INVESTOR
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We believe that Ethereum is the leading smart contract platform that will one day support trillions-of-dollars' worth of activity. The majority of our portfolio is made up of Ethereum's native token, Ether, the asset that incentivizes network participants and underpins all activity that takes place on the protocol.

Ethereum transitioned from a Proof-of-Work mining consensus to a new form of validation called Proof of Stake on September 15, 2022. This put an end to energy-intensive mining and allows token holders to become validators by locking up their ether as collateral. As a result, validators are rewarded in newly-minted ether for helping secure the network and approving transactions that take place on the blockchain.

Ether is Ethereum’s native crypto asset and the commodity-like fuel used to access the network and secure transactions. Ethereum is the leading smart contract platform and backbone to fascinating innovations like non-fungible tokens (NFTs) and decentralized finance (DeFi). The "Un-Staked Ether" we refer to in our portfolio is freely tradable and also takes into account staking rewards that became liquid as a result of the Shanghai upgrade that took place on April 12, 2023.

Our cash and cash equivalents.