Bitcoin Treasury Corporation Provides February Update on Normal Course Issuer Bid

Executive Summary

• Bitcoin Treasury repurchased and retired 133,900 common shares during February 2026 at an average price of $4.33 per share.
• The buy‑back increased Bitcoin per Share (BPS) by 0.23% year‑to‑date to 0.00006359, reflecting continued growth in shareholder exposure to Bitcoin.
• As of February 28 2026 the company has 9,893,980 common shares outstanding (11,977,313 diluted) and total Bitcoin holdings of 761.63 BTC.

Key Details

• Shares Repurchased: 133,900 common shares purchased/retired from Feb 1‑Feb 28 2026.
• Average Purchase Price: $4.33 per share.
• BPS Impact: BPS increased 0.23% YTD to 0.00006359.
• Outstanding Shares (Feb 28 2026): 9,893,980 common shares; 11,977,313 diluted common shares (including convertible debentures, excluding performance warrants).
• Bitcoin Holdings: Total holdings decreased to 761.63 BTC (principal amount of Bitcoin loaned excluded accrued interest).
• NCIB Capacity: Up to 989,228 common shares may be repurchased/cancelled, representing ~10% of public float.
• Purpose: Repurchases are executed when the share price is deemed below the intrinsic value derived from Bitcoin holdings, aiming to enhance long‑term shareholder exposure.
• Future Outlook: Management expects operating cash flow from its Bitcoin lending business and risk management program to fund further repurchases as opportunities arise.

Notable Quotes

“Our NCIB remains an important capital allocation tool that allows us to increase Bitcoin per share when our stock trades at a discount to the value of our Bitcoin holdings. We are pleased to see continued progress and will remain disciplined and opportunistic in executing buybacks that enhance long‑term shareholder exposure to Bitcoin.” – Elliot Johnson, CEO