Bitcoin Treasury Companies Analysis - The report discusses the meaning of "mNAV" for Bitcoin Treasury companies [1] - The report also highlights where "mNAV" falls short [1] Industry Focus - The report is presented by @GeniusGroupLtd_ [1] - The report is part of BTC Treasuries Month [1]

RT Gareth Jenkinson (@gazza_jenks)Africa's first Bitcoin Treasury company has gone global!I am chatting to @staffordmasie & @wheatley_warren from @AfricaBitCorp about their listing on @OTCMarkets in the USA 🇺🇸Join us now on @Cointelegraph #CHAINREACTIONhttps://t.co/728yrhiB7Q ...

Africa's 1st Bitcoin Treasury Goes Global #CHAINREACTION https://t.co/GIEHuL5uEL ...

RT Gareth Jenkinson (@gazza_jenks)South Africa 🇿🇦 & Africa's 1st Bitcoin Treasury is now trading in the USA 🇺🇸Looking forward to catching up with @staffordmasie & @wheatley_warren from @AfricaBitCorp on Chain Reaction today.Join us on @Cointelegraph - we're live at 2pm CET today! https://t.co/WVLQaaM7xW ...

Core Insights - Companies are increasingly adopting bitcoin treasuries, presenting it as a forward-thinking financial strategy and a hedge against inflation, but this trend may be misleading and lacks genuine value [1][2] - Many firms are using bitcoin as a publicity stunt rather than a serious investment, indicating a lack of innovation and a potential for creating a speculative bubble similar to the ICO craze of 2017 [2][4] Group 1: Corporate Behavior - Corporate treasuries were not intended for speculative activities, and the current trend of adopting bitcoin reflects desperation rather than true innovation [2][3] - Companies with weak fundamentals are using bitcoin as a superficial fix, failing to create real value or sustainable products, resembling "zombie companies" [3][5] Group 2: Market Dynamics - The current environment, characterized by uncertainty and low interest rates, is driving corporate leaders to seek innovative appearances through bitcoin treasuries without addressing underlying business issues [6] - The stakes are higher now than during the ICO boom, as companies are risking shareholder capital by placing bitcoin on their balance sheets, which could lead to systemic risks for various stakeholders [7]

RT Gareth Jenkinson (@gazza_jenks)"Every company needs to become a Bitcoin treasury company because Bitcoin is better money."I sat down with @saifedean for an in-depth chat on the state of Bitcoin and Treasury companies remain a big focal point.Are there too many Bitcoin Treasuries? Here's the TL;DR 👇🥇 @Strategy still has first-mover advantage🏦 Bitcoin's hard money properties are superior to fiat🧠 @saylor pioneered Bitcoin financial arbitrage"You want to make your treasury run on Bitcoin rather than other i ...

Strategies - Bitcoin-treasury firms are shifting beyond simple HODLing, moving into yield strategies, hedging, and even share buybacks [1]

RT Gareth Jenkinson (@gazza_jenks)One year ago, Capital B became Europe's first Bitcoin Treasury Company.To date, @_ALCPB holds 2,818 BTC on its balance sheet. Diluted mNAV sits at 1.48.Can Bitcoin Treasuries dominate Europe? Here are 5 reasons why 🇪🇺 WANTS BITCOIN TREASURIES 👇This clip features key takeaways from Capital B board director of Bitcoin @AlexandreLaizet during our opening panel at @BitcoinConfEUR.🏦 Strong foundation and cap table at launch is crucial💸 @adam3us @FulgurVentures @UTXOmgmt backed💰 ...

Core Viewpoint - Sequans Communications has successfully repurchased 755,349 American Depositary Shares (ADSs), representing approximately 5% of outstanding ADSs, as part of its ongoing strategy to enhance shareholder value through disciplined capital allocation [1][2][4] Group 1: ADS Repurchase Program - The repurchases were executed at an average price of $6.40 per ADS, resulting in a current outstanding ADS count of approximately 15.2 million, or 16.3 million including potential pre-funded warrants [2] - The reduction in outstanding ADSs has generated a 4.4% yield in Bitcoin per outstanding ADS since the company's earnings call on November 4, 2025, showcasing the effectiveness of its capital allocation strategy [2][3] Group 2: Funding and Strategy - The ADS repurchases were funded through proceeds from the sale of Bitcoin and operational funds, indicating a strategic approach to enhance Bitcoin per share [3] - The company aims to continue executing share repurchases at prices below net asset value (NAV) per ADS to create additional value for shareholders [3][4] Group 3: Management's Perspective - The CEO of Sequans, Dr. Georges Karam, emphasized that the current digital asset market conditions present an opportunity to strengthen the balance sheet and advance the Bitcoin Treasury strategy [4] - The company remains committed to reducing debt and executing share repurchases to reinforce its growth strategy and deliver value to shareholders [4] Group 4: Company Overview - Sequans Communications is a leading fabless semiconductor company specializing in 4G/5G cellular technology for IoT and is recognized as a pioneer in Bitcoin Treasury [8] - The company views Bitcoin as a long-term investment and plans to accumulate it as its primary treasury reserve asset, utilizing proceeds from equity and debt issuances as well as operational cash flow [8][9]

Core Viewpoint - KULR Technology Group reported significant revenue growth in Q3 2025, driven by product sales and strategic partnerships, while also facing increased operating losses due to higher expenses in R&D and SG&A [2][6][7]. Financial Performance - Revenue for Q3 2025 increased by 116% to $6.88 million, compared to $3.18 million in Q3 2024 [2]. - Product sales rose by 112%, reaching approximately $1.62 million, up from approximately $765,000 in the same quarter last year [2]. - Cash and current accounts receivable totaled $24.54 million as of September 30, 2025 [3]. - Gross margin decreased to 9% in Q3 2025 from 71% in the same period last year, attributed to increased service contract hours and costs related to digital asset mining leases [3]. - SG&A expenses rose to $6.26 million in Q3 2025 from $2.74 million in Q3 2024, driven by growth-related investments [4]. - R&D expenses increased to $2.32 million in Q3 2025 from $1.23 million in the same period last year, reflecting planned increases in R&D services and new hires [5]. - Operating loss for Q3 2025 was $8.74 million, compared to $1.71 million in Q3 2024, primarily due to higher SG&A and R&D expenses [6]. - Net loss for Q3 2025 was $6.97 million, or a loss of $0.17 per share, compared to a net loss of $2.00 million, or a loss of $0.08 per share in the same period last year [7]. Strategic Developments - KULR announced partnerships with Amprius and Molicel to launch the KULR ONE Air product line for unmanned aircraft systems, with initial sample shipments starting in July 2025 and volume production expected in Q4 2025 [8]. - The company introduced six new commercial off-the-shelf K1S CubeSat batteries, enhancing its portfolio in space power systems [11]. - KULR launched a next-generation Battery Management System (kBMS) aimed at setting new industry standards for reliability and safety, with versions tailored for both defense and space applications [11]. - A hosting partnership with Soluna Holdings was established to operate approximately 3.3 MW of Bitcoin mining capacity, marking a strategic move into green data centers [11].