SINGAPORE, Oct. 2, 2025 /PRNewswire/ — Two of Singapore’s prominent local real estate advisory firms, AlpsEdge Real Estate and Brilliance Capital have announced a strategic alliance set to transform the investment sale market landscape. By combining institutional expertise, deep market intelligence, and a client-first approach, the partnership aims to offer seamless, end-to-end solutions across the real estate investment spectrum.

AlpsEdge Real Estate, a specialist in investment-grade transactions including en bloc building sales, development land sales, and collective sales, joins forces with Brilliance Capital, known for its bespoke advisory services and extensive ultra-high net worth client network. Together, the alliance promises enhanced access to deal flow, broader investor networks, and strategies tailored to both institutional and private investors.

“This partnership is a powerful alignment of vision and values,” said Mr Tan Hong Boon (陈鸿文), Founder and Executive Director of AlpsEdge Real Estate. “Brilliance Capital’s reputation for excellence and relationship-driven approach makes them an ideal partner. By combining our expertise, we can deliver holistic solutions that span diverse asset classes, cross-border investments, and complex deal structuring.”

Mr Tan brings over 30 years of experience in valuation, consultancy, and investment advisory. He previously led the Land & Collective Sales Team at Jones Lang LaSalle’s Singapore Capital Markets division and served as Deputy Managing Director at Credo Real Estate. A Licensed Appraiser and member of SISV, RICS, and SID, he has also actively involved in industry efforts to shape industry standards through roles with the Council for Estate Agencies and Singapore Estate Agents Association, establishing himself as a highly respected “go-to” person in Singapore’s real estate sector.

Ms Sammi Lim(林妍孜), Founder and Executive Director of Brilliance Capital, said, “AlpsEdge brings a sharp institutional lens and capital markets acumen that complements our strength in private client advisory. Their depth in development land and investment sales perfectly complement our understanding of capital flows among UHNW clients. Together, we are building a platform that is agile, data-driven, and fully aligned with the evolving needs of our clients.”

Founded in 2020, Brilliance Capital has rapidly become a trusted partner for ultra-high net worth individuals, family offices, property developers, publicly listed companies, and private funds worldwide. Ms Lim brings 20 years of experience in the real estate industry, with transactions totaling over S$10 billion. Brilliance Capital has been invited to join Forbes Global Properties as Singapore’s exclusive member and has brokered several landmark deals, including the sale of Yew Tee Point, carparks at People’s Park Complex, Holland Road Shopping Centre, Parklane Shopping Centre and Bukit Timah Plaza, amongst many other transactions. Under her leadership, Brilliance Capital has received multiple accolades, including Best Luxury Boutique Real Estate Brokerage in Singapore, TOP 100 Best Real Estate Brokers and Developers of the World 2023, Singapore Entrepreneur 100 Award 2023 and Singapore 500 SME Company of the Year 2024.

The alliance will focus on key growth areas including institutional and private investment sales, development land and collective sales, capital markets advisory and deal originations, cross-border real estate strategies, portfolio optimization and strategic divestments. Clients can expect enhanced access to deal flow, broader investor networks, and tailored strategies backed by rigorous market analysis and execution capabilities.

As part of the partnership, Brilliance Capital and AlpsEdge Real Estate are pleased to present a rare and compelling investment opportunity at Hexacube (the “Development”), an architecturally distinctive freehold commercial development prominently located at 160 Changi Road in Singapore’s vibrant East. The portfolio comprises 21 strata-titled shops on the basement, ground and second storeys and an office unit on the fourth storey, of the Development, with a total strata area of approximately 13,520 square feet (sq ft). Unit sizes of the portfolio range from 388 sq ft to 904 sq ft.

Hexacube is a boutique freehold commercial development comprising 73 units in total, with three levels of retail and three levels of offices, supported by a dedicated basement car park with 25 lots and two loading bays. Its striking façade, modern design and excellent road visibility make it a landmark along the bustling Changi Road corridor.

At a guide price of S$38 million, or about S$2,800 per square foot (psf) over the total strata area, the portfolio represents approximately 35% by share value and 28% by strata area of the Development, allowing the purchaser a significant stake in Hexacube to influence the long-term direction and positioning of the Development.

The portfolio for sale is predominantly tenanted, providing investors with immediate rental income and stability. Except for a recently vacated second-storey unit, all other units are leased to a diverse mix of tenants spanning retail, services, and lifestyle trades. This makes the portfolio attractive to both long-term investors seeking stable recurring income and business owners who may wish to secure space for their own operations in a prime freehold asset.

A unique highlight of Hexacube is that every unit comes with its own en-suite bathroom and water point, a rare feature in strata commercial developments. This greatly enhances the functionality and potential usage of the units, enabling a wider range of businesses such as medical and dental clinics, wellness centres, education providers and other service-based trades, subject to approval from the relevant authorities.

Strategically located in District 14, Hexacube enjoys excellent connectivity and visibility. With the major Changi Road thoroughfare, it is well-served by major expressways including the PIE, ECP and KPE. The Development is a short 5-minute walk to the Eunos MRT Station, a stop away from the Paya Lebar MRT Interchange for the East-West and the Circle Lines. Its close proximity to Paya Lebar Central (PLC), one of Singapore’s key growth areas designated by URA as a commercial hub outside the CBD, makes it a natural extension to the PLC providing more service options. With significant government investment and ongoing infrastructure improvements, PLC has transformed into a vibrant business and lifestyle eco-system, attracting major corporations, retailers, service providers and a growing resident population. Hexacube stands to benefit from these enhancements and from the increasing decentralisation of businesses seeking cost-effective and accessible city-fringe locations.

The immediate catchment surrounding Hexacube has also grown substantially in recent years with the completion of large-scale residential projects. Notably, Parc Esta, a 1,399-unit condominium located directly opposite Hexacube, has injected a sizeable and affluent resident base into the neighbourhood. This, combined with established surrounding residential estates and heritage enclaves like Joo Chiat and Katong, ensures strong and consistent footfall for retail and F&B businesses. With limited future supply of freehold strata commercial units in the East, Hexacube represents a rare and enduring opportunity for investors to secure an asset with long-term capital preservation and growth potential.

One compelling factor for Hexacube is its approved commercial use which does not attract Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). This provides buyers with lower acquisition costs and greater transaction flexibility, making the portfolio especially attractive to family offices, private investors, and institutional buyers alike. The combination of freehold tenure, high ceilings (floor-to-floor heights of over 4 meters for Basement 1 and 5 meters for the Ground, Second and fourth Storeys units), expansive glass frontages, and en-suite bathrooms gives the property a competitive edge over many other commercial offerings in Singapore.

“This is a rare opportunity to secure a meaningful stake in a freehold mixed-use development in Singapore’s East. With strong catchment demographics, growing lifestyle appeal, and government-backed transformation in the Paya Lebar Central precinct, Hexacube is poised for long-term rental resilience and capital appreciation. Investors will benefit from the flexibility in holding for yield and adopting a future strata sell-down strategy, which has already proven attractive to overseas retail investors actively acquiring freehold commercial units in the S$3 million to S$5 million range,” says Ms Carin Puah (潘燕玉), Founder and Executive Director of AlpsEdge Real Estate.

Ms Sammi Lim , Founder and Executive Director of Brilliance Capital, adds: “Freehold strata commercial portfolios of this scale, especially outside the CBD, are exceedingly rare in Singapore’s tightly held market. With its prime location, high specifications, strong tenant profile, and full suite of amenities, Hexacube offers not just stable income but also significant capital upside. It is a trophy opportunity for both yield-focused and growth-minded investors.”

Brilliance Capital and AlpsEdge Real Estate are the joint exclusive marketing agents for this sale. The Expression of Interest closes on 12 November 2025, Wednesday, at 3.00 pm.

Note to editors:

One high-resolution photograph of AlpsEdge and Brilliance Capital and another high-resolution photograph of Hexacube are enclosed.

About Brilliance Capital Pte. Ltd.

Brilliance Capital is a premier full-service real estate agency, trusted by ultra-high net worth individuals, distinguished family offices, property developers, publicly listed companies and private funds worldwide. We specialize in guiding our clients through strategic acquisition, sale, and management of prime real estate assets. Founded and led by visionary entrepreneur Ms. Sammi Lim, Brilliance Capital unites the industry’s most elite professionals in a dynamic, results-driven team. Brilliance Capital’s expertise spans the entire property spectrum — luxury condominiums, landed residences, commercial and industrial assets, collective sales, as well as bespoke consultancy and advisory services.

About AlpsEdge Real Estate Pte. Ltd.

AlpsEdge Real Estate is an investment sale-focused advisory firm offering investment-grade real estate assets, portfolio value enhancement and maximisation, development land and collective sales. Founded by Mr. Tan Hong Boon and Ms. Carin Puah, AlpsEdge leverages over 30 years of industry experience in valuation, consultancy and investment advisory. Mr. Tan and Ms. Puah were previously the seniors leading the Land & Collective Sales Team at Jones Lang LaSalle’s Singapore Capital Markets team. Mr. Tan was also the Deputy Managing Director at Credo Real Estate. He is a Licensed Appraiser and a member of SISV, RICS and SID, actively contributing to raising industry standards through roles with the Council for Estate Agencies and Singapore Estate Agents Association.

SINGAPORE, Oct. 2, 2025 /PRNewswire/ — UOB Asset Management (UOBAM) has released its 4Q 2025 Quarterly Investment Strategy, noting that the stability shown by global markets so far could be tested in the months ahead as tariffs begin to weigh more heavily on the US economy.

According to the report, the next stage for global markets will hinge on how consumers respond to rising prices. Corporate earnings strength and sustained growth momentum in the face of policy headwinds have led UOBAM to adjust their positive probabilities upwards. They now see a 50% chance of continued growth, compared to 40% last quarter. That said, they still see a 25% chance of recession and a 25% chance of stagflation.

UOBAM’s fourth quarter strategy is therefore to be neutral weighted between equities and fixed income. Anthony Raza, Head of UOBAM Multi-Asset Strategy, explained that this neutrality is strategic rather than reflecting a lack of conviction. He said, “Given the equal probabilities of market-positive vs market-negative scenarios, we believe a neutral and diversified approach is the most resilient and offers the best chance of achieving positive returns across a range of outcomes.”

Within equities, UOBAM views Asia as a relative bright spot, supported by stronger currencies, attractive valuations and expanding domestic demand. Europe is also thought to be showing signs of recovery after two subdued years. Meanwhile, the firm maintains a balanced outlook for the US, noting that tariff costs are beginning to filter through to the wider economy,

Within fixed income, UOBAM analysts believe that developed market economies will remain resilient, but inflation risks are rising. As a result, they maintain a neutral stance on duration and credits, and expect 10-year bond yields to trade between 4.0% and 4.5%.

For deeper insights across equities, fixed income, currencies and commodities, read the full Q4 2025 Investment Strategy: https://www.uobam.com.sg/insights/qis4q25.page

About UOB Asset Management

UOB Asset Management Ltd (UOBAM) is a wholly-owned subsidiary of United Overseas Bank Limited. Established in 1986, UOBAM has nearly 40 years of experience in managing collective investment schemes and discretionary funds in Singapore, making us among the largest unit trust managers by assets under management. As of 31 August 2025, we manage 64 unit trusts in Singapore and together with our subsidiaries, oversee S$38.8 billion in clients’ assets.

Headquartered in Singapore, UOBAM has a strong presence across Asia, with business and investment offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam. Our network includes UOB Islamic Asset Management Sdn Bhd in Malaysia, a joint venture with Ping An Fund Management Company Limited (China) and strategic alliances with partners such as Wellington Management Singapore.

UOBAM is one of the region’s most awarded asset managers, with over 360 awards won. In 2025, we were recognised as the Best Asset Management Company (Regional) by the Asia Asset Management and previously named Best Asset Management House in Asia – 20 Years in 2023. Our digital innovation has also earned top honours, including Best Digital Wealth Management in Asia^[1] and Best Robo Advisory Initiative^[2] for 3 consecutive years as of 2024.

As a leader in sustainable investing, UOBAM was awarded Best application of ESG in ASEAN^[3] (2023) and has received multiple sustainability accolades in Indonesia and Thailand. Our artificial intelligence capabilities were also recognised with the Most Innovative Application of Artificial Intelligence (ASEAN) for 2 consecutive years^[4].

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Ngee Ann Academy looks to new world-class partnership to deepen emerging skillsets; Newcastle University aims to deliver unique cross-disciplinary Master’s programme

SINGAPORE, Oct. 2, 2025 /PRNewswire/ — Ngee Ann Academy (NAA) – the private education arm of the Ngee Ann Kongsi – and the UK’s Newcastle University will unveil a new partnership to expand access to quality tertiary education in energy management, a discipline of growing importance across the region.

This new partnership will mark several significant firsts:

• Built on a cross-disciplinary foundation, the programme equips students with specialised skills in emerging fields like AI-driven energy management — aligning directly with future industry demands,
• This world-class collaboration aims to cultivate experts capable of driving transformative change in energy management in Singapore and across the region, and
• For the first time, Ngee Ann Academy will welcome regional applicants, while Newcastle University will deliver the programme through its full-time academic faculty based in Singapore — ensuring academic rigour, combined with expertise tailored to needs and perspectives from the region and  continuing to work closely with industry.

Both Ngee Ann Academy and UK’s Newcastle University expect to finalise the collaboration on 16 October 2025.

“Rooted in a rich legacy of educational excellence, The Ngee Ann Kongsi has long shaped Singapore’s learning journey — from foundational schooling to tertiary advancement. In recent years, we have built reputation for delivering high-quality tertiary private higher education, aimed at developing  talent in areas that are consistent and relevant to Singapore’s future needs,” said Ngee Ann Academy CEO Kelly Koh.

“In collaborating with a top-tier tertiary institution like Newcastle University, we expect to nurture talent in areas like renewable energy that will become increasingly relevant to a region that aims to deliver on greater eco-sustainability in the future,” he said.

Professor Jonathan Galloway, CEO and Provost, Newcastle University in Singapore, said: “Newcastle University wanted to launch Master”s programmes working with a very well regarded local partner that has a strong focus on the quality of education and delivering exceptional student services.

“The programme takes inspiration from our outstanding MSc programmes being offered in the UK, and is delivered in Singapore by Newcastle University local faculty who have regional insights, perspectives and strong industry connections. The energy sector insight offered by the programme provides an outstanding platform for our Master”s students to deepen their employability skills and enhance their professional networks and opportunities.” he said.

“The partnership will offer exciting and industry-relevant education and training opportunities in Singapore,” he added.

Journey of Ngee Ann Academy

In 1998, the Ngee Ann Kongsi set up Ngee Ann Education Holdings with the goal of providing best-in-class tertiary education. By 2018, it marked a significant milestone by partnering with King’s College London to offer the Bachelor of Science in Nursing with Honours (Top-up) — driven by its recognition that professional nursing talent is central to Singapore’s healthcare ecosystem, especially in community care, home-based services and aged care.

“Since the programme’s launch, graduates were highly sought after for their skills in patient care, medication administration and other clinical competencies,” said Mr Koh.

Building on its experience in developing nursing talent, NAA believes that growing expertise in eco-sustainability and renewable energy is mission-critical for the future of economies and communities, he added. In looking for a best-in-class partnership, identified Newcastle as the most suitable partner.

Similarly, Newcastle University was seeking to launch Master’s programmes in partnership with a local partner that prioritises educational quality and exceptional student services. “NAA partners with a selected group of leading universities — including members of the research intensive UK Russell Group and the Australian Go8 — and the collaboration reflects the high standards and strong reputations of both institutions”, said Prof Galloway.

MSc in Energy Management (Renewable Enterprise)

The first Master’s programme launched as part of the collaboration is a one year programme expected to enroll its first two cohorts in September 2026 and January 2027 respectively. As this is a Master’s programme, applicants must hold a good undergraduate degree from a recognised university. The undergraduate degree may be from different disciplines including those that are not engineering or science based, for example in business, management, geography or planning.

Carefully curated to meet evolving industry needs, the programme comprises three distinct elements: discourses on climate change and sustainability within the regional context; practical modules on achieving efficient energy management; and enhanced understanding of compliance and regulation.

In short, the programme equips students with the technical, managerial and entrepreneurial skills essential for a career in energy, renewable technology and sustainability.

APPENDIX A: MSc Energy Management (Renewable Enterprise) Modules

BALI, Indonesia, Oct. 2, 2025 /PRNewswire/ — Marine Safari Bali by Taman Safari Indonesia stand as one of Indonesia’s newest marine tourism destinations, offering Korean visitors a journey that blends entertainment, adventure, and conservation. Beyond a traditional discovery park, guests can explore the marvels of marine life while deepening their understanding of why ocean preservation is vital for future generations. All within one of Bali’s most remarkable destinations, a true go-to place for both families and non-families alike.

Explore 6 Stunning Marine Zones

The highlight of Marine Safari Bali is an immersive journey through six distinct marine zones, each representing a vital ecosystem. The adventure begins in the Rainforest Zone, home to fascinating reptiles and amphibians such as the iguana and python. Visitors then step into the River Monster Zone, where massive freshwater predators demonstrate the raw power of nature. One of them is a species from the longest river in Indonesia and one of the longest island rivers in the world. This river flows through the tropical jungles of Borneo, hosting some of the most unique wildlife not found anywhere else. The River Zone introduces the capybara, the world’s largest rodent, beloved for its unique social behavior.

The Estuary Zone showcases the delicate balance where freshwater and saltwater meet. Here, guests can interact directly with graceful rays in engaging touch pools. Moving on, the Coastal Zone delights visitors with playful sea lions and Humboldt penguins, demonstrating adaptability and the importance of teamwork in survival. Finally, the journey concludes in the breathtaking Ocean Zone, where vibrant coral reefs and mysterious deep-sea habitats are revealed, featuring apex predators like Bull Sharks and grey reef sharks.

The only underwater theatrical dining experience in Indonesia – Varuna Show

Experience fine dining alongside a breathtaking underwater theatrical performance, blending culinary delights with world-class entertainment. A spectacular journey of story, music, art, and lighting, that captivates the eyes and creates unforgettable memories. The show tells the story of a young sea prince through mesmerizing acrobatics, cutting-edge multimedia, and breathtaking visual effects.

“Marine Safari Bali is more than a tourist attraction, it is an unforgettable adventure that combines discovery, entertainment, and education. For Korean travelers seeking both excitement and purpose in their journey, Marine Safari Bali offers unforgettable and extraordinary experiences in Bali just an hour from the airport. We warmly look forward to welcoming you soon.” said Alexander Zulkarnain, ACT Chief Marketing Officer, Taman Safari Indonesia Group.

Institutions outside the U.S. interested in trading options with Bullish are encouraged to contact sales@bullish.com to begin the onboarding process.

SINGAPORE, Oct. 2, 2025 /PRNewswire/ — Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced the upcoming launch of crypto options trading expected on October 8, bolstered by a consortium of leading day-one trading partners. This new offering will further enhance Bullish’s ecosystem of crypto derivatives, providing institutional customers with a comprehensive product suite encompassing spot, margin, perpetual futures, dated futures, and now, options.

“Bullish is investing significantly in its institutional offering,” said Chris Tyrer, President of Bullish Exchange. “Our journey began with spot trading, expanded to include margin, then perpetual and dated futures, and now reaches a new milestone with the introduction of options. This is not just about adding a new product, it’s about delivering a complete derivatives product suite with market leading capital efficiency and risk mitigation, all accessible through a single, unified trading account.”

Day-one options trading partners

Through close collaboration in the design phase with the industry’s largest options market-makers, risk takers, technology providers, and brokers, Bullish has built a product that aims to resolve the pain points that exist today in trading crypto options. The result is a solution tailored to meet institutional needs, with confirmed day-one trading partners including:

• Abraxas Capital Management
• Ampersan
• B2C2
• BlockTech
• Cumberland
• FalconX
• Fig Markets
• Flow Traders
• Galaxy Digital
• Monarq Asset Management
• Pulsar
• SignalPlus
• Wintermute
• Qube Research & Technologies

This strategic expansion equips Bullish’s customers outside the U.S. with complementary derivative instruments, giving them more opportunities to exchange and tailor risk. By providing a regulated, and capital-efficient venue for options trading beginning with Bitcoin options, Bullish seeks to solve a key market demand, as demonstrated by the early adoption of leading trading partners.

“Galaxy is excited to support the next chapter of Bullish’s journey,” said Jason Urban, Global Head of Trading at Galaxy. “The addition of options to its product suite is a strong step forward – enhancing liquidity, deepening price discovery, and strengthening the overall maturity of the crypto derivatives market.”

“Flow Traders has been closely observing Bullish’s evolving ecosystem, and the addition of options meaningfully enhances their derivatives offering. Bullish’s regulated platform offers unified margins across spot, futures, and options, allowing us to optimize risk and capitalize on trading opportunities. Partnering on day one aligns with our strategy to bridge traditional and digital markets ensuring resilient, always-on liquidity for institutional counterparties,” said Marc Jansen, Co-Chief Trading Officer, Flow Traders.

“As one of the largest block options liquidity providers in digital assets, FalconX is pleased to support Bullish’s launch. Our deep experience making markets in crypto derivatives offers Bullish’s institutional clients access to sharp pricing and deep liquidity from day one,” said Ravi Doshi, Global Co-Head of Markets, FalconX.

The Bullish advantage

Consistent with Bullish’s perpetuals and dated futures product, options contracts are settled in USDC. They also benefit from Bullish Portfolio Margining (BPM), a bespoke, risk-sensitive, scenario-based margin methodology aligned to industry best practices, designed for better risk management and greater capital efficiency.

Consequently, customers can leverage their entire portfolio as collateral across spot, futures, and options within a unified trading account, reducing margin requirements and unlocking greater capital efficiencies. Currently live with Bitcoin options in a limited mobilization phase, options on Ether, other single assets, and multi-asset indices such as the CoinDesk 20 and CoinDesk 5, are in the pipeline.

Since its launch in November 2021, Bullish has surpassed $1.5 trillion in cumulative trading volume. In 2025, the platform executes over $2 billion in average daily volume and ranks in the top ten exchanges by spot volume for Bitcoin and Ether¹. Bullish has become a top-tier, institutionally-focused digital assets exchange, that offers best execution in crypto’s biggest assets and deep, deterministic liquidity from its automated market maker. The business is licensed by the New York State Department of Financial Services, German Federal Financial Supervisory Authority, Hong Kong Securities and Futures Commission, and the Gibraltar Financial Services Commission.

Institutions outside the U.S. interested in trading options with Bullish are encouraged to contact sales@bullish.com to begin the onboarding process.

About Bullish

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. These include: Bullish Exchange – a regulated and institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Exchange is regulated in the United States, European Union, Hong Kong, and Gibraltar. CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries. CoinDesk Data – a broad suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics. CoinDesk Insights – a digital asset media and events provider and operator of Coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. For more information, please visit bullish.com and follow LinkedIn and X.

Use of Websites to Distribute Material Company Information

We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements and include, without limitation, statements relating to future events or Bullish’s future financial or operating performance, business strategy, and potential market opportunity, including for options trading. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Bullish, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited, to our ability to grow our business and operations, including in new geographic locations, the costs or expenditures associated therewith, competition in our industry, and the evolving rules and regulations applicable to digital assets and our industry. You should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made, and Bullish undertakes no duty to update these forward-looking statements.

¹ CoinMetrics’ State of the Market: https://coinmetrics.io/insights/state-of-the-market