NOTE 9 – INVESTMENT MEASURED AT NAV

On May 26, 2026, the Company funded a subscription for 2,000 Class A-1 non-voting shares of Metalayer Digital Fund I (the “Fund”), a Cayman Islands exempted company registered with the Cayman Islands Monetary Authority as a regulated mutual fund and an investment company, for an aggregate subscription price of $2,000 funded through the transfer of USDC. The Fund’s investment program acquires tokenized securities at a discount to net asset value for realization at the issuer’s redemption window and deploys unutilized capital in on-chain assets, and may invest in digital assets, tokenized securities, traditional securities, and commodities.

The Company’s interest is a passive, noncontrolling investment that the Company does not consolidate and does not account for under the equity method. The investment is valued using the fund’s reported NAV per share as a practical expedient under ASC 820. Such investments are excluded from the fair value hierarchy. Changes in the net asset value are recognized in earnings. The following table summarizes activity for the period:

 SCHEDULE OF ACTIVITY  

The unrealized loss of $172 was recognized in other income (expense), net on the accompanying unaudited condensed statement of operations for the three and six months ended June 30, 2026. The Class A-1 shares are subject to a three-month lock-up expiring August 26, 2026 and are redeemable thereafter only on the last business day of each calendar quarter upon 15 calendar days’ prior written notice, such that the earliest available redemption date is September 30, 2026; no redemption gate or fee applies. Based on these terms and management’s intent to realize the investment within one year, the investment is classified as a current asset. The Company has no unfunded commitments to the Fund or to any related fund vehicle. See Note 14 — Fair Value Measurements.

The Fund is also a holder of GLDY tokens, which were purchased during the second quarter of 2026 for consideration of approximately $1,000, received in USDC digital assets. Because these GLDY tokens represent a noncontrolling ownership interest in the Company’s consolidated subsidiary, Streamex Ltd., and the Company retained control of Streamex Ltd., the sale was accounted for as a change in the Company’s ownership interest, and no gain or loss was recognized in net income. The difference between the consideration received and the carrying amount of the noncontrolling interest transferred was recorded as a reduction of additional paid-in capital attributable to the Company. See Note 18 — Noncontrolling Interests. Management evaluated its relationships with the Fund and its investment manager and concluded that they are not related parties of the Company.