Investor update Q2 2025

 Notice to the investors of Pangea Blockchain International SICAV i.L. Pangea Blockchain Fund  

Efforts to sell the investments held by Pangea Blockchain International Ltd., Cayman, which in turn is wholly attributable to the Pangea Block-chain Fund, are ongoing.

In the meantime, first – albeit non-binding - bids have been received for certain positions, which are however not yet in the expected range. Nevertheless, from today's perspective, it is expected that further investments can be sold at a substantial profit (in relation to the initial investment).

When the Fund was initiated and the portfolio built, an aggregate amount of approximately USD 15 million was invested in a number of participations in start-up blockchain and cryp-to-entities. Meanwhile, investors already re-ceived distributions out of proceeds of sales and dividends received amounting to more than USD 30 million.

It therefore can be expected that, regardless of the liquidation of the Fund, losses and writ-ing-off of certain positions and the generally time-consuming and long-lasting sales pro-cess the overall performance will be clearly above average for investors and the liquida-tion will finally be concluded positively.