Developing Regulatory Scheme. The regulatory regimes of virtual assets, blockchain technologies, and cryptocurrency exchanges are undeveloped, varies significantly among jurisdictions and re subject to significant uncertainty. Some enterprises that the Company may invest in may operate in industries in which there are significant regulatory concerns. The Company believes that various legislative and executive bodies are currently considering, or may in the future consider, laws, regulations, guidance, or other actions, which may severely impact the Company's ability to invest, or the Company's ability to gain market share. Failure by the Company to comply with any laws, rules and regulations, some of which may not exist yet or are subject to interpretation and may be subject to change, could result in adverse consequences, including civil penalties and fines. It is possible that any jurisdiction may, in the near or distant future, adopt laws, regulations, policies or rules directly or indirectly affecting the Bitcoin network, generally, or restricting the right to acquire, own, hold, sell, convert, trade, or use virtual assets, or to exchange digital for other currency or other virtual assets. Developments in regulation may alter the nature of the Company's business or restrict the use of blockchain assets or the operation of a blockchain network upon which the Company relies in a manner that adversely affects the Company. Any additional regulatory obligations may cause the Company to incur extraordinary, non-recurring expenses, and/or ongoing compliance expense, possibly affecting an acquisition of Tokens in an adverse manner. If the Company determines not to comply with such regulatory requirements, the Company may be liquidated at a time that is disadvantageous to an investor in the Company. To the extent the Company limits or reduces the scope of certain activities, purchasers' rights or investment initiatives, in order to limit the applicability of government regulation and supervision, acquisition of Tokens may be adversely affected.