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MESSAGE _ENGLISH VERSION_
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Execution of Bitcoin option transactions under cooperation with QCP
Trading Pte. Ltd.The Management Board of BTCS S.A. _the
"Issuer"_, with reference to Current Report No. 35/2025 dated 26
November 2025 regarding the commencement of cooperation with QCP Trading
Pte. Ltd., with its registered office in Singapore _"QCP"_, and Current
Report No. 36/2025 regarding the execution of the first Bitcoin option
transaction, hereby announces that on 12 December 2025 the Issuer
entered into another Bitcoin derivatives transaction with QCP, with the
following structure.
At the same time, the Issuer specifies that the first option transaction
described in Current Report No. 36/2025 expired on 12 December 2025
without exercise; the Issuer retained the entire received premium
amounting to 0.90636 BTC.
1. Sale of PUT options - potential acquisition of approx. 58.1 BTC at
USD 86,000
* sale of 58.1 Bitcoin PUT options,
* series: BTC-26DEC25-86000-P-NY4,
* strike price: USD 86,000 per 1 BTC,
* expiration date: 26 December 2025,
* total premium received: 0.78435 BTC.
The transaction is fully collateralized with USDT stablecoins held in a
clearing account maintained by QCP. The value of the deposited USDT
corresponds to the Issuer's maximum potential obligation arising from
the possible purchase of approx. 58.1 BTC at USD 86,000 per 1 BTC, i.e.
approx. USD 4,996,600.
In practice, this means that:
* if, on 26 December 2025, the market price of BTC is below USD 86,000,
the Issuer may be obliged to purchase approx. 58.1 BTC at USD 86,000 per
1 BTC using the USDT collateral;
* if the BTC price is above USD 86,000, the options will expire
worthless and the Issuer will retain the entire premium of 0.78435 BTC.
2. Purchase and sale of CALL options - limited participation in
potential BTC price increase
Using part of the premium received from the sale of PUT options, the
Issuer entered into a parallel CALL spread strategy, providing limited
participation in a potential increase in the BTC price:
* purchase of 52 Bitcoin CALL options,
* series: BTC-26DEC25-100000-C-NU4,
* strike price: USD 100,000 per 1 BTC,
* total premium paid: 0.156 BTC;
* sale of 52 Bitcoin CALL options,
* series: BTC-26DEC25-105000-C-NU4,
* strike price: USD 105,000 per 1 BTC,
* premium received: 0 BTC.
This component of the strategy allows the Issuer to participate in a
potential increase in the BTC price within the range of USD
100,000-105,000 per 1 BTC on the expiration date. Above USD 105,000, the
profit from this component is capped by the structure of the spread
_profits from the purchased CALL options are offset by obligations
arising from the sold CALL options_.
3. Total premium and current impact on the Issuer
The total premium from the described structure amounts to:
* premium from sold PUT options: +0.78435 BTC,
* cost of purchased CALL options: -0.156 BTC,
* premium from sold CALL options: 0 BTC,
resulting in a net premium of +0.62835 BTC, which remains with the
Issuer regardless of the BTC price at expiration.
Taking this transaction into account, the total net premium obtained by
the Issuer from option transactions concluded with QCP in the period
from 26 November 2025 _the commencement date of the cooperation_ to 12
December 2025 amounts to 1.53471 BTC _0.90636 BTC + 0.62835 BTC_.
4. Purpose and nature of the strategy
Continuation of the BTC accumulation strategyThe sale of PUT options
means that the Issuer will either:
* acquire approx. 58.1 BTC at a predetermined price of USD 86,000 _if
the market price is lower_, or
* if the acquisition does not occur, retain the received BTC premium.
Additional profit potential in the event of BTC price growthThe CALL
spread provides the Issuer with the opportunity to generate additional
profit if the BTC price on the expiration date falls within the range of
USD 100,000-105,000 per 1 BTC, with predefined and limited risk above
USD 105,000 for this component of the strategy.
The Issuer considers this information to be precise and price-sensitive
due to:_i_ the relationship between the value of the transaction and
the Issuer's equity,_ii_ the continuation of the BTC accumulation
strategy announced together with the commencement of cooperation with
QCP, and_iii_ the extension of this strategy by a component enabling
participation in potential BTC price appreciation.
Any decisions regarding the execution of further transactions, changes
in parameters, or early closing of positions will be communicated in
separate current reports.
Legal basis: Article 17_1_ of the Market Abuse Regulation _MAR_
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RB_ASO: Zawarcie transakcji opcyjnych na Bitcoin w ramach współpracy z QCP Trading Pte. Ltd.
