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    Phoenix Digital - Interim Results

    Picture of Phoenix Digital Assets logoPhoenix Digital Assets
    30/09/2025 07:00
    RNS Number : 2927B

Phoenix Digital Assets PLC

30 September 2025

 

30 September 2025

 

Phoenix Digital Assets PLC

 

("Phoenix" or "the Company")

 

Interim Results

 

 

Phoenix Digital Assets PLC (AQSE: PNIX) is pleased to announce its unaudited results for the six months ended 30 June 2025.

 

Comments from Jonathan Bixby, Executive Chairman:

 

I am happy to report the Company's interim results for the six months ended 30 June 2025. Whilst the Company suffered a loss in the period, I am pleased to be able to report that subsequent to the period end, all losses have been recovered to date as a result of strengthening cryptocurrency prices.

 

The Company had a net asset value of £22.2 million (5.00p per share) as at 30 June 2025.

 

The market has gone through a large consolidation phase, and we remain very optimistic on the crypto market into the first quarter of 2026. We have re-aligned our portfolio of liquid assets to best take advantage of what we believe is the continuation of the crypto bull market.

 

I would like to take this opportunity to thank all our shareholders for their ongoing support.

 

Jonathan Bixby

Executive Chairman

 

30 September 2025

 

For further information please contact: 


    Phoenix Digital Assets
    Jonathan Bixby
    Executive Chairman    		Via First Sentinel
    First Sentinel
    Corporate Adviser
    Brian Stockbridge    		+44 7858 888 007
    

 

About Phoenix:  

Phoenix Digital Assets PLC invests in a diversified portfolio of cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology. The Company's leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. Phoenix is headquartered in London, UK and its shares are listed on the Aquis Stock Exchange Growth Market under the ticker symbol PNIX.  https://www.getphoenix.co.uk  

 

 

 

 

                                                                                                                                                                                                                                          

 

 

 

 

               

                                                                                                                    

                                                                                                                    


    Consolidated Statement of Comprehensive Income
    For the six months ended 30 June 2025
    UnauditedAudited
    Six months ended 30 JuneYear ended
    31 December
    Note202520242024
    £££
    Revenue---
    Fair value movements (including impairment and exchange differences) in investments(46,700)2,134(694,723)
    Fair value movements in digital assets and tokens(6,061,909)19,759,83329,972,894
    (6,108,609)19,761,96729,278,171
    Share based payment3(21,890)-(87,557)
    Administrative expenses(978,173)(1,096,243)(2,568,619)
    Operating (loss)/profit(7,108,672)18,665,72426,621,995
    Finance income512,49016,599493,012
    (Loss)/profit before taxation(6,596,182)18,682,32327,115,007
    Taxation--(7,447,528)
    (Loss)/profit after taxation and total
    comprehensive (loss)/profit for the period    		(6,596,182)13,462,60519,667,479
    (Loss)/earnings per ordinary share:
    Basic (loss)/earnings per share (pence)4(1.50)1.402.75
    Diluted (loss)/earnings per share (pence)4(1.50)1.352.63
    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                                    


    Consolidated Statement of Financial Position
    For the six months ended 30 June 2025
    UnauditedAudited
    Six months ended 30 JuneYear ended 31 December
    Note202520242024
    £££
    Non-Current Assets
    Intangible assets533,174,79129,284,71738,686,725
    Investments6793,5171,537,074840,217
    Deferred tax asset-216,818-
    Total non-current assets33,968,30831,038,60939,526,942
    Current Assets
    Trade and other receivables8,46011,4802,821
    Cash and cash equivalents677,120408,963188,079
    Total current assets685,580420,443190,900
    Total assets34,653,88831,459,05239,717,842
    Shareholders' equity
    Share capital464,750460,875460,875
    Share premium744,750709,875709,875
    Share based payments reserve1,110,359826,5201,101,886
    Treasury shares(1,117,914)-(756,224)
    Retained earnings20,360,28520,738,18226,943,050
    Capital redemption reserve625,000625,000625,000
    Total shareholders' equity22,187,23023,360,45229,084,462
    Non-Current Liabilities
    Deferred tax liabilities1,950,591-1,950,591
    Total non-current liabilities1,950,591-1,950,591
    Current Liabilities
    Interest-bearing loans and borrowings72,402,912--
    Trade and other payables260,484118,528830,118
    Income tax payable7,852,6717,980,0727,852,671
    Total current liabilities10,516,0678,098,6008,682,789
    Total liabilities12,466,6588,098,60010,633,380
    Total equity and liabilities34,653,88831,459,05239,717,842
    

 


    Company Statement of Financial Position
    For the six months ended 30 June 2025
    UnauditedAudited
    Six months ended 30 JuneYear ended 31 December
    Note202520242024
    £££
    Non-Current Assets
    Intangible assets533,174,79129,284,71738,686,725
    Investments6793,5181,537,075840,218
    Deferred tax asset-216,818-
    Total non-current assets33,968,30931,038,61039,526,943
    Current Assets
    Trade and other receivables45,13251,02342,364
    Cash and cash equivalents640,447369,419148,535
    Total current assets685,579420,442190,899
    Total assets34,653,88831,459,05239,717,842
    Shareholders' equity
    Share capital464,750460,875460,875
    Share premium744,750709,875709,875
    Share based payments reserve1,110,359826,5201,101,886
    Treasury shares(1,117,914)-(756,224)
    Retained earnings20,360,28520,738,18226,943,050
    Capital redemption reserve625,000625,000625,000
    Total shareholders' equity22,187,23023,360,45229,084,462
    Non-Current Liabilities
    Deferred tax liabilities1,950,591-1,950,591
    Total non-current liabilities1,950,591-1,950,591
    Current Liabilities
    Interest-bearing loans and borrowings2,402,912--
    Trade and other payables260,484118,528830,118
    Income tax payable7,852,6717,980,0727,852,671
    Total current liabilities10,516,0678,098,6008,682,789
    Total liabilities12,466,6588,098,60010,633,380
    Total equity and liabilities34,653,88831,459,05239,717,842
    

 

 

 

 

 

 

 

                                                                                                                   

 


    Consolidated and Company Statement of Changes in Equity
    As at 30 June 2025
    Share capitalShare PremiumShare-based payments reserveTreasury ReserveDistribut-able
    reserve    		Retained earningsCapital redemption reserveTotal
    ££££££££
    Unaudited
    Six months ended 30 June 2025
    At 1 January 2025460,875709,8751,101,886(756,224)-26,943,050625,00029,084,462
    Comprehensive loss for the period
    Loss for the period-----(6,596,182)-(6,596,182)
    Total comprehensive loss for the period-----(6,596,182)-(6,596,182)
    Contributions by and distributions to owners
    Shares issued in the period3,87534,875-----38,750
    Share based payments--21,890---21,890
    Warrants exercised in the period--(13,417)--13,417--
    Purchase of treasury shares---(361,960)---(361,960)
    Total contributions by and distributions to owners3,87534,8758,473(361,960)-13,417-(301,320)
    At 30 June 2025464,750744,7501,110,359(1,117,914)-20,360,285625,00022,187,230
    Unaudited
    Six months ended 30 June 2024
    At 1 January 20241,009,00018,0003,049,183-33,359,1335,381,281-42,816,597
    Comprehensive income for the period
    Profit for the period-----13,462,605-13,462,605
    Total comprehensive income for the period-----13,462,605-13,462,605
    Contributions by and distributions to owners
    Shares issued in the period76,875691,875-----768,750
    Warrants exercised in the period--(1,716,417)--1,716,417--
    Warrants lapsed in the period--(506,246)--506,246--
    Repurchase and cancellation of shares(625,000)---(33,359,133)(328,367)625,000(33,687,500)
    Total contributions by and distributions to owners(548,125)691,875(2,222,663)-(33,359,133)1,894,296625,000(32,918,750)
    At 30 June 2024460,875709,875826,520--20,738,182625,00023,360,452
    Audited
    Year ended 31 December 2024
    At 1 January 20241,009,00018,0003,049,183-33,359,1335,381,281-42,816,597
    Comprehensive income for the year
    Profit for the year-----19,667,479-19,667,479
    Total comprehensive income for the year-----19,667,479-19,667,479
    Contributions by and distributions to owners
    Shares issued in the year76,875691,875-----768,750
    Share based payments--87,557----87,557
    Deferred tax on share based payments--187,803----187,803
    Warrants exercised in the year--(1,716,417)--1,716,417--
    Warrants lapsed in the year--(506,240)--506,240--
    Repurchase and cancellation of shares(625,000)---(33,359,133)(328,367)625,000(33,687,500)
    Purchase of treasury shares---(756,224)---(756,224)
    Total contributions by and distributions to owners(548,125)691,875(1,947,297)(756,224)(33,359,133)1,894,290625,000(33,399,614)
    At 31 December 2024460,875709,8751,101,886(756,224)-26,943,050625,00029,084,462
    

1 There were no transactions in the Subsidiary and thus no impact on the Statement of Changes in Equity


    Consolidated Statement of Cash Flows
    For the six months ended 30 June 2025
    UnauditedAudited
    Six months ended 30 JuneYear ended 31 December
    202520242024
    £££
    Operating activities
    (Loss)/profit for the period(6,596,182)13,462,60519,667,479
    Adjustments:
    Loss/(gain) on revaluation of digital assets and tokens6,061,909(19,759,834)(29,972,894)
    Fair value movements of investments--701,655
    Share based payments21,890-87,557
    Foreign exchange46,700(2,134)(6,931)
    Finance Income*(512,490)(16,599)(493,012)
    Income tax expense-5,219,7187,447,528
    Working capital adjustments:
    Increase in trade and other receivables(5,639)(10,197)(1,537)
    (Decrease)/increase in trade and other payables(569,634)(626,991)84,599
    Net cash used in operating activities(1,553,446)(1,733,431)(2,485,556)
    Investing activities
    Purchase of digital assets and tokens*(3,155,840)(26,311,483)(26,815,385)
    Sale of digital assets and tokens3,118,20960,660,26862,451,226
    Interest received14616,59917,008
    Net cash (used in)/from investing activities(37,485)34,365,38435,652,849
    Financing activities
    Share issue38,750768,750768,750
    Purchase of shares for cancellation-(33,687,500)(33,687,500)
    Purchase of treasury shares.(361,690)-(756,224)
    Financial Liabilities raised2,402,912--
    Net cash from/(used in) financing activities2,079,972(32,918,750)(33 674 974)
    Net decrease in cash and cash equivalents(489,041)(286,797)(507,681)
    Cash and cash equivalents at start of the period188,079695,760695,760
    Cash and cash equivalents at end of the period677,120408,963188,079
    

Non -cash transactions from investing activities:

* During the period ended 30 June 2024 the Group earned £512,344 (31 December 2024: £476,004 and 30 June 2024: NIL) through staking activities. As these rewards were received in kind,

the transaction has been treated as a non- cash investing activity and is not reflected in the cash flow statement.

 


    Company Statement of Cash Flows
    For the six months ended 30 June 2025
    UnauditedAudited
    Six months ended 30 JuneYear ended 31 December
    202520242024
    £££
    Operating activities
    (Loss)/profit for the period(6,596,182)13,462,60519,667,479
    Adjustments:
    Loss/(gain) on revaluation of digital assets and tokens6,061,909(19,759,834)(29,972,894)
    Fair value movements of investments-797,649701,655
    Share based payments21,890-87,557
    Foreign exchange46,700(2,134)(6,931)
    Finance Income*(512,490)(16,599)(493,012)
    Income tax expense-5,219,7187,447,528
    Working capital adjustments:
    (Increase)/decrease in trade and other receivables(2,768)337,332345,992
    (Decrease)/increase in trade and other payables(569,634)(626,991)84,599
    Net cash used in operating activities(1,550,575)(1,385,902)(2,138,027)
    Investing activities
    Purchase of digital assets and tokens*(3,155,840)(26,311,483)(26,815,385)
    Sale of digital assets and tokens3,118,20960,660,26862,451,226
    Interest received14616,59917,008
    Net cash (used in)/from investing activities(37,485)34,365,38435,652,849
    Financing activities
    Share issue38,750768,750768,750
    Purchase of shares for cancellation-(33,687,500)(33,687,500)
    Purchase of treasury shares.(361,690)-(756,224)
    Financial Liabilities raised2,402,912--
    Net cash from/(used in) financing activities2,079,972(32,918,750)(33 674 974)
    Net decrease in cash and cash equivalents491,91260,732(160,152)
    Cash and cash equivalents at start of the period148,535308,687308,687
    Cash and cash equivalents at end of the period640,447369,419148,535
    

 

Notes to the Interim Financial Statements for the six months ended 30 June 2025

1.     Basis of preparation

 

The interim results of Phoenix Digital Assets PLC are prepared in accordance with the requirements of IAS 34 Interim Financial Reporting and are prepared in accordance with the accounting policies set out in the last financial statements for the year ended 31 December 2024. Phoenix Digital Assets PLC expects to apply the same policies in its financial statements for the year ending 31 December 2025.

 

The financial information for the six months ended 30 June 2025 and for the six months ended 30 June 2024 have neither been audited nor reviewed by the Company's auditors. The comparative financial information for the year ended 31 December 2024 has been derived from the audited financial statements for that period.

 

Basis of Consolidation

Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

 

The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. All subsidiaries have a reporting date of December.

 

The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases.

 

On consolidation, the results of overseas operations are translated into pounds sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations, including goodwill arising on the acquisition of those operations, are translated at the rate ruling at the reporting date.

 

Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income and accumulated in the foreign exchange reserve. Exchange differences recognised in profit or loss in Group entities' separate financial statements on the translation of long-term monetary items forming part of the Group's net investment in the overseas operation concerned are reclassified to other comprehensive income and accumulated in the foreign exchange reserve on consolidation.

 

On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the profit or loss on disposal.

(Loss)/Profit of Parent Company

As permitted by Section 408 of the Companies Act 2006, the statement of comprehensive income of the Parent Company is not presented as part of these financial statements. The Parent Company's loss for the financial period was £6,596,182 (period ending 30 June 2024: £13,462,605 profit and year ended 31 December 2024: £19,667,479 profit.

 

2.     Critical accounting estimates and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

 

Investments

On acquisition, investments are valued at cost as this is deemed to be the fair value. Subsequent to this, management uses valuation techniques and other relevant information to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm's length transaction at the reporting date.

 

 

At each balance sheet date, a review of impairment in value is undertaken and the Company follows the guidance of IFRS 9 to determine when a financial asset is impaired. This determination requires significant judgement. In making this judgement, management evaluates, among other factors, the duration and extent to which the fair value of an investment is less than its cost, and the financial health of, and short-term business outlook for, the investee, including factors such as industry and sector performance, changes in technology and operational, financing cash flow and proposed fundraising.

3.     Share based payments

The Company operates a number of equity-settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options) of the Company. The fair value of the employee services received in exchange for the grant of options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted:

•       including any market performance conditions;

•       excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

•       excluding the impact of any non-vesting conditions (for example, the requirement of employees to save).

 

Assumptions about the number of options that are expected to vest include consideration of non-market vesting conditions. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the Statement of Comprehensive Income, with a corresponding adjustment to equity.

 

When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

4.     (Loss)/Profit per ordinary share

The calculation of a basic (loss)/profit per share is based on the (loss)/profit for the period attributable to equity holders of the Company and on the weighted average number of shares in issue during the period.

 

Diluted (loss)/profit per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.

 

For the six months ended 30 June 2025, is no difference between the diluted loss per share and the basic loss per share presented due to the loss position of the Company. Share options and warrants could potentially dilute basic earnings per share in the future, but were not included in the calculation of diluted earnings per share as they are anti-dilutive for the period presented.

 

For the six months ended 30 June 2024, there were 42,125,000 share warrants in issue which had a dilutive effect on the weighted average number of shares.

 

For the year-ended 31 December 2024, there were 42,125,000 share warrants in issue which had a dilutive effect on the weighted average number of shares.

5.     Intangible Assets

 

Group and Company


    Digital assets and tokens
    £    		Software development costs
    £    		Total
    £
    Cost
    Balance at 1 January 202538,686,725-38,686,725
    Additions3,668,184-3,668,184
    Disposals(3,118,209)-(3,118,209)
    Net fair value loss for the period(6,061,909)-(6,061,909)
    As at 30 June 202533,174,791-33,174,791
    Net book value as at 30 June 202533,174,791-33,174,791
    

 


    Digital assets and tokens
    £    		External software development costs
    £    		Total
    £
    Cost
    Balance at 1 January 202443,873,668-43,873,668
    Additions26,311,483-26,311,483
    Disposals(60,660,268)-(60,660,268)
    Net fair value gain for the period19,759,834-19,759,834
    As at 30 June 202429,284,717-29,284,717
    Net book value as at 30 June 202429,284,717-29,284,717
    Cost
    Balance at 1 January 202443,873,668-43,873,668
    Additions27,291,389-27,291,389
    Disposals(62,451,226)-(62,451,226)
    Net fair value gain for the year29,972,894-29,972,894
    As at 31 December 202438,686,725-38,686,725
    Net book value as at 31 December 202438,686,725-38,686,725
    

 

The breakdown for all digital assets and tokens held at 30 June 2025 are listed below:

 


    Token nameNumber of tokens£
    Bitcoin BTC9919,219,317
    DigitalBits XDB751,600-
    TAO9,3742,288,019
    Solana SOL103,34111,667,455
    IRON60,938-
    33,174,791
    

 

 

6.     Investments

 

Group


    Six months ended 30 JuneYear ended 31 December
    2025
    £    		2024
    £    		2024
    £
    At start of the period840,2171,534,9401,534,940
    Additions---
    Net fair value loss--(701,655)
    Exchange difference(46,700)2,1346,932
    At end of the period793,5171,537,074840,217
    

 

 

Company


    Six months ended 30 JuneYear ended 31 December
    2025
    £    		2024
    £    		2024
    £
    At start of the period840,2181,534,9411,534,941
    Additions---
    Net fair value loss--(701,655)
    Exchange difference(46,700)2,1346,932
    At end of the period793,5181,537,075840,218
    

 

 

The country of incorporation and investment class for investments held by the Group at 30 June 2025 are listed below:


    £Country of IncorporationInvestment class
    Pioneer Media Holdings Inc33,414CanadaListed
    Ordre Group International Limited
    (formerly Aeon International Limited)
    (formerly Aeon International Limited)    		235,380Hong KongUnlisted
    IO+ Pte Ltd225,000SingaporeUnlisted
    Afterparty Inc24,793USASafe note
    Big Whale Labs Inc92,524CanadaSafe note
    Oliver Labs Inc182,406USASafe note
    793,517
    

 

 

The Company has the following investment directly in subsidiaries at 30 June 2025:


    Name and registered address of companyShare-
    holding    		Value of share-holding
    £    		Country of incorporationNature of business
    1319644 B.C. Ltd
    700-401 West Georgia Street, Vancouver BC
    V6B 5A1
    Canada    		100%1CanadaCompany has not traded during the period
    

7.     Interest-bearing loans and borrowings

 

On 27 January 2025, the Company entered into a secured credit facility agreement with AMINA Bank AG, a FINMA-regulated Swiss bank, for a principal amount of up to USD 2 million. The facility was subsequently increased to US$3 million during the reporting period. The loan bears interest at a rate of SOFR plus 7.5% per annum.

 

The facility is secured against the Company's crypto assets, which are held by AMINA Bank AG under a Swiss-law governed custody arrangement. Under Swiss law, the pledged crypto assets remain the legal property of the Company, regardless of the financial position of the custodian bank.

 

As at 30 June 2025, the carrying amount of loans and borrowings drawn under this facility was £2,402,912 (31 December 2024: £nil and 30 June 2024: £nil). During the period, the Company incurred loan interest expense of £79,656.

 

8.     Events after the reporting period

 

On 8 July 2025, 2,000,000 shares were issued through the exercise of options by the director, J Hives.

 

On 19 August 2025, the Company granted the following options to Directors with an exercise price of £0.0575 per ordinary share.

One-third of the Options will vest immediately, with the remaining two-thirds vesting in equal monthly instalments

of 1/24th over a two-year period. The Options will be exercisable for a term of five years.

 

 


    Number of options granted
    Toro Conuslting Ltd(a company controlled by Jonathan Bixby)15,000,000
    Marallo Holdings Inc(a company controlled by Mike Edwards)7,500,000
    Nicholas Lyth7,500,000
    Timothy Le Druillenec2,500,000
    Jonathan Hives2,500,000
    

 

 

 

Important Notice 

 

The Company holds cryptocurrencies or cryptoassets. Whilst the Board of Directors of the Company considers holding cryptocurrencies to be in the best interests of the Company, the Board remains aware that the financial regulator in the UK (the Financial Conduct Authority or FCA) considers investment in cryptocurrencies to be high risk. At the outset, it is important to note that an investment in the Company is not an investment in cryptocurrencies, either directly or by proxy and shareholders will have no direct access to the Company's holdings. However, the Board of Directors consider cryptocurrencies to be an appropriate store of value and potential growth and therefore appropriate for the Company. Accordingly, the Company is and intends to continue to be materially exposed to cryptocurrencies.  

 

The Company is neither authorised nor regulated by the FCA, and the purchase of certain cryptocurrencies are generally unregulated in the UK. As with most other investments, the value of cryptocurrencies can go down as well as up, and therefore the value of the Company's cryptocurrencies holdings can fluctuate. The Company may not be able to realise its cryptocurrencies holdings for the same as it paid to acquire them or even for the value the Company currently ascribes to its cryptocurrencies positions due to market movements. Neither the Company nor investors in the Company's shares are protected by the UK's Financial Ombudsman Service or the Financial Services Compensation Scheme. 

 

Cryptocurrencies may present special risks to the Company's financial position. These risks include (but are not limited to): (i) the value of cryptocurrencies can be highly volatile, with value dropping as quickly as it can rise. Investors in cryptocurrencies must be prepared to lose all money invested in cryptocurrencies; (ii) the cryptocurrencies market is largely unregulated. There is a risk of losing money due to risks such as cyber-attacks, financial crime and counterparty failure; (iii) the Company may not be able to sell its cryptocurrencies at will. The ability to sell cryptocurrencies depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay; and (iv) cryptoassets are characterised in some quarters by high degrees of fraud, money laundering and financial crime. Prospective investors in the Company are encouraged to do their own research before investing. 

 

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