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1、Q3 2025 Earnings PresentationNovember 12,2025Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 2Non-GAAP Financial Measures We report our financial results in accordance with U.S.generally accepted accounting principles(“GAAP”).However,Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial

2、 measures regarding our operational performance.Management and our board of directors use non-GAAP financial measures to(i)monitor and evaluate the growth and performance of our business operations,(ii)evaluate our historical and prospective financial performance as well as our performance relative

3、to our competitors,(iii)review and assess the performance of our management team and other employees,and(iv)prepare budgets and evaluate strategic investments.Accordingly,we believe that non-GAAP measures provide useful information to investors and others in understanding and evaluating our operatin

4、g results in the same manner as our management and board of directors.Non-GAAP financial measures,including Adjusted EBITDA and Adjusted Operating Expenses,have limitations as financial measures and should not be relied upon as substitutes for,or considered in isolation from,measures calculated in a

5、ccordance with GAAP.Adjusted EBITDA.Adjusted EBITDA is calculated as net income(loss)from continuing operations excluding:depreciation and amortization expense;interest expense,net of amortization of discounts and premiums;interest income;income tax expense(benefit);stock-based compensation expense;

6、certain legal expenses;realized and unrealized(gains)losses,net,on digital assets held for investment,other related investments and strategic investments;realized(gains)losses on available-for-sale debt securities;impairment losses on strategic investments;merger termination expenses;restructuring e