16th May 2023

1. Treasury is fully deployed into ETH and BTC. Large volatility expected. (e.g. there was a 10% price correction vs previously reported numbers)

2. At a high level, our recent short term plays have been doing well, resulting in an increase in cash position (in ETH terms) but our illiquid positions from VC deals and gaming NFTs from last year have been performing poorly in line with the all time low sentiment on the gaming narrative.

3. Realised gains from short term $RON investment of $300k, $GALA liquidity sniping of $130k. This has resulted in an increase in cash position.

4. NFT paper values dropped about $800k, albeit our still long term bullish stance. This is mainly contributed by floor price decrease of League of Kingdoms (-$170k), Bored Ape Sewer Passes (-$100k), DigiDaigaku (-$100k), Walken (-$120k) and Azuki (-$80k).

5. VC token paper values dropped, led by correction in Delysium (-$130k) and Cantina Royale (-$65k).

6. Invested another $5k into WildCard Genesis Passes