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Text Content

Welcome to XBTO

Notice to qualified investors‍

This website (“Site”) is the property of XBTO and its affiliates (collectively,
“Company” / “We”). Please read the terms and conditions  set forth in this Site
carefully before using the Site. By using this Site, you acknowledge that you
have read, understood and agreed to the terms and conditions of use (“Terms”).
If you do not agree to these Terms and conditions of use, you may not access or
use the Site. XBTO Global Ltd., XBTO International Ltd (“XBTOI”), Stablehouse
Ltd., and their respective affiliates (collectively referred to as “XBTO,” “us”,
“we” or “our”) reserves the right, at our discretion, to change, modify, add or
remove portions of these terms at any time. Therefore, we suggest that you
review these terms periodically for changes. By using our Site after we have
posted changes to these terms and conditions of use, you are agreeing to be
bound by these Terms.

‍‍

Jurisdictional issues

Users of this Site are responsible for observing all applicable laws and
regulations in their relevant jurisdictions before proceeding to access the
information contained herein. The information provided in or accessible through
the Site is not intended for distribution to, or use by, any person or entity in
any jurisdiction or country where such distribution or use would be contrary to
law or regulation or which would subject XBTO to any registration or other
requirement within such jurisdiction or country. XBTO reserves the right to
limit access to the Site to any person, geographic region or jurisdiction. By
proceeding to access the information, you are deemed to have represented and
warranted that the applicable laws and regulations of your relevant jurisdiction
allow you to do so.

‍

Eligibility

You must be a non-U.S. Person and a “qualified participant” as defined in
section 9 of the Bermuda Investment Funds Act to be eligible to participate in
our products and services. See definitions below.

‍

‍Definitions:

 1. A “U.S. Person” is a person described in one or more of the following
    paragraphs:
    
    With respect to any person, any individual or entity that would be a U.S.
    Person under Regulation S of the Securities Act. The Regulation S definition
    of U.S. Person includes: (a) any natural person resident in the United
    States; (b) any partnership or corporation organized or incorporated under
    the laws of the United States; (c) any estate of which any executor or
    administrator is a U.S. person; (d) any trust of which any trustee is a U.S.
    person; (e) any agency or branch of a foreign entity located in the United
    States; (f) any non-discretionary account or similar account (other than an
    estate or trust) held by a dealer or other fiduciary for the benefit or
    account of a U.S. person; (g) any discretionary account or similar account
    (other than an estate or trust) held by a dealer or other fiduciary
    organized, incorporated, or (if an individual) resident in the United
    States; and (h) any partnership or corporation if: (i) organized or
    incorporated under the laws of any foreign jurisdiction; and (ii) formed by
    a U.S. person principally for the purpose of investing in securities not
    registered under the Act, unless it is organized or incorporated, and owned,
    by accredited investors (as defined in Rule 501(a) under the Securities Act)
    who are not natural persons, estates or trusts.
    ‍
 2. With respect to individuals, any U.S. citizen or “resident alien” within the
    meaning of U.S. income tax laws as in effect from time to time. Currently,
    the term “resident alien” is defined under U.S. income tax laws to generally
    include any individual who (i) holds an Alien Registration Card (a “green
    card”) issued by the U.S. Citizenship and Immigration Services or (ii) meets
    a “substantial presence” test. The “substantial presence” test is generally
    met with respect to any current calendar year if (i) the individual was
    present in the U.S. on at least 31 days during such year and (ii) the sum of
    the number of days on which such individual was present in the U.S. during
    the current year, 1/3 of the number of such days during the first preceding
    year, and 1/6 of the number of such days during the second preceding year,
    equals or exceeds 183 days.
    ‍
 3. With respect to persons other than individuals: (i) a corporation or
    partnership created or organized in the United States or under the laws of
    the United States or any state; (ii) a trust where (a) a U.S. court is able
    to exercise primary supervision over the administration of the trust and (b)
    one or more U.S. persons have the authority to control all substantial
    decisions of the trust; and (iii) an estate which is subject to U.S. tax on
    its worldwide income from all sources.

‍

A “Qualified Participant” is a person described in one or more of the following
paragraphs:

 1. A “high income private investor” - i.e., an individual who has had a
    personal income in excess of $200,000 in each of the two years preceding the
    current year or has had a joint income with that person’s spouse in excess
    of $300,000 in each of those years and has a reasonable expectation of
    reaching the same income level in the current year, with “current year”
    signifying the year in which the individual purchases an investment.
    ‍
 2. A “high net worth private investor” - i.e., an individual whose net worth or
    joint net worth with that person’s spouse in the year in which the
    individual purchases an investment exceeds $1,000,000, excluding the value
    of that person’s residence and any benefits or rights under a contract of
    insurance; and net worth means the excess of the total assets at fair market
    value over total liabilities.
    ‍
 3. A “sophisticated private investor” – i.e., an individual who has such
    knowledge of, and experience in, financial and business matters as would
    enable them to properly evaluate the merits and risks of a prospective
    purchase of investments.
    ‍
 4. A body corporate that has total assets of not less than U.S. $5 million
    dollars, with such assets held solely by the body corporate or held partly
    by the body corporate and partly by one or more members of a group of which
    it is a member. In this context, “group” means parent undertakings,
    subsidiary undertakings, subsidiary undertakings of the parent undertaking,
    parent undertakings of the subsidiary undertaking and any undertaking the
    body corporate or those aforementioned undertakings have a participating
    interest in.
    ‍
 5. An unincorporated association, partnership, or trust that has total assets
    of not less than $5 million dollars, with such assets held solely by such
    association, partnership, or trust or held partly by it and partly by one or
    more members of a group of which it is a member. In this context “group”
    means parent undertakings, subsidiary undertakings, subsidiary undertakings
    of the parent undertaking, parent undertakings of the subsidiary undertaking
    and any undertaking the unincorporated association, partnership, trust or
    those aforementioned undertakings have a participating interest in.
    ‍
 6. A body corporate, all the shareholders of which fall within one or more of
    the first five categories above.
    ‍
 7. A partnership, all the members of which fall within one or more of the first
    five categories above.
    ‍
 8. A trust, all the beneficiaries of which fall within one or more of the first
    five categories above.
    ‍
 9. A limited liability company, all the members of which fall within one or
    more of the first five categories above.
    ‍

For residents in the United Kingdom

The services and products described in the Site are “controlled activities” and
“controlled investments” within the meaning of the United Kingdom Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”).
Their promotion or offering in the United Kingdom is restricted pursuant to the
FPO, to, amongst others (a) persons having professional experience of
participating in matters relating to investments, falling within Article 19 of
the FPO (see detailed definition below) and (b) high net worth bodies corporate,
partnerships, unincorporated associations, trusts, etc. falling within Article
49 of the FPO (see detailed definition below) (together, “Permitted Persons”).

Definitions:

 1. Article 19 Investment professionals(a) a Financial Conduct Authority or
    Prudential Regulation Authority authorised person;(b) an exempt person where
    the communication relates to a controlled activity which is a regulated
    activity in relation to which the person is exempt;(c) any other person: (i)
    whose ordinary activities involve him in carrying on the controlled activity
    to which the communication relates for the purpose of a business carried on
    by him; or (ii) who it is reasonable to expect will carry on such activity
    for the purposes of a business carried on by him;(d) a government, local
    authority (whether in the United Kingdom or elsewhere) or an international
    organisation;(e) a person (“A”) who is a director, officer or employee of a
    person (“B”) falling within any of (a) to (d) where the communication is
    made to A in that capacity and where A’s responsibilities when acting in
    that capacity involve him in the carrying on by B of controlled activities.
    ‍
 2. Article 49 High net worth companies, unincorporated associations etc.(a) a
    body corporate which has, or which is a member of the same group as an
    undertaking which has, a called-up share capital or net assets of not less
    than:

‍

For residents in the United States

None of the information contained in this Site constitutes an offer to sell, or
a solicitation of an offer to buy or subscribe for, any shares or other
securities in the United States or in any other jurisdiction, nor shall it, or
the fact of its distribution, form the basis of, or be relied upon, in
connection with or act as an inducement to enter into any contract or commitment
therefor.

Shares may not be purchased by an “employee benefit plan” within the meaning of
the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
including (i) an investor using assets of: (A) an “employee benefit plan” as
defined in Section 3(3) of ERISA that is subject to Title I of ERISA; (B) a
“plan” as defined in Section 4975 of the U.S. Internal Revenue Code, as amended
(the “IRC”), including an individual retirement account or other arrangement
that is subject to Section 4975 of the IRC; or (C) an entity which is deemed to
hold the assets of any of the foregoing types of plans, accounts or arrangements
that is subject to Title I of ERISA or Section 4975 of the IRC.

Neither XBTO nor any of its affiliates is, or expects to be, registered as an
investment company under the U.S. Investment Company Act of 1940, as amended
(the “Investment Company Act”), and investors will not be entitled to the
benefits of the Investment Company Act.

In addition, shares in XBTO Crypto Opportunities Fund SAC Ltd (XCOF) have not
been and will not be registered under the U.S. Securities Act of 1933, as
amended (the “Securities Act”). Consequently, Shares in XCOF may not be offered,
sold or otherwise transferred within the United States or to, or for the account
or benefit of, “U.S. persons” as defined in Regulation S under the Securities
Act absent registration or an exemption from registration under the Securities
Act. No public offering of any shares in XCOF is being, or has been, made in the
United States.

‍

Risks of investing

All investments are subject to risk. Investment in funds such as XCOF are
speculative and involve a high degree of risk.  Investment in XCOF is available
solely to institutions or sophisticated high net worth individuals who are
willing and able to bear the economic risks of the investment and who meet all
other qualifications set forth in the fund documentation and under applicable
law and regulation. Risks include the possibility of a total loss of an
investor’s capital in the fund.

Prior to the execution of any transaction, you should consult your business
advisor, attorney and tax and accounting advisors with respect to the price,
suitability, value, risk or other aspects of any security or other investment.

Pricing and other information generated through the use of data or services made
available herein may not reflect actual prices or values that would be available
in the market at the time provided or at the time that the user may want to
purchase or sell a particular security or other instrument.

Certain statements on the Site reflect XBTO views, estimates or opinions (which
may be based on proprietary models and assumptions), and there is no guarantee
that these views, estimates, opinions or predictions are currently accurate or
that they will be ultimately realized. To the extent these assumptions or models
are not correct or circumstances change, the actual performance of XBTO and its
subsidiaries may vary substantially from, and be less than, the estimated
performance. None of XBTO nor any of its respective affiliates, shareholders,
partners, members, directors, officers, management, employees or representatives
makes any representation or warranty, express or implied, as to the accuracy or
completeness of any of the information on this Site. Each of the aforementioned
parties expressly disclaims any and all liability relating to or resulting from
the use of the information on this Site.‍

‍

Governing law and consent to jurisdiction


These Terms will be governed by and construed and enforced solely in accordance
with the laws of Bermuda and you consent and submit exclusively to the
jurisdiction of the courts of Bermuda for the purposes of litigating any dispute
arising out of these Terms against XBTO, except with regard to injunctive
relief.

‍

Regulatory Matters

XBTOI is an exempted company limited by shares, incorporated in Bermuda and
licensed as a digital assets business by the Bermuda Monetary Authority with a
Class F licence to operate as a digital assets services vendor (market maker for
digital assets). XCOF and its cells are managed by XBTOI and XBTOI is currently
applying to the Bermuda Monetary Authority for a class B Registration under the
Investment Business Act 2003.

Stablehouse Ltd. ("Stablehouse") is an exempted company limited by shares,
incorporated in Bermuda and licensed as a digital assets business by the Bermuda
Monetary Authority with a Class M licence to operate as (a) a payment service
provider business utilising digital assets, which includes the provision of
services for the transfer of funds; (b) a digital asset exchange (c) a digital
asset services vendor and (d) a business providing custodial wallet services.

XBTO must comply with various legal requirements, including without limitation
the Companies Act 1981 and the Digital Asset Business Act 2018 and the Digital
Asset Business (Client Disclosure) Rules 2018 (each, as amended from time to
time). Should any of those laws change, the legal requirements to which
Stablehouse, XBTOI and you may be subject could differ materially from current
requirements.

‍

CUSTOMER COMPLAINT NOTICE

Complaints may be reported to the Compliance Officer or Legal Counsel by email
at compliance@xbto.com or legal@xbto.com or by mail at the following address:

XBTO Global Ltd.G/F. Ideation House, 94 Pitts Bay Road, Pembroke, Bermuda
HM08
Attn: Legal /Compliance

Version date: [May 7, 2024]
Last updated: [May 7, 2024]

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FULL-SUITE
‍DIGITAL ASSET SERVICES

XBTO is a leading platform for digital asset services tailored for sophisticated
non-US investors and institutions.



Our offerings
Access a full-suite of digital asset investment services
 * Crypto Trading Platform
 * Asset management
 * Market making
 * Custody Services
 * Family office services


About us
Where digital assets meet traditional finance

Founded in 2015, XBTO has evolved from a proprietary trading firm to a leading
platform for digital asset services designed for institutions and qualified
investors.

Learn more



Trusted by
institutions
since
2015
Who we serve
Built for the unique needs of digital asset investors

We empower institutional and qualified investors to confidently navigate the
digital asset economy.

Learn more

Newly launched
Optimal security. Optimal execution.

Built for active traders, our OTC Crypto Trading Platform offers bespoke
liquidity with institutional assurance.

Learn more



Testimonials
XBTO's contributions to the Pyth Network have been pivotal in its growth. The
firm's engagement has significantly enhanced the reliability of Pyth's data,
positioning it as one of the best among oracles.

Michael Cahill, co-founder, PYTH

Testimonials
XBTO's early investment and industry expertise significantly contributed to
Deribit's growth and market position in the cryptocurrency derivatives sector,
making them a key factor in our continuing success.

John Jansen, Co-Founder and Chief Executive Officer

Testimonials
Apex Group has found a strong partner in XBTO and we’re excited to bring
innovative new benefits to our investor base.

Bruce Jackson, Head of Digital Assets, Apex Group






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