Investor Relations - Ether Capital

Portfolio Holdings

Ether

CAD value: --

ETH Balance: --

Ether is the native Ethereum crypto-asset and is the commodity-like fuel used to access the Ethereum network and broadcast transactions. Owning Ether provides a means of obtaining financial exposure to potential network adoption and growth in the future.

INVESTMENT THESIS

MakerDao

CAD value: --

MKR Balance: --

MakerDAO is a decentralized credit platform built on Ethereum in which collateral is leveraged to produce a stablecoin, Dai, which we believe is critical for adoption of the Ethereum and Web 3 ecosystem. MKR is an equity-like token that provides voting and governance rights over the MakerDAO platform and whose value derives from fees to use the credit system.

MAKER INVESTMENT THESIS

Wyre Inc.

CAD value: $1,890,000

Wyre is a cryptocurrency exchange and technology platform based in San Francisco focused on building compliant fiat-to-crypto on and off ramps. Wyre’s provides turnkey infrastructure, compliance and liquidity to developers building decentralized applications and other Web 3 platforms.

WYRE INVESTMENT THESIS

*Holdings as at May 13, 2021. Above values for Ether (ETH) and MakerDAO (MKR) tokens are based on real-time pricing information from coinmarketcap.com, converted to Canadian dollars. As at March 31, 2021, the fair value of the company’s minority interest in Wyre was $1.9 million. Table excludes 5,200 Uniswap (UNI) tokens. As at March 31, 2021, the fair value of the company's UNI was $0.2 million.