38 Generally, Bitcoin Investors With A Long-Term Time Horizon Have Benefited Over Time Bitcoin Realized Returns “Time, Not Timing”* Days Held 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Bitcoin’s volatility can obfuscate its long-term 2011 returns. While significant appreciation or 2012 depreciation can occur over the short term, a long- 2013 ON I 2014 T A term investment horizon has been key to investing OC t 2015 L in bitcoin. n L e A m 2016 N t s OI e C v 2017 T n Instead of “when,” the better question is “for how I BI f o 2018 e long?” t Da2019 Historically, investors who bought and held bitcoin 2020 for at least 5 years have profited, no matter when 2021 they made their purchases. 2022 2023 *Adage first put forth in this configuration by Mizuho Financial Group. Sources: ARK Investment Management LLC, 2024, based on data from Glassnode as of December 31, 2023. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Past performance is not indicative of future results.