Ordinary Share Buy Back

The Directors note the significant discount to net asset value at which the shares currently trade and consider that the share price significantly undervalues the Company's portfolio and prospects.

Accordingly, the Board of Directors ("Board") has resolved to commence share repurchases in the market where it believes this to be in shareholders' interests, noting that share buybacks represent an attractive opportunity to increase the Company's investment exposure to its existing portfolio at reduced costs compared to buying the underlying assets on the open market (also noting that not all assets comprised in the Company's portfolio are available for purchase on the open market).

The Board expects buybacks to be accretive to the net asset value per share of the remaining shares and to improve the prospects for future returns.

Buybacks will be funded by the Company's income from digital assets. As it has done successfully since 2016, the Company will continue to allocate capital to new investments in decentralised platforms and protocols that are emerging to form new financial and internet infrastructures.

Any share buybacks will be carried out under the existing shareholder authorisation granted at the Extraordinary General Meeting held on 29 April 2024 for purchases of shares by the Company in the market for up to 14.99% of the Company's issued share capital. Buybacks will be conducted at the absolute discretion of the Board with periodic reviews. The Company has appointed Singer Capital Markets Securities Limited to conduct the buybacks.

Any acquisitions of shares by the Company will be announced to the market. Any shares acquired will initially be held in treasury and may be cancelled at a later date.

The minimum price which may be paid for a share is £0.0019 (being the nominal value of an ordinary share). The maximum price (exclusive of expenses) which may be paid for a share is the higher of: (i) 105% of the average of the middle market quotations for the shares (as derived from the Aquis Stock Exchange) for the five business days immediately preceding the day on which such share is contracted to be purchased; and (ii) the higher of the price of the last independent trade in the shares and the highest then current independent bid for a share on the trading venue where the purchase is carried out.

Due to the limited liquidity in the issued shares, any buyback of shares by the Company on any trading day may represent a significant proportion of the daily trading volume in the shares on Aquis and may exceed 25 per cent. of the average daily trading volume, being the limit laid down under Article 5(1) of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and, in such circumstances, the Company will not benefit from the exemption contained in that Article.

The Company confirms that it does not currently possess any unpublished price sensitive information, other than that which has been disclosed above.