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12

Invest in early-stage protocols at discounts to public offering prices Discretionary $46 million $22 million July 2017 December 2017 Delaware Limited Partnership Cayman Ltd December 31 June 30

U.S. investors only Non-U.S. investors only 3% 30% $100,000 Monthly Quarterly, upon at least 12 months’ prior written notice Equity Trust Company, E*TRADE, Millennium Trust Company, PENSCO Trust Company, and Quest IRA, Inc

SEI Company BDO Schulte Roth & Zabel Ogier Group Cooley Wilson Sonsini Goodrich & Rosati

16

Maintain a diversified portfolio of high quality digital assets Actively-managed, discretionary $21 million November 2017 Delaware Limited Partnership December 31

U.S. investors only 2% 20% $100,000 Monthly Quarterly, upon at least 65 days’ prior written notice PENSCO Trust Company, Millennium Trust Company, and Equity Trust Company

SEI Investments Company BDO Schulte Roth & Zabel Cooley

19

S

SM

23

25

Invest in companies building blockchain-based products and services Discretionary $175 million August 2018 Delaware Limited Partnership, with access for non-U.S. investors through the fund’s Cayman Islands Limited Partnership December 31

U.S. and Non-U.S. investors 2% 20% up to 40% IRR, and 30% thereafter Qualified Purchaser: $250,000 Qualified Client: $100,000 PENSCO Trust Company

SEI Investments Company BDO Schulte Roth & Zabel Cooley Wilson Sonsini Goodrich & Rosati

27

• • • • • • • • • • • • • • • • • • • • • • •

Synergistic value of Pantera multi-strategy approach across funds Business Development Technical Knowledge Market Trend Identification Co- Opportunities Reputation in the Space

30 31

Track the returns of and Bitcoin Cash Cap-weighted, passive tracker $144 million July 2013 Cayman Ltd December 31

U.S. and Non-U.S. investors 0.75% 0.00% 1.00% $100,000 Daily Daily PENSCO Trust Company, Millennium Trust Company, and Equity Trust Company

SEI Investments Company BDO Schulte Roth & Zabel Ogier Group Cooley 32 • Founded Pantera Capital Management in 2003 which has managed $1.5 CEO and Co-CIO billion in assets • CFO and Head of Macro Trading at • Former Collateralized Mortgage Obligation trader at Goldman Sachs • B.S. from Princeton University magna cum laude

• Co-Founder and head of core development at Augur Co-CIO • Technical Advisor to Numerai, Urbit, and 0x • Established an AngelList syndicate which is now in the top 15 by backing • Studied Computer Science at Pomona College, recipient of Thiel Fellowship

• Former CFO at Echelon - managing all aspects of • Helped launch Pantera Venture Fund II and currency funds; executing over 60 CFO accounting, finance, legal, operations, and compliance/regulatory Partner investments and holding board seats, advisor, and mentor roles • Prior: Bridgewater Associates, Presidio Partners / Compass Equity Advisors, • Associate at Strive Capital, mobile-focused venture fund KPMG, and Arthur Andersen. • Business Development at Urban Spoils, daily-deal aggregation startup • B.S. from California Polytechnic State University • B.A. from UC Berkeley

• Originally trader and risk analyst at Pantera Capital • Managing Partner at Zero-One Capital COO • Portfolio analyst at Aperio Group, quantitatively-oriented investment firm Director of Quantitative • Engineer at Broadcom Limited • Equity trader at LPL Financial Services Strategies • Technical Associate at Korenvaes Capital MGT LP • B.A. from UC Berkeley • B.S. and M.S. in Electrical Engineering from Caltech

• Founder of Macro Allocation Inc., an allocation consultant to institutional investors • Partner at Cambrian Capital investment firm Partner • Former Co-Founder and CEO of QB Asset Management Director of Trading • Controller at Menta Capital, a quantitative-oriented investment firm • Former Founder, CEO and CIO of Spyglass Capital • Unit Manager at State Street • Drexel Burnham Lambert, Kidder Peabody • M.B.A. from UC Berkeley, B.A. from UC Davis • B.A. from the University of Pennsylvania

• Director at Stonehaven, institutional placement agent firm • VP, Blockchain/Crypto Strategy at JP Morgan Chase Director of • Head of Marketing at CypressTree Investment Management Director of Platform • Investment Analyst, ff Venture Capital Capital • Global Investment Strategy Research analyst at Merrill Lynch • B.S. from University of Pennsylvania Formation • M.B.A. from Duke University, B.A. from Clark University • Analyst at Bank of America Merrill Lynch Principal • Associate at Deutsche Bank • B.A. in Computer Science from Columbia University July 2013 November 2017 July 2017 December 2017 June 2018 Bitcoin Assets tradable on blockchains: Pre-auction SAFTs Pre-auction SAFTs Equity in blockchain-enabled and adjacent technology Bitcoin Cash • Cryptocurrencies ICO tokens only at auction ICO tokens only at auction startups • ERC20 tokens • Augur contracts (soon) • Other Digital Assets (in the future) Bitcoin market returns Potentially highest risk-adjusted Very speculative, potentially Very speculative, potentially Venture returns return highest highest absolute return Low cost Technical knowledge Early access with discounts Early access with deeper Brand Technical knowledge discounts Knowledge of the space Mid-market execution Technical knowledge No premium to NAV Long-term tax treatment Passive Tracker Discretionary Discretionary Discretionary Buy & Hold

Yes Long/ Yes Yes Yes

Indefinitely Days to years Months to years All positions held 1+ years 3-10 years

Yes Yes Yes Yes No

Daily Monthly Monthly Monthly June 30 Daily Quarterly, 65 days’ notice Quarterly, 12 months’ notice Quarterly, 12 months’ notice End of fund Global U.S. Investors U.S. Investors Non U.S. Investors Global Avg. IRR 19.6%

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD LTD CAGR 2017 5.6% 30.9% -2.8% -16.1% 9.0% 264.4% 347.6% 2018 2.7% -30.1% -38.4% 62.4% -25.6% -27.3% -5.8% -19.4% -14.2% -0.7% -27.5% -7.5% -83.1% 2019 -7.1% 6.4% 17.7% -3.7% 18.1% -8.8% -9.9% -12.4% 0.0% -9.3% -5.4% -6.4% -23.5% 2020 7.0% 7.0% -38.1% -16.9%

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD LTD CAGR 2017 6.0% 6.0% 2018 5.0% 0.4% -6.3% 5.6% -3.3% -2.5% -0.4% -1.5% -1.1% -0.2% -4.5% -0.6% -9.6% 2019 -1.4% 1.4% 8.8% -3.5% 26.7% -1.9% -7.8% -13.7% 2.9% -4.9% -9.8% -2.7% -9.6% 2020 12.9% 12.9% -3.5% -1.6%

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD LTD 5 CAGR 2017 12.6% 118.2% 145.6% 2018 -9.2% -8.4% -45.7% 46.2% -25.6% -26.4% -2.6% -21.6% -16.7% 1.3% -42.5% -4.8% -87.2% 2019 -3.6% 20.1% 20.7% 8.0% 26.2% -0.5% -20.8% -18.1% -3.2% 9.4% -14.0% -12.4% -1.9% 2020 34.5% 34.5% -63.4% -37.1%

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD LTD CAGR 2013 46.2% 30.8% -1.6% 61.8% 460.1% -35.3% 1,004.4% 2014 9.3% -30.8% -17.8% -2.8% 40.5% 0.0% -8.1% -17.4% -20.1% -12.4% 11.0% -16.4% -58.1% 2015 -28.9% 11.2% -3.7% -3.9% -1.9% 13.6% 7.6% -19.3% 2.7% 33.5% 19.3% 14.0% 32.1% 2016 -13.3% 16.5% -4.8% 8.9% 18.6% 23.5% -5.5% -9.1% 6.0% 15.6% 5.5% 29.5% 120.3% 2017 -0.5% 24.3% -11.2% 26.6% 71.4% 8.8% 11.3% 90.0% -10.7% 45.3% 62.2% 44.3% 1,565.0% 2018 -27.4% 0.7% -34.6% 35.6% -18.5% -16.8% 19.5% -11.5% -5.5% -5.9% -36.7% -6.6% -75.6% 2019 -9.5% 12.0% 8.2% 28.6% 60.5% 30.7% -11.1% -4.0% -14.4% 11.8% -18.1% -4.8% 87.7% 2020 30.9% 30.9% 13,334.4% 110.8%

Aug 2013 – Sep 2019 Aug 2014 – Sep 2019 Total Value To Paid-In Ratio 7.8x 1.8x Internal Rate of Return 46.5% 15.9% Fund Total Value (NAV + Distributed Capital) $92mm $41mm 36 37

3000 Sand Hill Road One Market Plaza IBM Building Investor Relations Suite 1-235 Spear Tower | Suite 4150 www.panteracapital.com 590 Madison Ave | Suite 2116 +1 650 854 7000 Menlo Park CA 94025 San Francisco CA 94105 New York NY 10022 [email protected]