Dear Investors,

Here’s a brief summary of what’s included in this update:

• Operations remain smooth and uninterrupted
• Fire at hosting facility (no impact to BitVault)
• New miners brought online successfully
• Strategy and performance during market volatility
• Comments on debt strategy and transparency
• Update on mined Bitcoin holdings
• Tax document availability

Operations Update

BitVault’s mining operations remain stable and profitable. Our infrastructure is performing as expected, and the team overseeing our hosted hardware continues to do excellent work.

In February, a fire broke out at one of the Mining Store’s hosting facilities. None of BitVault’s equipment was located at the affected site, so our operations were not impacted in any way. The Mining Store team acted quickly and professionally, keeping us fully informed throughout. Their level of service continues to give us confidence in their long-term partnership.

The new mining equipment we acquired in November 2024 was brought online quickly. A few units required repairs during initial setup, but these were handled efficiently and without disruption to overall performance.

Financial and Market Context

While Bitcoin’s price has declined in recent months due to broader political and economic volatility, our operations have continued without issue. We’ve maintained profitability by mining at a discount to the asset price, which is core to our strategy.

We’re also pleased to share that we’ve now mined and continue to hold over 13 BTC. This figure reflects our ongoing focus on accumulating long-term value for investors while managing operations efficiently.

Times like these are often an endurance test for a mining company’s business model. Ours was designed for durability, not short-term speculation—and it has held up well.

Debt and Operational Strategy

Some investors have asked about our decision to take on debt. The debt we carry is modest and has been used to cover electricity and operational costs without liquidating mined Bitcoin. This allows us to preserve more of the BTC generated for the benefit of investors. The approach has been conservative, responsible, and in line with our long-term strategy. It has not posed any risk to operations or the stability of the business.

Tax Documentation

Tax forms for the 2024 year have been issued and are now available on the Wefunder platform. If you haven’t accessed yours yet, you can log into your account to download it directly. If you encounter any issues, Wefunder’s support team is available to assist.

Bitcoin Market Developments

While market prices have fluctuated, broader macro trends continue to favor long-term Bitcoin adoption:

• Bitcoin reached an all-time high of $103,900 in December 2024 following ETF inflows and strong political momentum.
• The U.S. announced a Strategic Bitcoin Reserve with 200,000 BTC and plans to purchase up to 1 million BTC over five years.
• Oklahoma signaled plans for a state-level reserve, increasing government participation in Bitcoin adoption.
• California strengthened crypto investor protections, helping to stabilize the legal framework for digital assets.
• El Salvador doubled down on its Bitcoin strategy, issuing $500 million in new Bitcoin bonds in early 2025 to expand its holdings and solidify its position as a global crypto leader.

We believe these developments speak louder than short-term price volatility and reinforce our conviction in Bitcoin’s long-term importance.

Looking Ahead

This project began in 2021 and runs on a five-year timeline. As of now, the project remains on track in terms of expectations, mined BTC, and long-term outlook. We remain optimistic and focused on executing our strategy.

Bitcoin adoption over the last several months has been hard to ignore. From sovereign reserves to regulatory clarity, it’s gone from speculative experiment to serious infrastructure. In a world that’s swinging back toward open markets and individual ownership, it’s not surprising to see Bitcoin at the center of that shift. We’re glad to be positioned where we are.

Other Opportunities

Some of you have asked about other projects we’re involved in. One we’re excited about is House Hack Helpers, a real estate investment business built by a team of experienced operators, including close friends and trusted partners.

The team includes:

• Antonio Cucciniello (Investarters – Instagram)
• Matt Tortoriello & Kev Shippee (Two Guys Take on Real Estate – YouTube)
• Will McGuire (Partner at North Cove – thenorthcove.com, and founder of Incolo)

I hold a 4.2% equity position in the manager entity, primarily to support content strategy and business development for House Hack Helpers.

While the company secured its first flip in early 2024, the team is far from new to real estate. Matt and Kev have over 700 rental properties and 500+ completed flips behind them, with only one recorded loss. Their local market presence gives them early access to off-market deals, offering an unfair advantage when sourcing opportunities.

There’s currently about $100,000 left in the round for accredited investors who want to participate. The investment targets a 20%+ annualized internal rate of return and a 2x+ total return over four years. Like BitVault, it's a long-term hold, but with the potential for annual distributions based on project performance.

If you’re accredited and want to learn more, you can book a call with Antonio here.

Thank you,

The BitVault Team