Stout was retained by high-net-worth individuals to value high volumes of liquid and illiquid cryptocurrencies for tax purposes.

Our analysis was prepared in accordance with the appropriate Treasury Regulations of the Internal Revenue Service related to the definition of the fair market value.

For our Valuation Reports, we reviewed all relevant sources of information, including:

• All available measurable attributes of the tokens
• All attributes of the protocols where the tokens were native or resided
• Crypto data from established data aggregators, such as CoinMarketCap, Coingecko, and CoinPaprika
• On-chain transactions obtained after mining the blockchain
• Creation of a crypto similarity matrix, that was primarily used in the comparables valuation approach.

Our methodologies included (when appropriate) the market approach, the cost-based approach, the dribble-out/blockage discount method, and the Stout Restricted Stock Study.