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Bitvo Comments On Pending Transaction With FTX Trading Ltd.

Noting that Bitvo Inc. previously entered into an agreement to be acquired by FTX Trading Ltd. and given the series of events that unfolded this week with respect to FTX, management would like to provide an update that the transaction has not closed and Bitvo remains independent from the FTX group of companies with no material exposure to them.

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We also wanted to ensure our customers that your funds are secure with Bitvo and that trading operations as well as withdrawals and deposits have and will continue seamlessly, always honouring our Bitvo Same Day Guarantee.

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Further, we wanted to emphasize that Bitvo operates on a full reserve basis and in compliance with Canadian regulations as a licensed Money Services Business with FINTRAC and as a Restricted Dealer with the Canadian Securities Administrators. Digital assets are held with independent third-parties BitGo Inc. and BitGo Trust Company, with over 80% of assets held in cold storage.

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