CoinShares Acquisition, Valuation & Financials

Sygnum is a Switzerland-headquartered digital asset banking group, founded in 2017, that provides institutional-grade services including digital asset banking, B2B platforms, asset management, tokenization, and custody through its Sygnum Protect and Sygnum Connect offerings. It serves more than 2,000 institutional clients across more than 70 countries and powers digital asset services for more than 20 banks, including a large share of Switzerland's banking sector. Sygnum operates in Switzerland, Singapore, the UAE, and Luxembourg, and manages around $5 billion in client assets.

21.co is a Zug, Switzerland-headquartered cryptocurrency enterprise offering user-friendly access to digital assets. As parent of 21Shares, the world's largest issuer of cryptocurrency exchange-traded products listed on the SIX Swiss Exchange, it utilizes the Onyx technology platform for issuance and operations. Founded in 2018, 21.co also oversees Amun for decentralized finance accessibility, with offices in Zurich and New York.

Babel Finance is a cryptocurrency financial services firm offering lending, asset management, and prime brokerage to high-net-worth individuals and institutions. Licensed in Singapore and operating globally from its Hong Kong headquarters, it processes over $1 billion in monthly collateralized loans at competitive rates. The platform supports major assets like Bitcoin, Ethereum, and stablecoins through OTC trading desks and custody solutions partnered with Fireblocks. Babel Finance facilitates structured products including yield farming and hedging strategies.

Helium is a decentralized wireless network for IoT devices using blockchain incentives. San Francisco-headquartered since 2019, it operates 1 million hotspots worldwide providing LoRaWAN coverage in 190 countries. Network operators earn HNT cryptocurrency through Proof-of-Coverage validation via radio challenges. The platform supports sensors for asset tracking and environmental monitoring, with 100 billion data packets transferred yearly. Helium raised $250 million via ICO and partners with T-Mobile for 5G expansion in the U.S.

Multichain is a cross-chain router protocol delivering real-time interoperability for blockchain networks. It facilitates seamless asset transfers and communication across multiple chains through multichain.org.

ZYBER 365 is a Web3 operating system developer focusing on sustainable AI chains. The platform ensures cyber-secure, decentralized computing with energy-efficient consensus. It supports dApps in DeFi and NFTs. Launched in 2023 from Malta, ZYBER 365 adheres to environmental standards in blockchain operations.

OSL Group Ltd is an investment holding company. Along with its subsidiaries, the company operates an insured and SFC-licensed digital assets and blockchain platform business in the Asia-Pacific region, which mainly includes an OTC trading business to trade digital assets with corporate and individual customers, and the provision of automated digital assets trading services through its proprietary platforms. It provides a comprehensive range of services, including brokerage, custody, exchange, and SaaS. The group's platform caters to institutional, professional, and retail investors, facilitating them to manage their digital assets. Geographically, it operates in Hong Kong, Australia, Japan, Singapore, and Mainland China.

Oakley Capital Investments Ltd is a closed-end investment company registered in Bermuda. Its primary investment objective is to achieve capital appreciation through investments in a diversified portfolio of private mid-market UK and European businesses. Its operating segment includes Fund investments and Direct investments. Key revenue is generated from Fund investment.

Daishin Securities Co Ltd is a South Korean financial service company. The company operates in Hong Kong and the United States but conducts the majority of its business domestically. It generates most of its revenue from investment in equity, bonds, and derivatives. The retail segment of the company provides brokerage services and generates the second-largest amount of revenue. The next- largest segment purchases and sells asset-backed securities, including bonds and bad assets. The company also engages in corporate business, enterprise finance, savings banking, economic research, and foreign business.

JM Financial Ltd is an India-based financial services group, specialising in providing a range of businesses to corporations, financial institutions, high-net-worth individuals, and retail investors. Its operating segment includes Investment Banking; Asset Management, Wealth Management and Securities Business (Platform AWS); Mortgage Lending; Alternative & Distressed Credit; and Others. The Investment Banking segment, which is the key revenue-generating segment, includes management of capital markets transactions, advising on mergers & acquisitions, and private equity syndication. This segment also includes institutional equities business and research, private wealth management, PMS, private equity funds, fixed income, syndication, and finance.

Prospect Capital Corp is a closed-end investment company based in the United States. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. The company invests mainly in senior and subordinated debt and equity of private companies for acquisitions, divestitures, growth, development, recapitalizations, and other purposes. It makes investments, including lending in private equity, sponsored transactions, directly to companies, investments in structured credit, real estate, and syndicated debt.

Gulf Investment House KSC (GIH) is engaged in investment activities and related financial and advisory services, including direct investment, private property management, and real estate investment activities. The Company also trades and invests in properties. Its operating segments are Investments, Manufacturing, and Real Estate, with the Investments segment contributing the majority of revenue. The Group generates revenue from sales of goods and the rendering of services and operates in Kuwait, the Gulf and Middle East, and other regions.

Chapters Group AG is a holding company investing in attractive small- and mid-sized enterprises from various sectors. It pursue a long-term and entrepreneurial investment approach.

WAM Capital Ltd is a closed-end investment fund, which engages in investing activities, including cash, term deposits, and equity investments. It provides exposure to relative value arbitrage and market mispricing opportunities and manages a diversified portfolio of undervalued growth companies. Its investment objective is to deliver a stream of fully franked dividends, provide capital growth and preserve capital.

Mercialys SA is a real estate company based in France and Europe. The firm and its subsidiaries own and manage shopping centers in France. The company has developed and promoted the G LA GALLERIE brand for all its shopping centers. The company mainly operates in France. The company is based on sustainable value creation through investments in medium-sized properties.

PM Capital Global Opportunities Fund Ltd is engaged in investing in a portfolio of listed securities across securities markets. Its investment objective is to increase the value of its portfolio by providing long-term capital growth. The fund seeks to invest in stocks of companies that are operating across diversified sectors. The company offers concentrated strategies for investors.

Creades AB is a Sweden based investment company. It invests in small and medium-sized public and private companies that both have the potential for revaluation and the potential for underlying value creation. The company's principal investment strategy is to act as an engaged owner and create shareholder value through operational, structural and financial change initiatives.

Frey SA develops, owns and manages commercial real estate assets primarily located in France. The company is a participant in the new-generation Retail Parks. Its business activities include the development of new or regenerated assets, acquisition of assets and urban renewal. FREY has created and designed SHOPPING PROMENADE, an outdoor shopping mall concept.