This matrix explains one of the most important concepts in Bitcoin treasury strategy: amplification ratio is what drives total returns. Over 99% of the variation in modeled total returns shown here is driven by amplification ratio. Cost of capital matters far less than investors realize. Strive’s objective is to outperform Bitcoin by maximizing total returns for common shareholders. Our base case is that Bitcoin compounds at roughly 50% annually through 2030, but the principle applies more broadly. If any Bitcoin bull thesis plays out, building and sustaining a high amplification ratio will be the most important determinant of success. That is why we spent the bear market intentionally building liquidity, earning investor trust in SATA and Strive, deepening our access to capital, and building the foundation required to support a high amplification ratio at scale. Maintaining amplification as Bitcoin compounds will require increasingly large amounts of capital and sustained investor trust, and will be extraordinarily difficult to achieve. If possible, I would like to bring Strive’s amplification ratio above 60% later this year. If our warrants exercise over the next few weeks, getting there will require elite execution from our team. It becomes even more difficult if Bitcoin rallies further. I believe our team can achieve that goal, and that Strive is uniquely positioned to sustain a high amplification ratio at scale. The math tells you what matters, and our strategy follows the math. If I were analyzing Strive as a Bitcoin bull seeking to amplify Bitcoin returns, these are the questions I would be asking: What is Strive’s current amplification ratio? What are our goals for amplification? And to achieve those goals, do we have the capital access, liquidity and investor trust required to maintain a high amplification ratio throughout a bull market? There is real alpha in understanding the answers to those questions. Study the matrix carefully.