We appreciate everyone who has read the H1 Mina Foundation Transparency Report and we are happy to share more context on some of the results, in response to some questions we see in the community. As you may recall, after a thorough review of the Foundation’s operating model and activities, the Board — with the support of current MF executives — recognized the indisputable need to restructure the Foundation’s activities and centralize many functions with o1Labs. Among several factors driving this decision was the financial model of the Foundation: plainly speaking, the high cash burn relative to the results being delivered to the ecosystem. The Board, alongside the current MF management team, reduced its size from approx. 50 to now less than 10 staff. Given the restructuring costs and transfer of assets to o1 to support their new role in the ecosystem, the burn remained high through Q2. However, starting July 1, 2025 the Foundation has ceased Mina OTC sales, which had been necessary previously to adhere with the Swiss standards for minimum operating cash based on our (prior) elevated burn. Just to reiterate: the Foundation has only ever sold Mina tokens for USD operational purposes. In addition to substantially reducing burn, the Foundation has been, and will continue to be, focused on maximizing its capital in order to hand maximal assets over to the Community (through a controlled and governance-enabled decentralized treasury). With this goal in mind, the Board approved a purchase of BTC (with pre-existing USD reserves, not by selling extra MINA) by the Foundation at the beginning of the year as a way to maximize and grow capital, which will now ultimately go to the community. Previously, Mina Foundation’s USD investment policy only allowed for investments in T-bills and highly rated stock. The Board approved a revision to this USD investment policy to enable a percentage of the Foundation’s USD investment portfolio to be allocated to BTC. This turned out to be a wise investment decision, yielding significant gains which will ultimately translate into value for the community’s decentralized treasury. Just to reiterate: the Foundation did not choose between BTC or Mina, or sell Mina to buy BTC. The decision to reallocate the USD investment portfolio to include BTC was in the service of maximizing our capital for the community. Once again, we really thank everyone for taking a close look at the Transparency Report and asking these questions. We hope it’s clear that the Foundation is hugely committed to preserving and maximizing its remaining capital so as to ultimately deploy to the community, via the decentralized treasury. We believe the community is the strongest part of the Mina ecosystem and we believe the community should be responsible for future allocation of the Foundation’s remaining capital. Now that the transition of other critical responsibilities and resources to o1 has concluded, we will continue our efforts to build a secure and community-driven decentralized treasury model as quickly as we can. This is our focus and we appreciate all of your support and feedback in the coming months as we work together toward this objective for the Mina ecosystem.