PRIVATE MINT PHASE TESTING NOTICE

Last Updated: 12 June 2025

Please read and agree to the following terms if you, the User, wish to be eligible to participate in Bondhive Ltd.’s private mint phase for the “spdBTC token”.

The spdBTC Mint User Agreement, Privacy Policy, Terms and Conditions, and Risk Disclosures, including any terms defined therein, (collectively the “Terms”) are incorporated herein by reference.

BY MINTING SPDBTC YOU ACKNOWLEDGE THAT: YOU HAVE READ, UNDERSTOOD, AND ACCEPTED THE TERMS INCLUDING THAT:

  1. Upon minting spdBTC tokens, you may have no ability to redeem minted spdBTC tokens now or in the future.
  2. To the extent spdBTC tokens may be redeemed or converted in the future, the redemption value of spdBTC will not equal its minting value due to the following:
    • Assets used to mint spdBTC that are subject to yield-generating strategies including but not limited to delta-neutral strategies. These strategies may underperform, resulting in the total value of spdBTC Reserves being less than the original minting value.
    • The redemption value depends entirely on the actual performance of the underlying reserves and strategies.
    • Past performance of strategies does not guarantee future results. Market conditions, execution risks, and other factors may cause strategies to generate losses.
    • spdBTC has no market price, only an internal NAV based on underlying reserve value
    • Redemption requires unwinding strategies, which may involve slippage, fees, or delays.
    • Redemption value is variable and depends on strategy performance, reserve liquidity, and execution costs, not a guaranteed pro-rata claim.
  3. Bondhive (or an affiliate designated by Bondhive) commits to making best efforts to:
    • Redeem one (1) spdBTC for the actual current market value of its pro rata portion of the spdBTC Reserves, which may be more or less than the original mint value depending on the performance of the underlying strategy.
  4. By minting or holding spbBTC, users explicitly represent, acknowledge, and agree that:
    • spdBTC represents exposure to decentralized finance protocols that may lose value;
    • The redemption value of spdBTC may be substantially less than the minting amount;
    • Users may lose the value of their original minting assets;
    • No guarantee, warranty, or representation is made regarding the value of spdBTC or the generation of a minimum amount of yield or additional value accruing to spdBTC; and
    • Users assume all risk of loss associated with the underlying strategies, volatility, market and commercial risk, CEX and DEX risk, and market performance.
  5. The spdBTC token is ONLY intended for sophisticated users who fully understand and accept the risks involved in such products, including volatility, strategy execution risk, liquidity constraints, and any additional referenced and known or unknown risks.
  6. User represents and warrants that they are a sophisticated party and fully familiar with the inherent risks involved in cryptocurrencies, smart contracts, centralized and decentralized exchanges, and the transactions contemplated in these Terms (including, without limitation, risk of new financial regulatory requirements, potential loss of money, and risks due to volatility of the price of the minted asset and spdBTC Reserves), and voluntarily takes full responsibility for any such risk.