Hello fellow Ionic Digital Shareholders,

The state of Ionic Digital is a mess.

1. Notwithstanding that the Celsius Network plan went effective in January 2024, and provided that the shares would be freely tradable by June 2024, the shares are still not tradable and restricted.
2. The share price in the Celsius plan was $20 per share. Today, based on limited financial information that we have, the estimated is likely less than half that amount. In fact, Figure Markets (a party we shall discuss below) estimates the share value to be $5 per share.
3. The board and management team are paying themselves well in excess of $1M a year and have generated no tangible results, thereby negatively affecting shareholder value.
4. Based on the latest financial information, this is what we know;
   • The company has 2,551.31 BTC, which at current prices is worth $215M.
   • The company has a mining facility in Cedarville, Texas, with an unknown power contract which may be worth approximately $250M.
   • The company has a management team and board with unknown credentials which add no enterprise value.
5. There is a shareholder meeting scheduled for March 17^th, 2025, however, on February 6^th, 2025, the board reduced the number of members from 8 to 5, thereby ensuring that they would not lose control of the company.
6. An entity called Figure Markets together with some shareholders have filed lawsuits in Delaware to;
   1. Obtain a list of the company shareholders
   2. Effectuate a change in control of the company’s board. A copy of those lawsuits is annexed here.

We want the maximum value for this company. We are not associated with Figure Markets. We are shareholders. We are truly independent. We are focused on creating shareholder value. We are considering every alternative and welcome your input and joining our efforts. This may require legal action or not. Please let us know your thoughts.