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 [28] - The company recorded a net unrealized gain of $83.8 million from the change in fair value of Bitcoin holdings during the quarter [28] Business Line Data and Key Metrics Changes - The healthcare business generated record cash flow of $24 million in 2024, but faced headwinds in 2025 [12][13] - 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 [29] 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 [14][29] - The Bitcoin yield for the year to date through July 31, 2025, was 31.3%, translating into a Bitcoin dollar gain of $84 million [30] 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 [15] - A wholly owned subsidiary, CardioVanta, was formed to focus on early detection of heart failure and cardiac arrhythmia, with plans to seek outside capital [31] 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][12] - The company views the increasing number of public companies adopting Bitcoin treasury strategies as beneficial for accelerating Bitcoin adoption rather than as competition [34] Other Important Information - The company has a remaining balance of over $300 million in its $500 million ATM program as of July 31, 2025 [30] - The company is actively exploring a wide range of financing options to amplify stockholder returns [12] Q&A Session Summary Question: Are you concerned about a potential supply glut of public companies pursuing similar Bitcoin treasury strategies? - Management is not concerned, believing that more companies adopting Bitcoin will accelerate its monetization process [34] Question: Do you plan to make more regular Bitcoin acquisition announcements? - Management does not plan to make weekly announcements but expects the frequency and size of announcements to increase over time [35] Question: How does management think about the MNAV multiple at which Similar trades relative to its peers? - Management explained the two strategies for Bitcoin treasury companies: the fast money game and the slow money game, emphasizing the potential for intelligent leverage to amplify future returns [36][39]