Investor update Q2 2024

Notice to the investors of Pangea Blockchain International SICAV i.L.

Pangea Blockchain Fund

The focus of the work of the liquidator in the second quarter of 2024 was, as in the weeks before, an intensive exchange between the Sales Advisor and the Sales Committee in order to promote efforts to sell the assets held by Pangea Blockchain International Ltd, Cay-man. Sales efforts have made further progress but are time-consuming and demanding which is not at least due to the fact that the invest-ments are start-up entity with complex evalua-tion scenarios and investment structures. The duration of the ongoing sales efforts and thus the liquidation in total are thus not foreseeable and difficult to plan and estimate.

In April 2024, all shares in Eligma doo, Slovenia, in which Pangea Blockchain International Ltd. held approx. 5.9% of the shares, were sold to Tether Investments Ltd. The share of the purchase price due to Pangea Blockchain International Ltd. in the amount of EUR 5,778,490.35 was credited to the account of Pangea Blockchain International Ltd. on July 8, 2024. A further amount of EUR 456,746.26 has been deposited in an escrow account and is scheduled to be paid out 3 years after Closing of the Sale and Purchase Agreement. Depend-ing on the further course of liquidation, a sepa-rate sale of this escrow receivable will have to be considered.

Apart therefrom, further work done in Q2/2024 was focused on the conclusion of the annual financial statements of Pangea Blockchain International SICAV and its sub-fund Pangea Blockchain Fund as well as the subsidiary Pangea Blockchain International Ltd. The audited annual financial statements for the busi-ness year 2022 are now available at www.pangea.li and www.lafv.li, it is also ex-pected that the financial statements for the business year 2023 can be made available in the course of Q4 2024 at latest. www.pangea.li ​ www.lafv.li ​

As already announced in previous Investor Updates, a distribution of a total amount of USD 23,000,000.00 was made to investors in July 2024 as follows:

 Distribution of partial liquidation proceeds:

The Liquidator