TMR Capital Sends an Open Letter Regarding Opportunistic MBO of WM Technology, Inc. (MAPS) and Urges Company to Buy Bitcoin Instead and Become the MicroStrategy (aka Strategy) for Cannabis

TMR Capital (hereinafter referred to as "we" or "our firm") is a shareholder of MAPS.

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We believe that WM Technology, Inc. (hereinafter referred to as the “Company”) proposed privatization dramatically undervalues the Company and is not the best path to maximizing shareholder value.

Instead, in our letter, we urge the Company to announce and implement a Bitcoin Treasury Strategy, following in the footsteps of Strategy (MSTR), Tesla (TSLA), MetaPlanet (3350), and KULR Technology Group (KULR) who have since become the best performing stocks in their category. This would be a bold plan that will shock the capital markets, enhance the Company’s balance sheet and free cash flow, and put them on the map in terms of sell side and buy side interest.

Since Strategy adopted its Bitcoin strategy in August 2020, its stock has vastly outperformed all relevant benchmarks. Prior to MSTR adopting its Bitcoin strategy, MSTR’s stock was flat for over a decade. MSTR’s adoption of its Bitcoin strategy has also resulted in significantly more institutional and retail interest in the company. The strong performance of MSTR’s convertible bonds issued to buy Bitcoin has attracted institutional investors.

Metaplanet adopted its Bitcoin strategy in early 2024. The stock is up almost 40x. Prior to April 2024, the stock was declining for the past decade+ and headed towards bankruptcy.

Of the 55,000 listed companies globally, Metaplanet ranked #1 for % return in 2024 among those with a >$250M market cap and >$50M average daily trading volume, delivering a ~2600% return. Metaplanet delivered the highest percentage return in Japan in 2024, demonstrating the strong interest in a Bitcoin-only strategy in one of the world’s most dynamic markets.

The growing global acceptance of bitcoin is still in its early stages. Companies, financial institutions, governments, and the capital markets are recognizing and incorporating block chain technology, and specifically, BTC into their overall economic toolkits. Given the unique characteristics of BTC, it provides long term appreciation and a bulwark against geopolitical, inflationary, and other macro-economic and political trends affecting all developed economies.

The Trump administration has signaled a significant shift towards a more crypto-friendly stance in the United States, marking a departure from the previous administration's approach. On January 23, 2025, President Trump signed an executive order titled "Strengthening American Leadership in Digital Financial Technology". This order establishes a federal policy to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy. Senator Cynthia Lummis (R-Wyoming) introduced a proposal for a national strategic bitcoin reserve, and President Trump recently highlighted the possibility of establishing a national bitcoin stockpile.

Repurchasing shares and/or issuing a dividend will not be enough to get the Company out of its disastrous start in the public markets. M&A is difficult and has a high failure rate.

Companies that adopt the Bitcoin strategy can trade at a premium to NAV which enables highly accretive share issuances to buy more Bitcoin. The Bitcoin strategy provides a path for sustainable growth and acts as an immediate catalyst for the stock, something that shareholders desperately need. Therefore, we urge the Company to immediately purchase $21M worth of Bitcoin, adopt Bitcoin as a primary asset in its treasury program, commit to allocate up to 90% of its surplus cash into BTC, and commit to the Bitcoin strategy of buying BTC and issuing shares at a premium to NAV to buy more BTC.

We can help accelerate this by potentially doing a $30M+ PIPE.

We have made this open letter public to raise awareness among other investors about this problematic MBO and to start the discussion around adopting a Bitcoin strategy.

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