▸ Our LINK holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.· · ● 1 ▸ Our Treasury Reserve Policy exposes us to risk of non-performance by counterparties.· · ● 1 ▸ Our Treasury Reserve Policy is new and has not been tested over time.· · ● 1 ▸ Our digital asset treasury strategy could create complications with third party service providers, such as insurance companies, banking entities and auditors, which could have a materially adverse impact on our business.· · ● 1 ▸ Our financial results and the market price of our common stock may be affected by the prices of LINK.· · ● 1 ▸ group Risks Related to Our Business and LINK Strategy· · ● 1 ▸ Technological obsolescence and competition could adversely affect the value of LINK.· · ● 1 ▸ The Investment Company Act and the rules thereunder contain detailed parameters for the organization and operation of investment companies. We intend to conduct our operations so that we will not be deemed to be an investment company under the· · ● 1 ▸ The change in use of proceeds from our ELOC facility to include digital asset acquisitions may increase risk and reduce liquidity.· · ● 1 ▸ The due diligence procedures conducted by us and our liquidity providers to mitigate transaction risk may fail to prevent transactions with a sanctioned entity.· · ● 1 ▸ The irreversibility of digital asset transactions exposes us to risks of theft, loss and human error, which could negatively impact our business.· · ● 1 ▸ The launch of central bank digital currencies (“CBDCs”) may adversely impact our business.· · ● 1 ▸ We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.· · ● 1 ▸ We may be subject to additional tax liability if regulation or policy changes adversely affect the tax treatment of rewards from staking LINK.· · ● 1 ▸ We may face operational, technological, and security risks related to the acquisition and custody of our LINK holdings, including the loss of private keys required to access our LINK holdings and smart contract related losses and vulnerabilities.· · ● 1 ▸ group We may suffer losses due to staking activities· · ● 1 ▸ Changes in trade policies and tariffs imposed by the United States government and the governments of other nations may have a material adverse effect on our business and results of operations.· ● ● 2 ▸ Our business systems and services involve the storage, transmission, and processing of our Company and investors’ sensitive and proprietary information. Our failure to sufficiently secure our business and services may result in unauthorized access to· ● · 1 ▸ Our third amended and restated certificate of incorporation and amended and restated bylaws provide that we will indemnify our directors and officers, in each case to the fullest extent permitted by Delaware law.● · ● 2 ▸ A decline in the pace of growth or size of investment made by our funds may adversely affect our revenues.● ● ● 3 ▸ Any of the above might subject a property to liabilities in excess of those contemplated and thus reduce our returns on that investment.● ● ● 3 ▸ Any of the foregoing impacts of our substantial total liabilities could have a material adverse effect on our business, financial condition and results of operations.● ● ● 3 ▸ Changes in prevailing interest rates may reduce our profitability, and we may not be able to adequately anticipate and respond to changes in market interest rates.● ● ● 3 ▸ Changes in relevant tax laws, regulations, treaties, or an adverse interpretation of these items by tax authorities could adversely impact our effective tax rate and tax liability.● ● ● 3 ▸ Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.● ● ● 3 ▸ Conflicts of interest exist between us and related parties.● ● ● 3 rw ▸ If securities or industry analysts do not publish research or publish unfavorable research about our business, our stock price and trading volume could decline.● ● ● 3 ▸ If we are unable to maintain and protect our intellectual property, or if third parties assert that we infringe their intellectual property rights, our business could suffer.● ● ● 3 ▸ If we fail to implement and maintain an effective system of internal control, we may be unable to accurately report our operating results, meet our reporting obligations, or prevent fraud.● ● ● 3 ▸ If we were deemed to be an “investment company” under the Investment Company Act, applicable restrictions could make it impractical for us to continue our businesses as conducted and could have a material adverse effect on our businesses.● ● ● 3 ▸ Inflation can have an adverse impact on our business and on our customers.● ● ● 3 ▸ Investments by our investment funds may rank junior to investments made by others.● ● ● 3 ▸ Our charter documents and Delaware law and the voting control exercised by our founders could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.● ● ● 3 ▸ Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.● ● ● 3 ▸ Our failure to sufficiently secure our business and services may result in unauthorized access to investor data, a negative impact on our investor attraction and retention, and significant liabilities.● ● ● 3 ▸ Our real estate funds are subject to the risks inherent in the ownership, development, and operation of real estate.● ● ● 3 ▸ Our reliance on third parties to operate and to develop certain of our properties may harm our business.● ● ● 3 ▸ Our revenue, earnings, net income, and cash flows can all vary materially, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our Class A common stock to decline.● ● ● 3 ▸ Our share price has in the past and may in the future fluctuate substantially.● ● ● 3 ▸ Rapid growth of our businesses may be difficult to sustain and may place significant demands on our administrative, operational, and financial resources.● ● ● 3 ▸ Risk management activities may adversely affect the return on our funds’ investments.● ● ● 3 ▸ group Risks Related to Our Business● ● ● 3 ▸ group Risks Related to Our Organizational Structure● ● ● 3 ▸ group Risks Related to the Ownership of Our Class A Common Stock● ● ● 3 ▸ Security risks and attacks are common, increasing globally, and may result in significant liabilities.● ● ● 3 ▸ The consolidation of investment funds or operating businesses of our portfolio companies could make it more difficult to understand our operating performance and could create operational risks for us.● ● ● 3 rw ▸ The dual class structure of our common stock has the effect of concentrating voting control with our executive officers, which will limit your ability to influence the outcome of important transactions.● ● ● 3 ▸ The historical returns attributable to our funds should not be considered as indicative of the future results of our funds or of our future results or of any returns expected on an investment in our Class A common stock.● ● ● 3 ▸ We are a “controlled company” within the meaning of the listing rules of Nasdaq and, as a result, can rely on exemptions from certain corporate governance requirements that provide protection to stockholders of other companies.● ● ● 3 ▸ We are an emerging growth company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Class A common stock less attractive to investors.● ● ● 3 ▸ We compete for investment opportunities based on a variety of factors, including breadth of market coverage and relationships, access to capital, transaction execution skills, the range of products and services offered, innovation, and price.● ● ● 3 ▸ We could lose part or all of our investments, which could have a material adverse effect on our financial condition and results of operations.● ● ● 3 ▸ We depend on our founders, senior professionals, and other key personnel, and our ability to retain them and attract additional qualified personnel is critical to our success and our growth prospects.● ● ● 3 ▸ We depend on various cloud service providers operated by third parties, and any service outages, delays, or disruptions in these operations could harm our business and operating results.● ● ● 3 ▸ We have an amount of total liabilities which may be considered significant for a company of our size which could adversely affect our financial condition and our ability to react to changes in our business.● ● ● 3 ▸ We may be subject to litigation risks and may face liabilities and damage to our professional reputation as a result of investment decisions on behalf of investors in our funds.● ● ● 3 ▸ We may expand into new investment strategies, geographic markets and businesses, each of which may result in additional risks and uncertainties in our businesses.● ● ● 3 ▸ We may not be able to generate sufficient cash to service all of our debt or refinance our obligations and may be forced to take other actions to satisfy our obligations under such indebtedness, which may not be successful.● ● ● 3 ▸ We may not be able to maintain a listing of our Class A common stock on Nasdaq.● ● ● 3 ▸ We may not be successful in competing with companies in the asset management industry and alternative investment industries, some of which may have substantially greater resources than we do.● ● ● 3 
