Exhibit · Form 10-K · Item 1A Risk Factors · scanned 2026-09-24
What the Bitcoin treasury companies' filings say about the halving
10 companies with a bitcoin treasury strategy are in this scan — a stated roster, not every such company — and 10 have filed an annual report. All 10 disclose this one: further cuts to the mining reward, the halvings included, may cause a decline in support for the network. It is one counsel-drafted sentence, not 10 separate warnings, and it sits in the risk factors of a film studio and a drug developer as well as the best-known bitcoin holders. Their own words, each linked to EDGAR.
The ETFs disclose it about the asset they hold. These companies disclose it about the asset on their balance sheet. What it costs ↓
Form 10-KItem 1A What the Bitcoin treasury companies' filings say about the halving verified 2026-09-29 Download the full report Every quote with its EDGAR address and hash, the full roster, the arithmetic and the method.
Risk factors: declining mining rewards
verbatim · the same counsel-drafted bullet on every sheet
Form 10-K · filed 2026-02-19
Item 1A Risk Factors
•further reductions in mining rewards of bitcoin, including due to block reward halving events, which are programmed events that occur approximately every four years (the most recent of which occurred in April 2024) that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the Bitcoin network;
further reductions in mining rewards of bitcoin, including due to block reward halving events, which are programmed events that occur approximately every four years (the most recent of which occurred in April 2024) that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the Bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
One sentence, not ten warnings. DJT, XXI, ASST, NAKA, BRR, ANGX, LVO, ATHR and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Also in Strategy's 10-K — from Item 1, its business section, not a risk factor. Quoted because it is the same filing:
Bitcoin transactions are validated and recorded on a public, distributed ledger maintained by a globally distributed network of nodes and miners, which reduces reliance on any single system or intermediary and makes certain network-level attacks, such as “51% attacks,” difficult and costly to execute.
Form 10-K · filed 2026-02-27
Item 1A Risk Factors
• further reductions in mining rewards of bitcoin, including due to block reward halving events, which are programmed events that occur approximately every four years (the most recent of which occurred in April 2024) that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the Bitcoin network;
further reductions in mining rewards of bitcoin, including due to block reward halving events, which are programmed events that occur approximately every four years (the most recent of which occurred in April 2024) that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the Bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
Quoted from the 10-K. Trump Media's later 10-K/A, of 30 April 2026, amends only part of the report and carries no Item 1A, so the risk factors are quoted from the 10-K it amends.
One sentence, not ten warnings. MSTR, XXI, ASST, NAKA, BRR, ANGX, LVO, ATHR and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Form 10-K · filed 2026-03-31
Item 1A Risk Factors
● further reductions in mining rewards of Bitcoin, including due to block reward halving events, which are events that occur after a specific period of time (the most recent of which occurred in April 2024) that reduce the block reward earned by “miners” who validate Bitcoin transactions, or increases in the costs associated with Bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of Bitcoin mining, which could further increase the costs associated with Bitcoin mining, any of which may cause a decline in support for the Bitcoin network;
further reductions in mining rewards of Bitcoin, including due to block reward halving events, which are events that occur after a specific period of time (the most recent of which occurred in April 2024) that reduce the block reward earned by “miners” who validate Bitcoin transactions, or increases in the costs associated with Bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of Bitcoin mining, which could further increase the costs associated with Bitcoin mining, any of which may cause a decline in support for the Bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
One sentence, not ten warnings. MSTR, DJT, ASST, NAKA, BRR, ANGX, LVO, ATHR and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Form 10-K · filed 2026-03-19
Item 1A Risk Factors
•further reductions in mining rewards of bitcoin, including due to block reward "halving" events, which are events that occur after a specific period of time (the most recent of which occurred in April 2024) that either reduce the block reward earned by “miners” who validate bitcoin transactions, or increase the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the bitcoin network;
further reductions in mining rewards of bitcoin, including due to block reward "halving" events, which are events that occur after a specific period of time (the most recent of which occurred in April 2024) that either reduce the block reward earned by “miners” who validate bitcoin transactions, or increase the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
One sentence, not ten warnings. MSTR, DJT, XXI, NAKA, BRR, ANGX, LVO, ATHR and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Form 10-K · filed 2026-03-30
Item 1A Risk Factors
● further reductions in mining rewards of Bitcoin, including reductions due to block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate Bitcoin transactions (the most recent reduction in mining rewards occurred in April 2024), which may cause a decline in support for the Bitcoin network;
further reductions in mining rewards of Bitcoin, including reductions due to block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate Bitcoin transactions (the most recent reduction in mining rewards occurred in April 2024), which may cause a decline in support for the Bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
One sentence, not ten warnings. MSTR, DJT, XXI, ASST, BRR, ANGX, LVO, ATHR and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Form 10-K · filed 2026-02-18
Item 1A Risk Factors
● further reductions in mining rewards of Bitcoin, including due to block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate Bitcoin transactions, or increases in the costs associated with Bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of Bitcoin mining, which could further increase the costs associated with Bitcoin mining, any of which may cause a decline in support for the Bitcoin network;
further reductions in mining rewards of Bitcoin, including due to block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate Bitcoin transactions, or increases in the costs associated with Bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of Bitcoin mining, which could further increase the costs associated with Bitcoin mining, any of which may cause a decline in support for the Bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
One sentence, not ten warnings. MSTR, DJT, XXI, ASST, NAKA, ANGX, LVO, ATHR and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Form 10-K · filed 2026-03-12
Item 1A Risk Factors
● further reductions in mining rewards of bitcoin, including due to block reward halving events, which are events that occur after a specific period of time (the most recent of which occurred in April 2024) that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the bitcoin network;
further reductions in mining rewards of bitcoin, including due to block reward halving events, which are events that occur after a specific period of time (the most recent of which occurred in April 2024) that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
Companies you wouldn't expect. Angel Studios is a media company that makes films and television. It has a bitcoin treasury strategy, which is why this bullet is in its risk factors.
One sentence, not ten warnings. MSTR, DJT, XXI, ASST, NAKA, BRR, LVO, ATHR and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Form 10-K · filed 2026-06-29
Item 1A Risk Factors
● further reductions in mining rewards of bitcoin, including block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, that may cause a decline in support for the bitcoin network;
further reductions in mining rewards of bitcoin, including block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, that may cause a decline in support for the bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
Companies you wouldn't expect. LiveOne is a music, entertainment and technology platform. In July 2025 it adopted a treasury reserve strategy with bitcoin as its first reserve asset, which is why this bullet is in its risk factors.
One sentence, not ten warnings. MSTR, DJT, XXI, ASST, NAKA, BRR, ANGX, ATHR and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Form 10-K · filed 2025-12-17
Item 1A Risk Factors
● further reductions in mining rewards of bitcoin, including block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, that may cause a decline in support for the Bitcoin network;
further reductions in mining rewards of bitcoin, including block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, that may cause a decline in support for the Bitcoin network
Translation of the highlighted sentence. The excerpt above is the filing's own English.
Companies you wouldn't expect. Aether Holdings is a financial-technology company that runs SentimenTrader, a trading-research platform. It holds bitcoin under a treasury strategy, which is why this bullet is in its risk factors.
One sentence, not ten warnings. MSTR, DJT, XXI, ASST, NAKA, BRR, ANGX, LVO and SILO carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
Form 10-K · filed 2026-03-27
Item 1A Risk Factors
● further reductions in mining rewards of digital assets, including block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate digital assets transactions, or increases in the costs associated with Bitcoin mining, including increases in electricity costs and hardware and software used in mining, that may cause a decline in support for the Digital Asset networks;
further reductions in mining rewards of digital assets, including block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by “miners” who validate digital assets transactions, or increases in the costs associated with Bitcoin mining, including increases in electricity costs and hardware and software used in mining, that may cause a decline in support for the Digital Asset networks
Translation of the highlighted sentence. The excerpt above is the filing's own English.
Companies you wouldn't expect. Silo Pharma is a developmental-stage drug company working on treatments for PTSD and chronic pain. It holds a digital-asset treasury — bitcoin, ether and others — which is why this bullet is in its risk factors, and why its version speaks of digital assets generally.
One sentence, not ten warnings. MSTR, DJT, XXI, ASST, NAKA, BRR, ANGX, LVO and ATHR carry this same counsel-drafted bullet in their own 10-Ks, in seven wordings across ten filings. It is counted here as one shared sentence, not as independent judgements.
fees ÷ (fees + subsidy), BTC terms · monthly average of daily values since 2012 · ▲ halving · the shaded band is the shortfall: to hold miner revenue where it is today when the subsidy halves at block 1,050,000, fees must reach 50% of revenue — 79× today — at a constant BTC price. Fees are drawn flat because nothing in the series implies a climb. · data through 2026-09-27 · verified 2026-09-29
The halving is the schedule. The security budget is the consequence.
The security-budget index today, against five published benchmarks for what it should be.
OPEN →What Bitcoin pays miners, live, per second — and what it stops paying at block 1,050,000.
OPEN →What has to replace the block reward as it goes to zero, and one way it could.
Quotes are excerpts from public SEC filings, reproduced verbatim for commentary. Issuer names and marks identify the documents quoted and imply no affiliation or endorsement. Nothing here is investment advice. Filings scanned 2026-09-24 · figures verified 2026-09-29.
Logo files, where a mark is used at all, via the issuers' own sites and Wikimedia Commons. Full attribution in logos/_sources.json.