Financial Data and Key Metrics Changes - For Q2 2025, the company reported total revenues of $8.2 million, a decrease compared to 2024 due to the phase-in of the 2024 CMS rate announcement impacting reimbursement for positive PAD patients [27] - The net income for Q2 2025 was $66.9 million, translating to $5.71 per basic share and $5.4 per fully diluted share [29] - The company recorded a net unrealized gain of $83.8 million from the change in fair value of Bitcoin holdings during the second quarter [29] Business Line Data and Key Metrics Changes - The healthcare business generated record cash flow of $24 million in 2024, but faced headwinds in 2025 [11][12] - The company acquired 1,444 Bitcoin in Q2 at a total cost of $149.6 million, with a total of 4,636 Bitcoin valued at $496.9 million as of June 30, 2025 [30] Market Data and Key Metrics Changes - The company held 5,021 Bitcoin valued at approximately $586.2 million as of July 31, 2025, with a cost basis of $476 million, resulting in an unrealized gain of $110 million [13][30] - The Bitcoin yield for the year to date through July 31, 2025, was 31.3%, translating into a Bitcoin dollar gain of $84 million [31] Company Strategy and Development Direction - The company aims to accumulate 10,000 Bitcoin by the end of 2025, 42,000 by the end of 2026, and 105,000 by the end of 2027 [14] - A wholly owned subsidiary, CardioVanta, was formed to focus on early detection of heart failure and cardiac arrhythmia, with plans to seek outside capital [32] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of the healthcare business to generate meaningful cash flow, which will enable further Bitcoin acquisitions [6] - The company believes that the current stock valuation is disconnected from its underlying performance and intrinsic value, indicating a commitment to unlocking value for shareholders [10] Other Important Information - The company has strengthened its Bitcoin team by adding notable figures in the Bitcoin space, enhancing its strategic direction [7] - The company is actively exploring a wide range of financing options to amplify shareholder returns [11] Q&A Session Summary Question: Are there concerns about a potential supply glut of public companies pursuing similar Bitcoin treasury strategies? - Management is not concerned, viewing other companies as peers that accelerate Bitcoin adoption [34] Question: Will there be more regular Bitcoin acquisition announcements? - The company does not plan to make weekly announcements but expects an increase in both regularity and size of announcements over time [36] Question: How does management view the MNAV multiple at which the company trades relative to its peers? - Management explained the two strategies of Bitcoin treasury companies, emphasizing the potential for intelligent leverage to amplify future returns [38][40]