I will be and many more to come I think. And we are also considering Capital B Investor Day. So any recommendation that you would have we would be happy to receive innovation, tokenization and new financial products. Let me have a bit of water. Will Capital B adopt lightning or defi strategies? That is not core priority. Capital B is completely focused on maximizing Bitcoin per share over time.

Alexandre Laizet [01:10:34]: However we have developer team who are working already on Bitcoin type developments, including nodes, full nodes, lightning nodes, liquid nodes, and we will update of course, if we have updates soon on this. But we are definitely Bitcoin maximalists and we want to have our own nodes and we want to potentially pivot our consulting business more towards Bitcoin. And so if you are an operational company and you need assistance in terms of web development, business intelligence and the development on Bitcoin itself, we would be very happy to, I would be very happy to orient you with our teams, development teams to develop these kind of things for you. We will not do it for ourselves, but for our clients as a consulting role. We have development teams for this and we would be very happy to do so, especially in a Bitcoin environment. Plans to tokenize ALTBG shares or destruction from BTC’s focus? Our full focus is to maximize BTC yield and the tokenization of ALTBG shares will contribute to the liquidity and the access of ALTBG shares. So more liquidity, more access is at the end of the day, more premium potential and more BTC yield potential for our shareholders. And so that is not at all a distraction.

Alexandre Laizet [01:12:29]: And it is part of our Bitcoin standard strategy where we believe that a lot of the capital in the future is going to be BTC denominated. And it’s much better to have BTC denominated share that investors can trade directly with Bitcoin to maximize the liquidity over time. And it will be a great pleasure to collaborate with Stocker Arnab at Stocker to be able to tokenize those shares potentially and to of course use liquid sidechain technology that has been greatly developed by Blockstream and that represents today the best standard for tokenization of financial assets. What’s the main type of expected investor that would choose tokenized shares of capital B over normal shares? Well, Bitcoin investors that are sovereign investors that have their own wallets, that have Bitcoin on their wallets, they could interact directly with their wallets with capital B shares through KYC with Stocker, but still on a wallet type experience with your own keys with capital B there. And that’s the type of investor BTC focused Bitcoin maximalists that want to outperform Bitcoin, but fully based on Bitcoin and to contribute to the adoption of Bitcoin by financial markets. How big do you think this pool of capital is for tokenized shares? Well, in some future those shares will be widely accessed through exchanges and mainstream exchanges and banks. And be able to be purchased 24, 7, 365 in and out of financial institutions, which is extremely important for the future. It will take time, but the pool of capital for this is as big as the pool of capital of Bitcoin, which is and will be trillions and trillions of dollars.

Alexandre Laizet [01:14:56]: But does that matter? Well, the pool of capital is 21 million bitcoin less the ones that have been lost. Is there a minimum market cap needed to consider preferred share types? Well, in the traditional type of preferred shares issued by strategy in some way, yes, because the bigger your balance sheet, the more you can issue preferred shares based on an completely over collateralized way. However, there are potentially other ways to do similar structures that we are considering. Governance team and transparency. How is payroll and salary indexing managed at Capital B in broad terms. So this information is not public to date. The only thing I can say right now is that the team is completely incentivized in a way that is aligned with investors and that we are basically all in. And how much skin in the game does the team have? Well, I just responded, I am completely all in, as is Daniela, Valentin and the whole team.

Alexandre Laizet [01:16:21]: We are completely focused on maximizing Bitcoin per share and that is also how our overall remuneration type is indexed. So I will of course say that we will intend to provide more transparency in the context of course regulatory obligations and constraints. But you can know that we are fully aligned with you, that’s for sure. Capital B contributors thank you so much for all of your questions and I’m sorry if we forgot some names but Alpha 12 Maurice Fly Carbo BTC so Fort 24 Ludovic Laurie Marcos Z Leomax 77xxx don’t care Marco Z Dodo 1720 Ligne Alex Pierre M Pedrito Spanish Zebra Mike 4 Dan El Rocha Barbash Row 4 Crime the next one I will not pronunciate. It’s very strong in French GPT Finance Le Gold the Wolf Frederic Biedemoon the Legend VK Varen Frido I would like also to thank very much all of you for your patience today. Maybe it’s been too long, I don’t know. I’ve tried to address all of the questions as I would do for traditional investors in private meetings. And I hope you have enjoyed this session.

Alexandre Laizet [01:18:21]: And with this I wanted to show that I consider all of our investors with the same importance. No matter the size, no matter if it’s public investors, private investors, retail investors and institutional investors. You are my priority every day. I work for you 24 7, 365. And I will continue to do so. Thank you so much.