Notes from the call

• They are going to send a summary of governance structure for the partnership and what happens to the shares

• Very open on governance of the LLC and can negotiate the fees with them - technically they need a commitment by mid day tomorrow but they are trying to push it to end of the day on Friday

• we would basically have no voting rights on the company itself

Now on the company itself, the main concerns (some of the notes are mine) are:

1. No idea about the future cash from asics sales because demand fluctuates widely based on crypto prices

2. not entirely clear what they need the money for given what they already have on the balance sheet

3. They don't know what the capex is

4. Revenue split: 97% sales of asics and 3% is mining. "Traditional players are allegedly getting into the market on the asics side and obviously if the hashing functions change their inventory could become worthless

Positive facts:

The revenue growth is stellar

S-1 The in series August B If was you done are long by Dst/GIC/sequoia crypto their balance and sheet sequoia is very led their strong A They and they are allegedly have investments going to file in other the equivalent companies of in the space as well (Eg: circle)