Multicoin Capital Management, LLC

Multicoin Capital Management, LLC (“Multicoin” or the “Adviser”) provides investment advisory services to one or more pooled investment vehicles (each a “Fund” and together, the “Funds”) that are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). Multicoin was founded in 2017, and the principal owner of Multicoin is Tushar Jain (the “Managing Partner”). The Fund’s Investments (as defined below) include blockchain assets, blockchain platforms, crypto networks and the equity or debt securities of companies operating in the Digital Asset economy and related sectors (these topics are defined and discussed further in Item 8 below). The Funds hold investments in equities, debt instruments, derivative instruments, contract rights and commodities, including Digital Assets, directly, through intermediate vehicles, as described below. The Adviser’s advisory services and investment advice consist of researching, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of the Funds, managing and monitoring asset performance and monetizing such investments. Investment advice is provided directly to the Funds, both open-end and closed-end, and not individually to the investors in a Fund. Services are provided to a Fund in accordance with the organizational documents of such Fund. Investment restrictions for a Fund, if any, are established in the organizational or offering documents of such Fund and/or side letter agreements negotiated with investors in such Fund (such documents collectively, a Fund’s “Organizational Documents”). As of December 31, 2025, Multicoin managed approximately $2.6875 billion in regulatory assets under management (“RAUM”) 1 on a discretionary basis. The Adviser does not manage assets on a non-discretionary basis.

The Adviser receives Management Fees (defined below) from the Funds, and affiliates of the Adviser that serve as general partner to a Fund may receive Incentive Allocations or Carried Interest (each as defined in Item 6, below) from such Funds, as applicable. Management Fees, Incentive Allocations and Carried Interest paid by a Fund are borne by investors in that Fund. A Fund and/or its portfolio companies may also make other payments to the Adviser or its affiliates for services provided to the portfolio companies, which, in certain circumstances, may reduce the Management Fees payable to the Adviser. Additionally, consistent with each Fund’s Organizational Documents, the Funds bear certain out-of-pocket expenses incurred by the Adviser in connection with the services provided to the Funds and/or their portfolio companies. Further details about such fees and expenses are set forth below.

For purposes of RAUM, the Adviser includes the Digital Assets it manages in the RAUM it reports; however, this should not be interpreted as an indication that the Adviser believes that such Digital Assets are securities.

Management Fees As compensation for investment advisory services rendered to a Fund, the Adviser receives an advisory fee (a “Management Fee”). For Multicoin’s hedge fund style Fund, Multicoin Capital Master Fund, LP (together with its feeder funds, the “Hedge Fund”), the Management Fee is charged monthly in advance and is calculated based on each investor’s capital account balance. For Multicoin’s private equity and venture capital style Funds, the Management Fee is charged quarterly in advance and is calculated pursuant to each Fund’s Organizational Documents, but is generally based on each investor’s committed capital. For certain private equity and venture capital style Funds, the Management Fee is based on contributed capital and the uncalled portion of the committed capital to the Fund, and after a certain time period may be based on the Fund’s aggregate original cost of all Portfolio Assets, minus the Fund’s cost of all Realized Portfolio Assets, calculated as of the end of the preceding fiscal quarter (fees charged may be offset pursuant to the Fund’s Organizational Documents). Management Fees paid by a Fund may also be reduced by other fees or compensation received by the Adviser or its affiliates that relate to such Fund’s activities and investments or by other expenses borne by such Fund as described in more detail below. As a general matter, a redeeming Hedge Fund investor that is charged fees in advance would not require a refund of a fee paid in advance since they would exit the Fund at the end of a quarter, which will always coincide with the last day covered by an advanced fee payment – meaning Multicoin would have earned the fee paid in advance by the time the investor fully exits the Fund. However, in the event Multicoin (1) exercises its discretion to terminate an investor from a Fund intra-fee cycle or (2) liquidates a Fund intra-fee cycle, then Multicoin would remit to the applicable investor(s) any Management Fees paid in advance for each day that Multicoin did not provide investment advisory services. For all Funds, the Management Fee is deducted directly from the investors’ capital accounts. The precise amount of, and the manner and calculation of, the Management Fees for each Fund are set forth in each Fund’s Organizational Documents, which are received by each investor prior to investment in a Fund. The fee structures described may be negotiated and/or modified from time to time. In general, the Hedge Fund charges a 2% Management Fee and a 20% Incentive Allocation, whereas the private equity and venture capital style Funds charge up to a 2.5% Management Fee and either a fixed or variable Carried Interest, in each case as set forth in the applicable Fund’s Organizational Documents. The Adviser, in its sole discretion, may waive or reduce the Management Fees, Incentive Allocation or Carried Interest (as applicable) of investors in the Funds that are employees of the Adviser or its personnel (including any related entity established by any of the foregoing, such as trusts, charitable programs, endowments or related programs, family investment vehicles and other estate planning vehicles) (collectively, “Adviser Investors”). The waiver or reduction of Management Fees, Incentive Allocation or Carried Interest for Adviser Investors will not impact the pro rata allocation of Fund expenses. In addition, the Adviser and its affiliates may, from time to time, earn fees and other income, including in-kind payments of Digital Assets, from services provided or related to Fund investments or in connection with investments or prospective investments, such as advisory fees, transaction fees, directors' fees or any similar fees (collectively, “Other Fees”). To the extent the Adviser and/or its affiliates do receive Other Fees, the Management Fees paid by the Funds will

generally be reduced by the full amount of such Other Fees. The amount and manner of the foregoing reductions are set forth in the Organizational Documents of each Fund. Generally, the amount of such Other Fees will not (except in connection with the reductions described herein) be disclosed to investors in the Funds. Incentive Allocation and Carried Interest Payments Please see Item 6 below regarding Incentive Allocation or Carried Interest that the Funds pay depending on the terms of the applicable Organizational Documents. Expenses Adviser Expenses To the extent provided in the Organizational Documents of a Fund, the Adviser bears certain expenses and costs associated with the performance of its services, including expenses related to the Adviser’s overhead, if applicable, such as office space and utilities, and secretarial, clerical and other personnel, except those referenced below in “Fund Expenses.” Fund Expenses Each Fund shall bear all expenses incidental to the organization of such Fund and its general partner, except for any expenses borne by the Adviser. In addition, as set forth in its respective Organizational Documents, each Fund shall generally also bear all ordinary and reasonable costs incurred in connection with the operation of such Fund’s business, including, but not limited to, investment related expenses (e.g., exchange and brokerage commissions or other trading fee, exchange deposit and withdrawal fees, clearing and settlement charges, custodial fees, interest expenses broken-deal and break-up expenses, expenses related to consultants, brokers or other professionals or advisors who provide research, advice or due diligence services with regard to investments, appraisal fees and expenses), research costs and expenses (including fees for news, quotation and similar information and pricing services); those expenses related to network node operations, and: (i) legal and compliance expenses, (including, without limitation, the costs of ongoing legal advice and services, state and federal regulatory filings, blue sky filings and all costs and expenses related to or incurred in connection with the Fund’s compliance obligations under applicable federal and/or state securities and investment adviser laws, as well as extraordinary legal expenses, such as those related to litigation or regulatory inquiries, investigations or proceedings);accounting, tax return preparation, audit, administrative fees, tax compliance, regulatory compliance, custodial, appraisal, registered agent and other professional fees and expenses including, without limitation, the fees and expenses of an administrator and other Service Providers (defined below) appointed by the Adviser or general partner; (ii) consulting fees and expenses relating to (A) services rendered to a Fund that could not reasonably have been rendered by the general partner or its employees in the ordinary course of their activities or (B) diligence, research, evaluation or targeting of industry verticals, country markets or particular investment opportunities, in each case, including fees with respect to the proposed purchase or sale of investments by the Fund that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (iii) banking, brokerage, broken-deal, break-up,

registration, qualification, finders, depositary and similar fees or commissions; (iv) transfer, capital, withholding and other taxes, duties, fees, costs, expenses, liabilities and obligations attributable to acquiring, holding, monitoring, selling or otherwise disposing of Fund assets as well as legal and accounting expenses and all other fees, costs, expenses, liabilities and obligations incurred in investigating, finding, evaluating, monitoring, structuring, financing, refinancing, managing, operating, taking public or private, valuing, winding-up, liquidating, dissolving and disposing of investments or investment opportunities; (v) all applicable fees, costs, expenses, liabilities and obligations relating to investment and disposition opportunities for the Fund not consummated; (vi) expenses associated with meetings of the Fund, the partners and any applicable limited partner advisory committee (excluding such committee meetings not requested by the general partner); (vii) liability insurance premiums or fiduciary liability insurance premiums, indemnifications, costs of litigation, threatened litigation, settlements and other extraordinary expenses; (viii) costs of printing and mailing financial statements and other reports to partners as well as costs of all governmental returns, reports and other filings, and costs of governmental examinations, audits, reviews, investigations, settlements and similar proceedings; (ix) interest expenses; (x) amounts paid to or for the benefit of portfolio companies other than as capital contributions thereto or in exchange for securities issued thereby; (xi) advertising and public notice costs; (xii) expenses relating to the duties of the partnership representative or the designated individual; (xiii) costs and expenses associated with the organization and maintenance of investments the Fund makes indirectly through one or more separate conduit, holding or similar entities controlled by, or otherwise affiliated with, the general partner or other investment conduits; (xiv) taxes, fees and other government charges incurred upon the Fund as an entity (other than any such amounts that are attributable to a limited partner); (xv) all fees, costs, expenses, principal, interest, liabilities and other obligations relating to the establishment of and borrowings under any credit facility or other leverage provider, including prime brokers; (xvi) the out-of-pocket expenses incurred in connection with complying with the provisions in any side letters, including any “most favored nations” provisions; (xvii) any costs and expenses associated with the formation, operation, dissolution, winding-up, or termination of any special purpose vehicles formed to facilitate investment in a portfolio company (such as costs and expenses of the type listed in the preceding clauses); (xviii) subscription costs for market or industry research or software, fees for third party research, data, analytics, modeling, structuring, pricing, and execution, service fees (including data feeds, subscriptions, reports and similar items) and fees related to attending relevant industry conferences); (xix) reasonable expenses for business development and entertainment related to sourcing, monitoring, or seeking disposition investment opportunities and prospective investments and (xx) expenses related to computer software and/or hardware including those systems related to network node operations. Each Fund has engaged one or more Fund administrator(s) or similar service providers to perform certain functions in relation to the Fund (“Service Providers”), which services may include, among other things: (i) maintaining the register of investors and generally performing all actions related to subscriptions and transfers of Fund interests; (ii) reviewing and, subject to approval by the Fund, accepting subscriptions for Fund interests and accepting payment therefor; (iii) computing monthly or quarterly net asset value for and disseminating the net asset value of the capital accounts in accordance with the applicable Organizational Documents; (iv) performing certain acts related to withdrawals; (v) keeping such books and records as set forth in the applicable administration or other agreement; and (vi) performing certain other services necessary in

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Methods of Analysis and Investment Strategies Investments of the Hedge Fund, whether on a long or short basis, on Trading Platforms (defined below) or over the counter (including peer-to-peer transactions conducted on digital asset networks), on margin or otherwise, will consist of a portfolio of digital assets, including large-capitalization digital assets (e.g., bitcoin, ether, solana), “altcoins,” “stablecoins” (e.g. USDC), other present and future cryptocurrencies, digital currencies, virtual currencies, coins, and tokens, other present and future instruments related to digital assets and distributed ledger

technology generally (“Digital Assets”), owned directly, through special purpose investment vehicles owned by the Hedge Fund, or through private funds managed by other investment managers (“Underlying Funds”), as well as equity, convertible debt, warrants, simple agreements for future equity (“SAFEs”), simple agreements for future tokens (“SAFTs”), token purchase agreements, as well as other network-based instruments and other investments in the Digital Asset space, broadly defined and including companies in Digital Asset-adjacent or informed business lines, and financial instruments including those traded on regulated exchanges, such as equity securities and options thereon, exchange traded funds and exchange traded notes, futures, options on futures and swaps (together with Digital Assets, “Investments”). A Fund may also take positions, whether long or short, on margin or otherwise, in financial instruments traded on exchanges or trading venues, including, but not limited to, equity securities and options thereon, exchange traded funds and exchange traded notes, futures, options on futures and swaps. A Fund may periodically maintain all or a portion of its assets in United States (“U.S.”) government securities, money market instruments and other U.S. dollar cash equivalents and may not be fully invested at all times; however, the Adviser’s investment strategy in the Hedge Fund is long-biased and expects to be substantially fully invested across market cycles. Although the Hedge Fund does not emphasize, but has and will continue to incorporate short term or defensive trading strategies. The Funds, including the Hedge Fund, also pursue opportunities in illiquid investments and acquire certain assets that the Adviser believes in good faith either lack a readily assessable market value or should be held until the resolution of a special event or circumstance. The illiquid investments acquired in the Hedge Fund may be placed in a “Side Pocket”, at the Adviser’s discretion. Similarly, the removal of those illiquid investments from the Side Pocket is at the discretion of the Adviser based on a variety of factors with no single factor being dispositive. Material Risks Set out below is a non-exhaustive summary of the material risks that a Fund (and, thus, the investors therein) may encounter relating to Multicoin’s investment strategies and/or methods of analysis. Before deciding to invest in a Fund, prospective limited partners should consider carefully all of the risk factors and other information in the Fund’s Organizational Documents. Any description below is qualified in its entirety by the Organizational Documents. In the event the information in this Brochure differs from the Organizational Documents, investors and potential investors should rely on the Organizational Documents and notify the Adviser of any perceived inconsistencies. Prospective limited partners should refer to the relevant Fund’s Organizational Documents for a more detailed discussion of risk factors applicable to each Fund. An investment in any Fund involves a number of significant risks, including the risk of loss of the entire investment made, which investors should be prepared to bear. Prospective investors should also consult with their own financial, tax and legal advisors regarding the suitability of such an investment. Although the Adviser has taken steps to identify the material risks and provided a detailed discussion of significant or unusual risks related to the Adviser’s methods of analysis or strategy, the following list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in a Fund. The Organizational Documents of each Fund include a more comprehensive and specific explanation of Fund operations and risk factors.

Overall Investment Risk A Fund’s success depends on the Adviser’s ability to implement such Fund’s investment strategy. Any factor that would make it more difficult to execute timely investments, such as a significant lessening of liquidity in a particular market, may also be detrimental to profitability. No assurance can be given that the investment strategies to be used by a Fund will be successful under all or any market conditions. The Funds’ Investments are broad and include Digital Assets. The Digital Asset ecosystem is still nascent, with significant business, liquidity, regulatory and technological risks, some of which are correlated across investments in the Digital Asset ecosystem and subsectors therein. These risks may result in substantial losses and operational risks to a Fund. An investment in any Fund is highly speculative, involves a high degree of risk and could result in the loss of part or all of such investment. Therefore, investors should not subscribe to a Fund unless they can bear such a loss. Moreover, there can be no assurance that a Fund’s investment objectives will be achieved and investment results may vary materially from one reporting period to the next. Consequently, an investment in a Fund is suitable only for sophisticated investors with substantial other assets and who are capable of making an informed independent decision as to the risks involved in an investment in such Fund. Risks Associated with Portfolio Investments Investments in companies or technologies at an early stage of development, including those involved with blockchain technology and Digital Assets, involve a high degree of business and financial risk. Early-stage companies with little or no operating history may require substantial additional capital to support expansion or to achieve or maintain a competitive position, may produce substantial variations in operating results from period to period or may operate at a loss. Such companies may face intense competition, including competition from companies with greater financial resources, more extensive development, better marketing and service capabilities, and a larger number of qualified management and technical personnel or greater network effects. Such risks may adversely affect the performance of such investments and result in substantial losses. While smaller companies generally have potential for rapid growth, they often involve higher risks because they may lack the management experience, financial resources, product diversification, and competitive strength of larger companies. A Fund may invest in companies that are financially leveraged or troubled or potentially troubled and may be or have recently been involved in restructurings, bankruptcy, reorganization, or liquidation. Securities of such companies are likely to be particularly risky investments although they also may offer the potential for correspondingly high returns. As a result, a Fund may lose all or substantially all of its investment in any particular instance. In addition, there is no minimum credit standard which is a prerequisite for a Fund’s Investments. Moreover, a Fund may invest in Investments that are not protected by financial covenants or limitations on additional indebtedness. While leverage presents opportunities for increasing a portfolio company’s total return, it has the

effect of potentially increasing losses as well. If income and appreciation on investments made with borrowed funds are less than the required interest payments on the borrowings, the value of the portfolio company’s net assets will decrease. Accordingly, any event which adversely affects the value of a portfolio company would be magnified to the extent a portfolio company is leveraged. Representatives or designees of a Fund, the Adviser and/or their respective affiliates will serve on the supervisory boards or boards of directors of some portfolio companies. Serving on such bodies and/or the designation of supervisory board members and directors and other measures as may be contemplated exposes the Adviser and/or their respective affiliates and, ultimately, the Funds to potential liability and exposes the assets of the Funds to claims by an investment, the portfolio company, its security holders, and/or its creditors. Additionally, in their capacities as officers or directors (or even simply by virtue of a Fund’s status as a significant shareholder of a portfolio company), such individuals may become subject to fiduciary or other duties that adversely affect the Fund. For example, the Fund may be unable to sell or otherwise dispose of portfolio Investments if a team member of the Adviser or the general partner is in possession of material, non-public (i.e., “inside”) information relating to the Investment. A Fund may make minority investments in entities where the Fund may not be able to protect its Investment or to control or influence effectively the business or affairs of such entities. A Fund may be adversely affected by actions taken by the majority holder(s) of the Investments in which it invests. Risks Relating to Digital Assets and Related Companies General. Some, and likely a material portion, of a Fund’s assets will be invested in Investments, including in Digital Assets. Investments in Digital Assets are subject to many specialized risks and considerations, including, without limitation, risks relating to (i) technology, (ii) security, (iii) regulation, (iv) user/market acceptance, (v) volatility, (vi) timing, (vii) infrastructure, (viii) liquidity, (ix) limited or no governance rights, (x) litigation, and (xi) fraud. In addition, Digital Asset prices are influenced by broader macro factors including interest rates, money supply, and other geopolitical factors. There can be no assurance that the Adviser’s selection of Investments will minimize exposure to these risks. Development and Acceptance of Digital Assets. While Digital Assets and their networks have been and are experiencing rapid technological development, such development may not continue at its current rapid pace. Most Digital Assets are loosely regulated, and there is no central marketplace or exchange. Supply may be determined by a computer code or other action, not by a central actor, and prices have been and may continue to be extremely volatile. There can be no assurance that all material vulnerabilities in the technology associated with a particular Digital Asset and its associated networks will be identified and addressed prior to a Fund’s investment in such Digital Asset, or prior to incidents that may result in direct or indirect losses to a Fund due to security incidents, network or smart contract failure, or losses of market confidence in the applicable Digital Asset or network. Venues for the centralized or decentralized trading or exchange of Digital Assets for fiat currencies or other Digital Assets (“Trading Platforms”) continue to be especially susceptible to service interruptions or permanent cessation of operations

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The Adviser currently provides investment supervisory services to one or more Funds as described in Item 4. The Funds are the Adviser’s clients (a.k.a., private Fund clients). Investment advice is provided directly to the Funds (subject to the direction and control of the general partners of the Funds) and not individually to investors in the Funds. Investors in the Funds are not clients. Interests in the Funds are offered pursuant to applicable exemptions from registration under the Securities Act and the Investment Company Act. Depending upon the applicable Fund, investors are generally either “qualified purchasers” or “accredited investors." As defined in the Investment Company Act, qualified purchasers may include, among others, high net worth individuals, banks, thrift institutions, pension and profit-sharing plans, trusts, estates, charitable organizations, university endowments, corporations, limited partnerships and limited liability companies or other entities. “Accredited investors” are natural or corporate persons that meet certain threshold qualifications set forth in the Securities Act, and may include knowledgeable employees and other individuals. Minimum investment commitments have been established for investors in the Funds. The general partner of each Fund may, in its sole discretion, permit investments below the minimum amounts set forth in the Organizational Documents of such Fund.

A portion of the Hedge Fund’s profits is allocated to the capital account of the Hedge Fund’s general partner as an “Incentive Allocation.” The general partner is a related person of the Adviser. Incentive Allocations paid by the Hedge Fund are borne by investors in that Fund. For Multicoin’s private equity and venture capital style Funds, the general partner of a Fund is entitled to receive “Carried Interest” with respect to each limited partner equal to a percentage of such limited partner’s investment profits in respect of such Fund. The general partner of a Fund

is a related person of the Adviser. The Carried Interest is generally paid out of proceeds realized from the applicable investments of each Fund. Certain investors in the Funds (including Adviser Investors) do not pay Incentive Allocations or Carried Interest. The payment of different performance-based compensation or the payment at varying rates (including varying effective rates based on the performance of a Fund) may create an incentive for the Adviser to favor one Fund over another by disproportionately allocating investments, time, services or functions to Funds paying more performance-based compensation or by disproportionately allocating investment opportunities to such Funds. Generally, and except as may be otherwise set forth in the Organizational Documents of a Fund, these conflicts are mitigated by contractual provisions and policies and procedures setting forth investment allocation requirements and by reviews by compliance personnel. Please also see Item 11 below regarding allocation for additional information relating to how conflicts of interest are generally addressed by the Adviser.

Multicoin and its management persons are not registered, and do not have any application pending to register, as a broker-dealer, a registered representative of a broker-dealer, a futures commission merchant, a commodity pool operator, a commodity trading advisor or an associate of the foregoing entities. Multicoin and the Hedge Fund have filed certain notices of exemption from registration with the National Futures Association. Limited liability companies that are affiliates of the Adviser serve as general partners of the Funds. For a description of material conflicts of interest created by the relationship between the Adviser and the Funds’ general partners, as well as a description of how such conflicts are addressed, please see Item 11 below. As noted in Item 6, these relationships may create an incentive for the Adviser to make investments that are riskier or more speculative than if Multicoin affiliates did not receive incentive compensation from the Funds. Additional conflicts of interest created by the relationship between the Adviser and the general partners are described in Item 11. The Adviser participated in the formation of the Ball Multicoin Bitwise Multiverse Index (the “Index”), an index of Digital Assets related to multiverse endeavors on which financial products may be (and a fund offered by Bitwise Asset Management was) offered. As of 2024, the Index ceased to be calculated. The Adviser was not the operator of the Index, the sponsor of the Bitwise

fund or the provider of financial advice in respect of the foregoing; the Adviser contributed intellectual property to the creation of the Index and had a non-controlling voting seat on the Index’s index committee. The Funds did not benefit from the Adviser’s participation in the Index and the Index included certain Digital Assets that were also owned by one or more Funds. The conflicts of interest created by this arrangement are mitigated and/or resolved as described in Item 11, below. The Funds hold Investments in equities, debt instruments, derivative instruments, contract rights and commodities, including Digital Assets, either (i) directly, (ii) through SPVs, or (iii) through Underlying Funds.

Trading Code of Ethics The Adviser maintains a written Code of Ethics that is applicable to all of its officers, directors, principals, members, and employees (collectively, “Adviser Personnel”), other than certain employees that have been exempted after review of their responsibilities and access to information and a determination that their role is unrelated to the firm’s investment advisory activity or direct operational support of such activity. The Code of Ethics, which is designed to comply with Rule 204A-1 under the Advisers Act, establishes guidelines for professional conduct and personal trading procedures, including certain pre-clearance and reporting obligations. Adviser Personnel and their families and households may purchase investments for their own accounts, including the same investments as may be purchased or sold for a Fund, including Digital Assets, subject to the terms of the Code of Ethics. Under the Code of Ethics, Adviser Personnel are required to make certain pre-clearance requests and file certain periodic reports with the Adviser’s Chief Compliance Officer (“CCO”) as required by Rule 204A-1. In addition, the Adviser uses software platforms for the monitoring of Adviser Personnel investments, certifications and reporting deliverables. The Code of Ethics helps the Adviser detect and prevent potential conflicts of interest. Adviser Personnel are also required to promptly report any suspected or actual violation of the Code of Ethics of which they become aware. Adviser Personnel are required to annually certify compliance with the Code of Ethics. A client or prospective client may request additional information regarding the Code of Ethics by writing to the address provided on the first page of this brochure or by email to legal@multicoin.capital. Resolution of Conflicts of Interest The Adviser’s policy seeks to identify and resolve conflicts of interest in the best interests of the Funds and, as a consequence, their underlying investors. In the case of all conflicts of interest, the Adviser’s determination as to which factors are relevant, and the resolution of such conflicts, will be made using the Adviser’s best judgment, but in its sole discretion. In resolving conflicts, the Adviser may consider various factors, including the interests of the applicable Funds with respect to the immediate issue and/or with respect to their longer-term courses of dealing.

To the extent possible, the Adviser seeks to resolve potential conflicts of interest in such a way so as to prevent the potential conflict of interest from becoming an actual or apparent conflict of interest. Where conflicts of interest that involve the Adviser or Adviser Personnel on one hand, and one or more Funds or their underlying investors on the other hand, the Adviser seeks to resolve potential conflicts of interest in a way that favors the interests of the Funds or their underlying investors over the interests of the Adviser or Adviser Personnel. In some instances, conflicts of interest may arise between the Funds and investors. Multicoin will seek to resolve these conflicts in a way that is as fair and reasonable for all affected parties, always recognizing that it owes a fiduciary duty to the Funds (and not its investors), even if the ultimate resolution could nevertheless disadvantage or appear to disadvantage one or more of the parties to some extent. In some cases, the Adviser may be required to secure consent from an advisory committee prior to engaging in certain activity that could constitute certain conflicts of interest. While the Adviser endeavors to resolve all conflicts in a fair and impartial manner, there can be no assurance that its own interests will not influence its conduct and decisions. The material conflicts of interest encountered by the Funds include those discussed below, although the discussion below does not necessarily describe all of the conflicts that may be faced by the Adviser and its management of the Funds. Other conflicts may be disclosed throughout this brochure and the applicable Funds Organizational Documents, and the brochure and such Organizational Documents should be read in their entirety. Participation or Interest in Client Transactions Certain employees and affiliates of the Adviser invest in and alongside the Funds, either through the general partner or as direct investors in a Fund or otherwise. A Fund or its general partner, as applicable, may reduce all or a portion of the Management Fee, Incentive Allocation or Carried Interest related to investments held by such persons. The Adviser, its affiliates and its employees also engage, and in the future may engage, in a broad spectrum of activities, including direct investment activities (including trading in Digital Assets and alternative currencies outside of client portfolios) and investment advisory activities, and have extensive investment activities (including investments for their own account) on behalf of both persons or entities to which they provide investment advice on a principal basis that are independent from the activities of the Funds, and may from time to time conflict with or be adverse to advice given or action taken for clients, including by buying or selling Digital Assets at different times than the Funds, or when a Fund is doing the opposite. These activities may adversely affect the prices and availability of other securities or instruments held by or potentially considered for one or more Funds. The Adviser, its affiliates, and members, officers, directors, principals and employees of the Adviser and its affiliates from time to time, subject to approval by the CCO, buy or sell Digital Assets or other potential Investments that the Adviser may have recommended to a Fund, or in other assets that are otherwise suitable for investment by a Fund. Officers, principals and

employees of the Adviser may also buy securities or Digital Assets in transactions offered to but rejected by the Funds. A conflict of interest may arise because such investing Adviser Personnel will, for some investments, benefit from the evaluation, investigation, and due diligence undertaken by the Adviser on behalf of a Fund. In such circumstances, the investing Adviser Personnel will not share or reimburse the Funds and/or the Adviser for any expenses incurred in connection with the investment opportunity. In addition, Adviser Personnel may also buy securities in other investment vehicles (including venture funds, private equity funds, hedge funds, real estate funds and other similar investment vehicles) which may include potential competitors of the Funds and/or which may invest in similar industries and sectors as the Funds – these private placements (limited offerings) are subject to pre-approval by the firm’s CCO. Such Adviser Personnel may have conflicts of interest with respect to their personal investment holdings. There could be situations in which such investment vehicles invest in the same investments as the Funds and there may be situations in which such investment vehicles purchase an investment from, or sell an investment to, a Fund. Such Adviser Personnel may be incentivized to cause a Fund to act in a manner that benefits such other investment vehicles and indirectly themselves as investors in such investment vehicles. The transactions described above are subject to the policies and procedures set forth in the Adviser’s Code of Ethics and investors will not benefit from any such investments. The investment policies, fee arrangements and other circumstances of these investments may vary from those of the Funds. If Adviser Personnel have made large capital investments in or alongside the Funds, they will have conflicting interests with respect to these investments. Moreover, certain employees are only invested in some of the Funds, which may present an incentive to subconsciously or overtly favor a Fund in which the employee is invested. Similarly, some Adviser Personnel may have compensation tied to the performance of certain Funds, which may present an incentive to subconsciously or overtly favor the Fund that is tied to the employee’s compensation. In addition, Funds from time to time invest in Digital Assets or securities of companies in which Adviser Personnel previously invested for their own accounts; all Adviser Personnel disclose personal holdings to better allow the Adviser to identify conflicts of interest that arise due to these prior holdings. While the significant interests of the Adviser Personnel generally align the interest of such persons with the Funds, such persons may have interests that substantially differ from the Funds’ interests due to differences in liquidation preference, voting rights or other investment terms that the Adviser Personnel may have received from participating in an earlier funding round. This may result in such persons having personal investment interests that directly conflict with the interests of the Funds. Moreover, Adviser Personnel may enter into non-competition or similar agreements that effectively preclude the Funds from taking advantage of certain investment acquisition or disposition opportunities or otherwise adversely impact the Funds. Adviser Personnel also invest in the Funds. Such Adviser Personnel may be in possession of information relating to the Funds that is not available to other investors and prospective investors. The Adviser Personnel are not required to keep any minimum investment in each Fund and may invest in other Funds. It is expected that, if such investments are made, the size and nature of these investments may change over time without notice to the other investors. Investments by Adviser Personnel in the Funds could incentivize the Adviser Personnel to increase or decrease the risk profile of the Funds.

Adviser Personnel in certain cases have served as directors of or observers on boards with respect to certain portfolio companies or related entities or foundations. Conflicts of interest may arise in the event that such Adviser Personnel’s fiduciary duties as a director conflicts with those of the Adviser to the Funds. For instance, such positions could impair the ability of a Fund to sell the securities of an issuer in the event Adviser Personnel serving as directors receive material nonpublic information by virtue of their role(s), which would have an adverse effect on the Fund. Furthermore, Adviser Personnel serving as a director to a portfolio company owe a fiduciary duty to the portfolio company, on the one hand, and the relevant Fund, on the other hand, and such Adviser Personnel may be in a position where they must make a decision that is either not in the best interest of the Fund or is not in the best interest of the portfolio company. Adviser Personnel serving as directors may make decisions for a portfolio company that negatively impact returns received by a Fund investing in the portfolio company. In addition, to the extent Adviser Personnel serve as a director on the board of more than one portfolio company, such person’s fiduciary duties among the two portfolio companies may create a conflict of interest. Certain decisions made by a director may subject the Adviser, its affiliates or a Fund to claims they would not otherwise be subject to as an investor, including claims of breach of duty of loyalty, securities claims and other director-related claims. In general, the Funds will indemnify the Adviser and Adviser Personnel from such claims. In addition, Adviser Personnel have left the employment of the Adviser or its affiliates and become an officer or personnel of a portfolio company. The consequences of such a departure are beyond the control of the Adviser and may have a negative impact on the performance of the Funds. The Adviser has established policies and procedures designed to identify, monitor and resolve conflicts with respect to investment opportunities in a manner it deems fair and equitable, including the restrictions placed on personal trading in the Code of Ethics, and regular monitoring of employee transactions and trading patterns for actual or perceived conflicts of interest, including those conflicts that may arise as a result of personal trades in the same or similar Digital Asset Investments made at or about the same time as client trades. The Adviser utilizes softwarebased platforms to administer and monitor pre-approval, tracking and certifications of, and restrictions on, personal trading of Adviser Personnel. Co-Investments The Adviser has offered co-investments in the past and may, in its discretion, offer co-investments again in the future. Accordingly, the Adviser and its affiliates may, from time to time, offer one or more investors or potential investors in the Funds, Adviser Personnel, and/or other third-party investors the opportunity to co-invest with the Funds in particular investments. The Adviser and its affiliates are not obligated to arrange co-investment opportunities, and no investors will be obligated to participate in such an opportunity. The Adviser and its affiliates have sole discretion as to the amount (if any) of a co-investment opportunity that will be allocated to a particular investor and may allocate co-investment opportunities to investors in other Funds or Adviser Personnel or to third parties. The Adviser or its affiliates may receive fees and/or allocations from co-investors, which fees charged may differ among co-investors and also may differ from the fees and/or allocations borne by the Funds. In addition, co-investment vehicles may be formed to make investments alongside a Fund. In such

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The Adviser anticipates that it will utilize brokers for certain Fund transactions. To meet its fiduciary duty to the Funds, the Adviser maintains policies to address issues that might arise with respect to purchasing, holding, and selling publicly traded securities and Digital Assets. Multicoin will review traditional registered broker dealers and Counterparties with whom it enters into securities or commodity interest transactions and includes such parties in the definition of Counterparties.

Best Execution of Purchases or Sales Through a Broker-Dealer, Trading Platform or other Counterparty As part of the Adviser’s fiduciary duty to the Funds, the Adviser will seek “best execution” of Fund transactions. The Adviser generally does not believe that most Digital Assets are securities. “Best execution” means considering the total cost (of purchasing an asset) or total proceeds (in selling an asset) taking into account the circumstances of the transaction and the reputability and reliability of the executing Counterparty. Best execution is not limited solely to the consideration of the best available commission rate or transaction price. In determining whether a particular Counterparty is likely to provide best execution in a particular transaction, the Adviser's investment team takes into account all factors that it deems relevant to the Counterparty’s execution capability, including, by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission (or the cost for the transaction), the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the Counterparty and the quality of service rendered by the Counterparty in other transactions. In addition, the Adviser may consider the use of Electronic Communications Networks (ECNs) when placing trades on behalf of the Funds. When purchasing or selling over-the-counter securities or Digital Assets with market makers, the Adviser generally seeks to select market makers it believes to be actively and effectively trading the security or Digital Assets being purchased or sold. In order to monitor best execution, the Adviser’s investment team, in consultation with the Adviser’s CCO, periodically monitors Counterparties to assess the quality of execution of the transactions effected on behalf of the Adviser and each Fund. However, oftentimes, the Counterparties available to purchase and sell Digital Assets are limited for a variety of reasons including, but not limited to, custody arrangements, liquidity, regulation, security, and access, all of which limit the Adviser’s ability to improve upon the best execution it can achieve. Block Orders and Trade Aggregation In pursuing the Funds' investment objectives, the Adviser may aggregate (or bunch) the orders of more than one Fund for the purchase or sale of the same publicly traded security or Digital Asset. The Adviser may combine orders on behalf of the Funds with orders for other Funds for which it has trading authority, or in which it has an economic interest. If the Adviser aggregates trade orders, the Adviser will generally allocate the trade such that each participating Fund will receive the average price for each execution of a transaction. While the Adviser from time to time receives research from broker-dealers, the Adviser does not have any “soft dollar” arrangements in place (i.e., arrangements whereby the Adviser pays a higher commission to execute a trade than the lower available negotiated commission, using a portion of the commission to obtain brokerage and research services). Trade Errors Trade errors and similar human errors involving transactions in accounts directly or indirectly held by the Funds or any Investment contract (e.g., SAFTs) or other similar agreement of the Funds

may occur. Such errors may include, for example, (i) the placement of orders (either purchases or sales) in excess of, or less than, the amount of Investments the account intended to trade; (ii) the sale of an Investment when it should have been purchased; (iii) the purchase of an Investment when it should have been sold; (iv) the purchase or sale of the wrong Investment; (v) the purchase or sale of an Investment contrary to regulatory restrictions or investment guidelines or restrictions of the account; (vi) incorrect allocations of trades between a Fund and any other Fund that does not trade pari passu with the account; (vii) keystroke errors that occur when entering trades into an electronic trading system; and (viii) typographical or drafting errors. Such errors may result in losses or gains. The Adviser generally seeks to detect such errors prior to settlement and promptly correct and/or mitigate them. To the extent an error is caused by a Counterparty, the Adviser will seek to recover any losses associated with such error from the Counterparty. Any losses or profits that result from a trade error are borne by the Fund. Pursuant to the exculpation and indemnification provided by the Funds to the Adviser and its affiliates and personnel, the Adviser and its affiliates and personnel are generally not liable to the Funds for any act or omission, absent bad faith, gross negligence, willful misconduct or actual fraud of such person, and the Funds are generally required to indemnify such persons against any losses they may incur by reason of any act or omission related to the Funds, absent bad faith, gross negligence, willful misconduct or actual fraud of such person. As a result of these provisions, the Funds (and not the Adviser) benefit from any gains resulting from trade errors and similar human errors and are responsible for any losses (including additional trading costs) resulting from trade errors and similar human errors, absent bad faith, gross negligence, willful misconduct or actual fraud of the relevant person. The Adviser reimburses the Funds for losses for which the Adviser is responsible under the applicable Organizational Documents’ exculpation provisions. Given the potentially large volume of transactions executed by the Adviser on behalf of the Funds, investors should assume that trade errors and similar human errors occur and that, to the extent permitted by applicable law and under the Funds’ Organizational Documents, the Funds are responsible for any resulting losses, even if such losses result from the negligence (but not gross negligence) of the Adviser's personnel.

The Adviser has engaged and may from time to time engage one or more persons to act as a placement agent for the Funds in connection with the offer and sale of interests to certain potential investors. Such persons generally receive a fee in an amount equal to a percentage of the capital commitments for interests made by such potential investors to the Funds that are subsequently accepted. The Funds may, subject to any limitations set forth in their Organizational Documents, reimburse such fees.

Oversight and Monitoring The Adviser closely monitors the Funds’ investments. The Funds’ accounts are continuously reviewed on an ad hoc basis and are formally reviewed by the Managing Partner as necessary. In addition, on a monthly basis the Managing Partner, the Chief Financial Officer (“CFO”), the General Counsel (“GC”), the CCO, and certain employees from the investment, operations, and legal teams review client accounts, including factors such as the investment mandate, investment restrictions, investment decisions, position sizes, liquidity, trade allocation, Counterparties used, trade errors, redemptions, and certain portfolio risk metrics. Moreover, portfolio reviews include a daily exposure report, which is emailed, that documents certain metrics used by the Managing Partner, and the Finance, Legal and Compliance teams to monitor Counterparty risk. Reporting Investors in the Funds typically receive, among other things, a copy of audited financial statements

of the relevant Fund within 120 days after the fiscal year end of such Fund. Investors in the Hedge Fund typically receive written monthly performance reports within 30 days after each fiscal month end. Investors in each closed-end Fund typically receive written quarterly performance reports within 45 days after each fiscal quarter end. The Adviser and the applicable general partner, if any, from time to time, in their sole discretion, provide additional information relating to such Funds to one or more investors in such Funds as they deem appropriate.

The Adviser is subject to Rule 206(4)-2 under the Advisers Act, the Custody Rule. However, it is not required to comply (or is deemed to have complied) with certain requirements of the Custody Rule with respect to each Fund because it complies with the provisions of the so-called “Pooled Vehicle Annual Audit Exception,” which, among other things, requires that each Fund be subject to an audit at least annually by an independent public accountant that is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board, and requires that each Fund distribute its audited financial statements to all investors within 120 days of the end of its fiscal year.

Discretionary investment advice is provided directly to the Funds, subject to the direction and control of the general partner of each Fund, and not individually to the investors in the Funds. Services are provided to the Funds in accordance with the Organizational Documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally established in the Organizational Documents of the applicable Fund.

The Adviser’s general policy is to not vote proxy proposals, amendments, consents or resolutions (collectively, “Proxies”). In the event the Adviser was required to vote Proxies, it would do so in a prudent and diligent manner that would serve the applicable Fund’s best interests and is in line with each Fund’s investment objectives. Should the Adviser be required to vote Proxies, it may take into account all relevant factors, as determined by it in the Adviser’s discretion, including, without limitation: (a) the impact on the value of the securities; (b) the anticipated associated costs and benefits associated with the proposal;

(c) the effect on liquidity; and (d) customary industry and business practices. When voting Proxies, conflicts of interest may arise between the interests of clients, on the one hand, and the Adviser or its affiliates, on the other hand. If the Adviser determines that it may have, or be perceived to have, a conflict of interest when voting Proxies, the Adviser will seek advice on how best proceed. Certain Digital Assets may have the power to participate in community votes or governance proposals that are indications of community sentiment, whether binding or non-binding. On-chain governance votes generally do not constitute securities proxy votes. Notwithstanding that most Digital Asset governance votes are not implicated under the policies and practices for client securities voting, the Adviser considers the implications of onchain governance votes, including the decision of whether or not to participate, using its good faith judgment. The Adviser expects to refrain from participation where it believes that voting would be inappropriate, taking into consideration the cost of participation, regulatory risks, and the anticipated benefit to its clients. Clients may request information from Multicoin on how it voted Proxies (as applicable), as well as copies of the Adviser’s Proxy voting policies and procedures, by contacting legal@multicoin.capital.

This Item is not applicable to the Adviser.