We think the Strike Bitcoin Line of Credit (BLOC) is effectively a form of "storage" for miners. Let me explain: The Commodity Parallel - Many of you know that Bitcoin is not the only commodity we produce; we are also corn and soybean producers. - A major advantage in farming is being able to store corn and soybeans after harvest. - This prevents you from having to sell immediately out of the field when prices are historically at their lowest. The Benefit of Timing - Storage allows you to postpone a sale until you secure a better price, usually in the spring. - Previously, miners had to sell Bitcoin every month to cover electricity and operational costs. - This often meant selling during bear markets when prices were unfavorable. BLOC as Digital Storage - Until now, there hasn’t been a reliable way to postpone these sales; we had to accept whatever price the market offered each month. - With a BLOC, we can "store" our Bitcoin, access the cash needed to pay bills, and sell Bitcoin later at a more favorable price. - As long as the Bitcoin price appreciates faster than the cost of capital, this strategy is accretive.