Investor Presentation Q4 2025 Disclaimer For the purposes of this notice, this "presentation" will mean and include the slides, any oral presentation of the slides by members of management of Bitcoin Depot Inc. (together with its subsidiary, Bitcoin Depot Operating LLC (f/k/a Lux Vending, LLC d/b/a Bitcoin Depot), (the "Company") or any person on their behalf, any question-and-answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection ...

Financial Data and Key Metrics Changes - Full-year revenue for 2025 was $121.6 million, representing a 5% increase from 2024 [7][16] - Q4 revenue was $29.5 million, a 3% decrease from Q3 and a 34% decline year-over-year [16] - Full-year swap volume reached $6.89 billion, a 21% increase from 2024, while Q4 swap volume was $1.59 billion, down 9% sequentially and down 32% year-over-year [16][17] - Revenue from staking nearly doubled to over $4 million, driven by improvements in Solana staking [17] Business Line Data and Key Metrics Changes - XO Swap, the B2B swaps platform, generated $416 million in Q4 volume, accounting for 26% of total quarterly volume [17] - Fiat onboarding revenue increased by 28% compared to 2024 [17] - Funded users at the end of the year were 1.7 million, down 6% from the previous quarter and 11% year-over-year [17] Market Data and Key Metrics Changes - The broader retail environment impacted the number of monthly active users, which declined to 1.5 million, down 35% year-over-year [18] - The decline in digital asset prices during Q4 affected overall revenue and trading activity [16][18] Company Strategy and Development Direction - The company is transitioning from a speculation-driven model to a payments-focused model, aiming to create revenue streams independent of cryptocurrency market fluctuations [7][14] - Exodus Pay is central to this strategy, designed to integrate various financial services into a single app, making it user-friendly and accessible [9][45] - The W3C acquisition is a key part of the vertical integration strategy, allowing the company to own the full payment stack and diversify revenue [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but emphasized the importance of building infrastructure to reduce dependency on market conditions [5][14] - The company is optimistic about the future, with expectations that investments made in 2025 will start to yield results in 2026 [14] - AI is seen as a transformative factor, with potential to create a new class of customers needing wallet infrastructure [12] Other Important Information - The company is pausing Bitcoin dividend plans to prioritize M&A and growth initiatives [19] - The integration of AI tools is enhancing productivity within the engineering team [12] Q&A Session Summary Question: Can you expand on the steps needed for agentic payments? - Management discussed the need for secure wallet infrastructure to enable AI agents to transact, emphasizing user control over wallets and the importance of security measures [23][28] Question: What about the cost structure and one-time expenses in Q4? - Management noted legal costs and interest related to the Galaxy loan as part of the cost structure, with expectations for slightly lower costs moving forward [30][31] Question: What are the drivers behind improved monetization in XO Swap? - Management highlighted the growth in the number of partners and the expectation of continued growth in the B2B2C model, despite potential fluctuations in partner operations [35][36] Question: When will the next wave of XO Swap partners ramp up? - Management indicated steady growth and the anticipation of announcing significant new partners in the future, while emphasizing the integration timeline for partners [39][41] Question: How will capital be allocated for consumer-facing initiatives? - Management reiterated that Exodus Pay is an evolution of the company, focusing on consumer needs and aligning capital allocation with mainstream market demands [61][68]

Core Insights - Bitcoin Well Inc. reported significant financial growth for the year ended December 31, 2025, with total revenue reaching $133.0 million, a 47% increase from $90.5 million in 2024, driven by higher transaction volumes across its Online Bitcoin Portal and Bitcoin Well Infinite segments [6][5][7] Financial Performance - For Q4 2025, total revenue was $35.0 million, a 17% increase from $30.1 million in Q4 2024, with the Online Bitcoin Portal contributing significantly to this growth [4][5] - Gross profit for Q4 2025 remained stable at $1.2 million, consistent with Q4 2024, while annual gross profit increased to $5.0 million, up 25% from $4.0 million in 2024 [8][9] - Adjusted EBITDA for the full year improved to negative $1.4 million from negative $1.7 million in 2024, although Q4 2025 saw a decline to negative $0.7 million due to increased marketing and personnel investments [10][11] - The company reported a net income of $4.2 million for Q4 2025, a significant turnaround from a net loss of $9.8 million in Q4 2024, while the annual net loss was reduced to $0.8 million from $17.8 million [11][5] Segment Performance - The Online Bitcoin Portal generated $64.3 million in revenue for fiscal 2025, a 64% increase from $39.2 million in the previous year, while Bitcoin Well Infinite also saw a 64% revenue increase to $44.4 million [7][5] - ATM sales remained consistent at $24.2 million for the year ended December 31, 2025, showing stability compared to the prior year [7] User Growth - The Online Bitcoin Portal achieved over 64,000 unique users as of December 31, 2025, marking a 100% increase from the previous year [5] Market Context - The financial results were achieved despite a challenging bitcoin market in Q4 2025, indicating effective marketing strategies and a strong customer base [6][8]

Core Viewpoint - Bitcoin Depot Inc. will implement a one-for-seven (1:7) reverse stock split effective February 23, 2026, at 12:01 a.m. Eastern time, with trading on a split-adjusted basis commencing the same day [1]. Group 1: Reverse Stock Split Details - The reverse stock split was authorized by stockholders holding a majority of voting power on January 12, 2026, and subsequently approved by the Board on February 12, 2026 [2]. - The reverse stock split will not change the authorized number of shares of Common Stock or preferred stock, and no fractional shares will be issued; instead, stockholders will receive cash payments for fractional shares [4]. - Following the reverse split, the exercise price for warrants will increase to $80.50, with every seven shares of Class A Common Stock purchasable under the warrants representing one share post-split [5]. Group 2: Impact on Stockholders - Stockholders will receive information from Continental Stock Transfer & Trust regarding their stock ownership after the reverse split, and those holding shares in brokerage accounts will not need to take any action [7]. - Outstanding equity-based awards and other securities convertible into Common Stock will be proportionately adjusted according to the terms specified by the Board [6]. Group 3: Company Overview - Bitcoin Depot, founded in 2016, aims to connect cash users to the digital financial system, allowing cash conversion to Bitcoin at over 9,000 kiosks globally as of August 2025 [10].

Group 1 - BitGo has experienced a significant decline since its IPO in January, indicating potential volatility in its stock performance [1] - Despite the downturn, analysts maintain a positive outlook on BitGo, suggesting confidence in the company's long-term prospects [1] Group 2 - The crypto wallet industry continues to attract attention, with firms like BitGo positioned to capitalize on the growing demand for secure digital asset management [1] - Analysts highlight the importance of innovation and security in the crypto wallet sector, which could drive future growth for companies like BitGo [1]

Core Insights - OKX has launched OKX Pay and the OKX Card in Europe, marking the introduction of the first compliant DeFi-based payments and card system within the EU [1] - The launch aligns with the new regulatory framework under the Markets in Crypto Assets (MiCA) regime, which standardizes rules for stablecoin issuers and crypto service providers across the EU [2] OKX Pay Functionality - OKX Pay enables users to hold euro-backed stablecoins for everyday expenses such as food, transport, bills, and peer-to-peer transfers, with potential access to DeFi protocols where local regulations permit [3] - The system is designed around stablecoins, ensuring near-instant settlement and continuous operation while eliminating cross-border limits found in traditional banking [4] OKX Card Features - The OKX Card is a virtual euro-denominated debit card linked to OKX Pay, allowing users to spend stablecoins at any location accepting Mastercard, with conversion occurring at the point of purchase [5] - There are no transaction or foreign exchange fees, with a 0.4% market spread applicable at conversion. The card supports tap-to-pay through Apple Pay and Google Pay, usable at over 150 million Mastercard locations globally [6] Rewards and Compliance - OKX is offering limited-time crypto rewards for card usage, with VIP users earning up to 20% back in crypto and regular users up to 15% over a 30-day period [7] - The card is issued through a licensed European payments partner and adheres to strict AML and KYC requirements, with plans for expansion and additional features in the future [8]

Core Insights - SOL Strategies Inc. (NASDAQ: STKE) has successfully transitioned from a passive crypto holder to an institutional-grade Solana infrastructure platform, with its DAT++ strategy now generating revenue through validator commissions and staking rewards [1][2]. Financial Performance - In 2025, STKE reported revenue of C$14.5 million, marking a significant milestone as it operates at the core of the Solana network [2]. - The company has a growing SOL treasury and enterprise-grade validators that yield returns on both owned assets and third-party delegated stakes [2]. Growth Momentum - The momentum is expected to continue into the new year, with street estimates indicating ongoing top-line growth as institutional participation in Solana increases [3]. - Assets under delegation are projected to expand to approximately 3.3 million SOL, and new staking-related products are anticipated to launch [3]. Financial Adjustments - The reported FY25 loss was primarily due to non-cash and one-time items related to acquisition expenses and the NASDAQ listing [3]. - After adjusting for extraordinary items, STKE remained EBITDA-positive, highlighting improved unit economics as the DAT++ model matures [3]. Market Position - With strong liquidity and expanding institutional adoption, STKE is trading at a discount to its underlying Net Asset Value, positioning the company for a potential re-rating [3].

Core Viewpoint - Sharps Technology, Inc. is expanding its relationship with Coinbase Institutional by launching an institutional-grade validator on the Solana network, marking a significant shift from being a treasury participant to an active contributor to the network's security and decentralization [1][2]. Group 1: Company Strategy - The company will delegate a portion of its SOL treasury holdings, which currently exceed 2 million SOL, to the newly established Coinbase-operated validator [3]. - This initiative builds on the existing relationship with Coinbase Institutional, leveraging its custody, OTC, and operational infrastructure as part of the broader digital asset treasury strategy [4]. Group 2: Industry Impact - The launch of the STSS Validator positions the company as one of the first U.S.-listed firms to transition from a treasury-only approach to an active participant in blockchain development [5]. - The partnership with Coinbase aims to enhance the security, compliance, and operational reliability of institutional-grade infrastructure, reflecting the growing trend of institutions moving on-chain [5]. Group 3: Company Background - Sharps Technology is a medical device and pharmaceutical packaging company that offers patented smart-safety syringe products, focusing on ultra-low waste capabilities and incorporating advanced safety features [9]. - The company has adopted a digital asset treasury strategy centered on accumulating SOL, the native digital asset of the Solana blockchain, to generate on-chain yield [10].

Core Viewpoint - Banxa Holdings Inc. has successfully completed a plan of arrangement with OSL Group, resulting in Banxa becoming a wholly-owned subsidiary of OSL Group, with shareholders receiving cash consideration of C$1.55 per share [1][2][10]. Group 1: Arrangement Details - The Arrangement became effective at 12:01 a.m. on January 2, 2026, allowing each registered holder of Banxa Shares to receive C$1.55 for each share held [2]. - The total consideration paid by the Purchaser for the Banxa Shares amounted to C$80,355,230.20, representing 100% of the issued and outstanding shares [10]. - Banxa Shares are expected to be delisted from the TSX Venture Exchange by the close of business on January 5, 2026, followed by delisting from the OTC and Frankfurt Stock Exchange [4]. Group 2: Strategic Implications - The acquisition is seen as a pivotal milestone for Banxa, enhancing its global payment network by integrating with OSL's stablecoin and trading infrastructure, thereby facilitating a bridge between traditional finance and the digital asset economy [3]. - The combined capabilities of Banxa and OSL are expected to create a regulated engine that supports seamless global commerce for partners and users [3]. Group 3: Shareholder Information - Registered shareholders must complete and submit a letter of transmittal to receive their cash consideration [5]. - Non-registered shareholders are advised to contact their intermediaries for assistance in depositing their shares [6]. - Holders of stock options and warrants are encouraged to reach out to the company for information regarding their entitlements under the Arrangement [7]. Group 4: Legal and Compliance - Legal counsel for Banxa and OSL Group during the Arrangement included Cassels Brock & Blackwell LLP and Stikeman Elliott LLP, respectively [8]. - The Purchaser will file an early warning report in compliance with securities laws, which will be accessible on the company's SEDAR+ profile [9].

Core Insights - Dexter has gradually replaced Coinbase as the largest facilitator in terms of daily transaction volume since mid-December, capturing approximately 50% of the market share [1] - Currently, there are four x402 facilitators that have cumulatively processed over 10 million transactions, which are Coinbase, Dexter, PayAI, and DayDreams [1]