Press Release

Issued by Volato.

February 24, 2025

Volato Group, Inc., a US company developing innovative solutions in private aviation software and on-demand flight access, announced today that it has begun Bitcoin mining operations, marking an early but significant step in its broader exploration of aviation-integrated cryptocurrency mining. With this milestone, Volato expects to hold Bitcoin on its balance sheet for the first time in Q1 2025.

This initial phase of mining is ground-based, allowing Volato to gain firsthand experience with mining operations as it continues development of its patent-pending aviation Bitcoin mining technology. While mining has not yet begun in the air, Volato remains focused on integrating cryptocurrency mining within aviation and has identified the Cessna Citation CJ series as the first aircraft platform where it plans to introduce an enthusiasts' product.

The CJ series, spanning the CJ1, CJ2, CJ3 and CJ4, has over 2,100 aircraft in active service, making it one of the most widely used light jets in the world. Its fleet size, efficient electrical system and suitability for streamlined FAA certification via a supplemental type certificate (STC) make it an ideal starting point.

The Citation CJ series was selected by Volato because;

- Large installed base: With over 2,100 jets in service, the CJ platform offers scale for adoption.

- Efficient STC certification path: The CJ series shares common systems and structure across models, making it easier to certify modifications under a supplemental type certificate.

- Certificate (STC) that applies to multiple aircraft.

- Consistent electrical power availability: The aircraft's electrical system provides stable power capacity, making it an ideal testbed for integrating mining hardware without impacting flight operations.

- High utilisation rates: Many CJ owners and operators fly frequently, presenting opportunities to maximise uptime for in-flight mining.

"While we are in the early stages and have not yet begun mining in the air, launching Bitcoin mining operations on the ground is an important step in refining our approach," said Matt Liotta, CEO of Volato. "We believe the Citation CJ is the right platform to start with as we explore how aviation and cryptocurrency mining intersect."

As Bitcoin miners face rising energy costs and regulatory pressures, interest is growing in alternative mining models. While Volato's mining technology remains under development, early discussions with large-scale miners have confirmed genuine curiosity about aviation's role in the industry's future.

Volato will provide further updates as development progresses.