TO ALL INVESTORS IN

CRYPTO10 SP
BITCOIN ALPHA SP
STABLE GROWTH SP

20 July 2023

Dear Sir/Madam,

Invictus Capital Financial Technologies SPC (“Invictus SPC”)

Crypto10 SP (“C10”)
Bitcoin Alpha SP (“IBA”)
Stable Growth SP (“ISG”), (together with C10 and IBA, the “Invictus Funds”)

Invictus SPC and the Invictus Funds refer to their letter dated 22 June 2023 (the “June Letter”), which is
enclosed for ease of reference.

In the June Letter, Invictus SPC provided notice of the key dates in respect of the Invictus Funds’
compulsory redemption process which stated that 20 July 2023 would be the date when the share registers
of C10, IBA and ISG will be finalised and their final net asset value calculated (which will determine the
value of the redemption), with notice of the compulsory redemption to be issued on 25 July 2023.

Invictus SPC and the Invictus Funds wish to inform investors that, as a consequence of the large volume
of new Eligible Investors (as defined within the June Letter) and the tasks associated with processing these
updates there will be a delay to these previously communicated timeframes. The delay is not expected to
be material and investors should expect to be updated on the process within the coming weeks.

Should you have any queries please contact Invictus SPC’s investor relations team via email at
queries@invictuscapital.com or contact invictus@alvarezandmarsal.com for a list of Frequently Asked
Questions.

Invictus SPC thanks investors for their continued patience.

Yours faithfully,

Invictus Capital Financial Technologies SPC and its Segregated Portfolios

Encl.
- Invictus SPC's letter dated 22 June 2023
TO ALL INVESTORS IN
CRYPTO10 SP
BITCOIN ALPHA SP
STABLE GROWTH SP

22 June 2023

Dear Sir/Madam,

Invictus Capital Financial Technologies SPC (“Invictus SPC”)

Crypto20 SP (“C20”)
Crypto10 SP (“C10”)
Bitcoin Alpha SP (“IBA”)
Stable Growth SP (“ISG”), (together with C20, C10 and IBA, the “Invictus Funds”)

Background

As previously communicated to investors, in July 2022, Invictus SPC commenced a process of finding a
new third party manager of the Invictus Funds to facilitate their continuance. In total, eleven parties were
identified across the cryptocurrency and traditional asset management industries and, unfortunately, no
formal bids were received. The primary reason cited by these parties were both (a) significant uncertainty
in cryptocurrency markets following the bankruptcy of Celsius Network LLC (“Celsius”); and (b) C20 and
C10’s (being the largest funds operated by Invictus SPC) significant exposure to the Celsius Chapter 11
bankruptcy.

Investors have previously been made aware that C20 and C10, collectively, had exposure in excess of
US$18m to the Celsius Chapter 11 bankruptcy. Those claims were sold on 1 December 2022 through the
secondary market following an open auction process for approximately US$0.10 cents and US$0.18 cents
on the dollar, respectively. The reason for the significant discrepancy in price is due to substantial
potential clawback claims in the case of C20, which reduced the price buyers were willing to pay.

C20, IBA and ISG had significant exposure to the exchange known as FTX, which entered bankruptcy
proceedings in various jurisdictions in November 2022. It was considered highly unlikely that any
distributions would be made to FTX’s creditors in the short to medium term and, as a result, Invictus SPC’s
directors sold those claims to a third party for US$0.20 cents on the dollar to facilitate the process outlined
below.

As a result of the above events, and the prohibitive cost associated with maintaining a regulated structure,
Invictus SPC’s directors have determined that the Invictus Funds should be closed, returning the remaining
capital to their respective investors. On 26 May 2023, Invictus SPC’s directors passed written resolutions
(the “Resolutions”) to approve a restructuring of the Invictus Funds; implement a compulsory redemption
to Eligible Investors (defined below) and subsequently wind down and close each of the Invictus Funds
with the view to placing Invictus SPC into voluntary liquidation thereafter.
Compulsory Redemption

Invictus SPC’s directors have the power, in accordance with Section 13 of Invictus SPC’s Articles of
Association, to implement a compulsory redemption of the Invictus Funds, if they deem appropriate. The
purpose of a compulsory redemption is to distribute the remaining assets, net of incurred and forecasted
closure costs, amongst the investors following which investors’ ownership interest in the relevant Invictus
Fund(s) will be extinguished.

In advance of the compulsory redemption, Invictus SPC’s directors will issue notice after which a
redemption will be made in the form of USDC stablecoin, or equivalent, to Eligible Investors’ (defined
below) designated wallet addresses.

Key Dates for Compulsory Redemption

Please find below a summary of the key dates in respect of the compulsory redemption process:

● 29 June 2023 – to become an Eligible Investor and participate in the compulsory redemption, all
token holders must have completed the Polygon migration to claim their tokenised participatory
shares and provided all necessary tax compliance information prior to 05:00:00 UTC on 30 June
2023 (midnight Cayman Islands time on 29 June 2023) (see further details on the Polygon
migration process below) IT WILL NOT BE POSSIBLE TO COMPLETE THE MIGRATION AFTER THIS
DATE AND YOU WILL NOT RECEIVE A DISTRIBUTION AND WILL BE DEEMED TO HAVE
RELINQUISHED ANY CLAIM TO AN INTEREST IN C10, IBA OR ISG.
● 20 July 2023 — following the cut-off date, the share registers of C10, IBA and ISG will be finalised
and their final net asset value calculated (which will determine the value of the redemption); and
● 25 July 2023 – notice of the compulsory redemption will be issued to investors that have claimed
their tokenised participatory shares with the redemption being effected shortly thereafter.

Wallet Address

For Eligible Investors to receive their compulsory redemption, they will need to ensure the correct wallet
address is registered with their profile on the Invictus portal, which can be accessed as normal. If investors
have issues accessing their profile on the Invictus portal, please contact the Invictus team using the details
provided below.

Should investors no longer have access to the wallet address registered on the Invictus portal, or would
like the compulsory redemption to be made to a different wallet address, please contact the Invictus team
at queries@invictuscapital.com by 15 June 2023 to ensure those details are updated in advance of the
compulsory redemption.

Wallets custodied by Invictus SPC

Investors are hereby advised to transfer their non-Invictus cryptocurrency holdings (ETH, USDT, etc.) held
in custodied wallets to alternative compatible third-party wallets, prior to the compulsory redemption.
Following the liquidation of Invictus SPC, access to custody wallets via the Invictus portal will be disabled.
Eligible Investors

To become an Eligible Investor (defined below), token holders are required to complete the polygon
migration and provide a tax declaration to comply with Cayman Islands legislation.

Polygon Migration

The polygon migration is the process through which investors holding tokens from the Invictus Funds’
Initial Coin Offering exchange those tokens (“ICO Tokens”) for an equivalent value of tokenised
participatory shares in the relevant Invictus Fund(s).

To complete the polygon migration, investors will be required to undertake the following steps:

● Log into your Invictus portal account and link the wallet where the ICO Tokens are held to your
Invictus portal account;
● Provide Anti-Money Laundering information (such as, but not limited to, proof of identity and
proof of address, to be uploaded at https://invictuscapital.com/en/app/settings/identity-
verification); and
● Complete the share transfer form issued by Invictus SPC following the provision of satisfactory
Anti-Money Laundering information.

An article 1 is also available online which details the necessary process.

Should you experience any issues in actioning the steps detailed above, please contact
queries@Invictuscapital.com and provide evidence that you hold ICO Tokens which have not been
exchanged for tokenised participatory shares.

Tax Declaration

Investors will also be required to provide a tax declaration form, which is to be completed and submitted
via the Invictus portal and accessed via the following link https://invictuscapital.com/en/app/settings/tax-
information.

Eligibility

Investors who have completed both steps and have been approved by Invictus SPC will be classified as
“Eligible Investors”, whilst investors who have not claimed their tokenised participatory shares and/or
provided their tax declaration will be classified as “Non-Eligible Investors”. Please note that no investor
will be able to redeem their investment from the Invictus Funds without becoming an Eligible Investor.

In accordance with the Resolutions, Non-Eligible Investors have until 29 June 2023 to complete the
polygon migration process and provide their tax declaration to participate in the compulsory redemption
process.

1 https://medium.com/@matthew.james.finlayson/invictus-polygon-token-claim-f0aa7754e062
PLEASE NOTE THAT ANY INVESTOR IN C10, IBA OR ISG THAT DOES NOT COMPLETE THESE STEPS BY 29
JUNE 2023 WILL BE DEEMED TO HAVE RELINQUISHED, BY WAY OF NEGATIVE CONSENT, ANY CLAIM TO
AN INTEREST IN C10, IBA OR ISG AND WILL NOT RECEIVE ANY DISTRIBUTIONS FROM THE COMPULSORY
REDEMPTION PROCESS DETAILED ABOVE.

Investors who have any queries about this process are encouraged to contact the Invictus Funds’ investor
relations team to understand what Anti-Money Laundering and tax information is outstanding, if any. A
dedicated email address, queries@invictuscapital.com, has been established for this purpose.

Next Update

The Invictus Funds will provide further updates to investors in the event there are material changes to the
compulsory redemption and wind down process detailed above.

Should you have any queries about this process, or the affairs of Invictus SPC generally, please contact
Invictus SPC’s investor relations team via email at queries@invictuscapital.com or contact
invictus@alvarezandmarsal.com for a list of Frequently Asked Questions (“FAQs”).

Invictus SPC thanks investors for their continued patience.

Yours faithfully,

Invictus Capital Financial Technologies SPC and its Segregated Portfolios