Core Viewpoint - BTCS Inc. has successfully raised $189 million year-to-date through its DeFi/TradFi value-creation strategy, with a current asset valuation of approximately $242.2 million, including 55,788 ETH [1][4]. Financing Summary - The company has raised funds through various methods: $132 million (70%) from market-priced stock sales, $17 million (9%) from above-market convertible bonds, and $40 million (21%) from DeFi stablecoin lending [4]. - The recent $10 million convertible note issuance has a conversion premium of nearly 200%, aligning with BTCS's strategic goals [2][6]. DeFi/TradFi Value-Creation Strategy - BTCS is advancing its DeFi/TradFi value-creation strategy by leveraging both decentralized and traditional finance to increase its ETH holdings and enhance shareholder value [3]. - The strategy includes optimizing ETH exposure while minimizing shareholder dilution, with a loan-to-value ratio maintained below 40% [2]. Capital Structure Update - The company has disclosed its capital structure, which includes 45,761,072 common shares outstanding and various convertible debt instruments with different conversion prices [8]. - Approximately 16 million shares of Series V preferred stock have been excluded from the fully diluted total due to their non-convertibility for the next 18 months [8][10]. Future Considerations - The management is considering options to enhance the liquidity of Series V preferred stock, including potential tokenization on the Ethereum blockchain [9][10].