BITFIRE GROUP Proposes to Terminate Existing Share Option Scheme and Adopt New Scheme

BITFIRE GROUP (HKEX: 01611) has announced a proposal to end its current share option plan and implement a new one.

The existing share option scheme was adopted on October 27, 2016, and is set to expire on October 26, 2026. According to the terms of the current plan, the board of directors holds the authority to terminate it at any time. Should this occur, no further options would be granted, though the provisions necessary to facilitate the exercise of any options granted prior to termination or as otherwise required by the plan's rules would remain fully valid.

The board resolved on July 21, 2026, to terminate the existing scheme once the new share option plan is unconditionally adopted.

Rationale for the New Plan

The new share option plan is intended to enable the company to continue recognizing and rewarding the contributions, or potential contributions, of eligible participants to the group by granting share options. This aligns their interests with those of the group.

In addition to the existing share award scheme, the continued ability to grant share options provides the company with another, potentially more tailored, incentive method to meet the needs of each eligible participant.

Issuance Limits Under the New Plan

The total number of shares that may be issued pursuant to all awards and options granted under the new share option plan and any other share schemes, including but not limited to the existing share award scheme, shall not exceed 10% of the company's issued share capital, excluding treasury shares, as of the adoption date.

Within this overall limit, the total number of shares that may be issued to service providers pursuant to all awards and options granted under the new share option plan and any other share schemes shall not exceed 1% of the total number of issued shares, excluding treasury shares, as of the adoption date.