Disclaimer: research and educational content

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This document has been prepared and co-published by AMINA Bank AG (“AMINA”), the Solana Foundation, TensorX, APEX:E3 and the Cardano Foundation together as named co-authors of this report (together, the “Co-Authors”). AMINA is a Swiss licensed bank and securities dealer with its head office and legal domicile in Switzerland. It is authorised and regulated by the Swiss Financial Market Supervisory Authority (“FINMA”). The report also includes guest contributions by Blindsight Technologies AG and CV VC AG (together, the “Guest Contributors”). The Guest Contributors are not Co-Authors. Each Guest Contributor is responsible for its own contribution, and the views expressed in a guest contribution are those of its authors.

This document is published solely for informational, research and educational purposes. It is not an advertisement, solicitation, offer, invitation, recommendation or inducement to buy or sell any financial instrument, digital asset, token, security or other investment, or to participate in any particular investment strategy, transaction, product or service. Nothing in this document constitutes investment advice, financial advice, legal advice, tax advice or any other form of professional advice.

This document may be made available by the Co-Authors, including as a freely downloadable PDF, through their respective websites, blogs, newsletters, social media accounts and other official communication channels, in each case subject to applicable law and regulation. Recipients may download, read and share this document for informational and non-commercial purposes, provided that the document is not modified, the Co-Authors are appropriately identified, and this disclaimer remains included in full. No part of this document may be altered, misrepresented, sold, incorporated into a commercial product, or used in a misleading context without the prior written consent of the relevant Co-Authors.

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The information contained in this document is based on sources considered by the Co-Authors to be reliable at the time of publication, including publicly available information and information provided or reviewed by one or more of the Co-Authors or Guest Contributors. However, no representation or warranty, express or implied, is made as to the accuracy, completeness, reliability, timeliness or fitness for any particular purpose of the information contained in this document. The information is not intended to be a complete statement or summary of the matters discussed.

The Co-Authors do not undertake any obligation to update, amend or keep current the information contained in this document, whether as a result of new information, future events, changes in market conditions, regulatory developments or otherwise. Statements in this document are made as of the date of publication unless otherwise indicated.

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Nothing in this document constitutes a representation that any investment, strategy, product or service is suitable or appropriate for any recipient’s individual circumstances. Investments and digital assets involve risks, including the potential loss of capital, market volatility, liquidity risk, operational risk, technology risk, regulatory risk and counterparty risk. Recipients should make their own independent assessment and seek appropriate professional advice, including legal, tax, regulatory, accounting and financial advice, before making any decision based on or connected with the information in this document.

Any formulas, models, calculations, prices, yields, returns, examples or scenarios included in this document are provided solely for informational or explanatory purposes. They do not represent valuations for individual investments, executable prices, firm quotes, commitments, guarantees or assurances that any transaction can or could have been entered into on such terms. Different assumptions, methodologies or market conditions may produce materially different results.

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© 2026 AMINA Bank AG, Solana Foundation, TensorX, APEX:E3 and Cardano Foundation. Guest contributions © 2026 Blindsight Technologies AG and CV VC AG. All rights reserved.