These presentation materials (collectively, this "Presentation") have been provided in order to provide a high-level overview of Pantera Advisors LLC (the "Venture Investment Manager") and Pantera Bitcoin Management LLC (the "Bitcoin Investment Manager' and together with the Venture Investment Manager, the "Investment Managers"), certain of their operational and advisory programs and processes, and certain of their key personnel. This presentation is an informational document. It does not constitute an offer to sell or a solicitation to purchase any securities in Pantera Venture Fund III LP, a Delaware limited partnership, or any other entity organized, controlled, or managed by the Venture Investment Manager (collectively, the "Venture Funds") and therefore may not be relied upon in connection with any offer or sale of securities. It does not constitute an offer to sell or a solicitation to purchase any securities in Pantera Bitcoin Fund Ltd, Cayman Islands exempted company or any other entity organized, controlled, or managed by Pantera Bitcoin Management LLC (each, a "Bitcoin Fund", and collectively, the "Bitcoin Funds") and therefore may not be relied upon in connection with any offer or sale of securities. Collectively, the Venture Funds and the Bitcoin Funds are referred to as "Funds". Any offer or solicitation may only be made pursuant to a Confidential Private Placement Memorandum (or similar document) for each of the Funds, which will only be provided to qualified offerees and should be carefully reviewed by any such offerees prior to investing. Important disclosures are included throughout this presentation and these should be carefully reviewed. This communication is provided for informational purposes only. In addition, because this communication is only a high-level summary, it does not contain all material information pertinent to an investment decision, including important disclosures of conflicts and risk factors associated with an investment in a Fund. This Presentation in and of itself should not form the basis for any investment decision. This Presentation and the material contained herein are confidential and may not be distributed in whole or in part to anyone other than the intended recipients. By accepting receipt of this Presentation, the recipient will be deemed to represent that they possess, either individually or through their advisers, sufficient investment expertise to understand the risks involved in any purchase or sale of any financial instruments discussed herein. Unauthorized reproduction or distribution of all or any of this material or the information contained herein is strictly prohibited. Notwithstanding anything set forth herein, each recipient of this document (and each of the employees, representatives, or other agents of such recipient) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of (i) the Funds and (ii) any of their transactions, and all materials of any kind (including, without limitation, opinions or other tax analysis) that are provided to each recipient relating to such tax treatment and tax structure. Certain information contained in this Presentation constitutes "forward-looking statements", which can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "anticipate", "target", "project", "estimate", "intend", "continue", or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual policies, procedures, and processes of the Investment Managers and the performance of the Funds may differ materially from those reflected or contemplated in such forward-looking statements and no undue reliance should be placed on these forward-looking statements, nor should the inclusion of these statements be regarded as the Investment Managers' representation that the Funds will achieve any strategy, objectives or other plans. Such information is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed, or implied with respect to the fairness, correctness, accuracy, reasonableness, or completeness of such information. In addition, there is no obligation to update, modify, or amend this Presentation or to otherwise notify a reader in the event that any matter stated herein changes or subsequently becomes inaccurate. The Investment Managers are not acting and do not purport to act in any way as an advisor or in a fiduciary capacity vis-a-vis any investor in the Funds. Therefore, it is strongly suggested that any prospective investor obtain independent advice in relation to any investment, financial, legal, tax, accounting or regulatory issues discussed herein. Analyses and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currency rate or other market or economic measure. The distribution of this document in certain jurisdictions may be prohibited or restricted by law; therefore, people in whose possession this document comes should inform themselves about and observe such restrictions. Any such distribution could result in a violation of the law of such jurisdictions. The terms summarized above are provided for informational purposes only and do not constitute a complete overview of the terms of any Fund. An investment in any Fund may only be made pursuant to the relevant Confidential Private Placement Memorandum, which should be reviewed carefully by any such offerees prior to investing.