Crypto.com : A Singapore-based trading platform that has entities registered as MSBs with FinCEN, and that is licensed as a money transmitter in various U.S. states and chartered as a non-depository trust company by the New Hampshire Banking Department. Crypto.com does not hold a BitLicense. Kraken : A U.S.-based trading platform that has entities registered as MSBs with FinCEN, and that is licensed as a money transmitter in various U.S. states and chartered as a Special Purpose Depository Institution by the Wyoming Division of Banking. Kraken does not hold a BitLicense. Gemini : A U.S.-based trading platform registered as an MSB with FinCEN and licensed as money transmitter in various U.S. states. Gemini is exempt from applying for a BitLicense under the framework established by NYDFS because of their trust charter under NY Banking Law. OKX : A Seychelles-based trading platform. OKX does not hold any licenses or registrations in the U.S. and is not available to U.S.-based customers. OKX is categorized by the Index Provider as a “Category 2” trading platform that meets the Inclusion Criteria but is non-U.S. licensed. Currently, there are several Digital Asset Trading Platforms operating worldwide, and online Digital Asset Trading Platforms represent a substantial percentage of AVAX buying and selling activity and provide the most data with respect to prevailing valuations of AVAX. These trading platforms include established trading platforms such as the Digital Asset Trading Platforms included in the Index, which provide a number of options for buying and selling AVAX. The below table reflects the trading volume in AVAX and market share of the AVAX-U.S. dollar and AVAX-USDC trading pairs of each of the Digital Asset Trading Platforms included in the Index as of December 31, 2025 (collectively, “Constituent Trading Platforms”), using data since January 1, 2024: Digital Asset Trading Platforms included in the Index as of December 31, 2025 (1) Volume (AVAX) Market Share (2) Kraken 94,864,281 12.56 % Bitstamp by Robinhood 57,324,373 7.59 % Crypto.com 46,335,235 6.14 % Bitfinex 11,066,426 1.47 % Gemini 7,106,146 0.94 % OKX 992,503 0.13 % Total AVAX-U.S. dollar trading pair 217,688,964 28.83 % Digital Asset Trading Platforms included in the Index as of December 31, 2025 (1) Volume (AVAX) Market Share (2) Bullish 41,336,519 10.62 % Bybit 39,316,430 10.11 % Kraken 2,583,889 0.66 % Total AVAX-USDC trading pair 83,236,838 21.39 % (1) The Digital Asset Trading Platforms initially expected to be included in the Index are Bitfinex, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gemini, Kraken and OKX. (2) Market share is calculated using trading volume data (in AVAX) for certain Digital Asset Trading Platforms, including Bitfinex, Bullish, Bybit, Bitstamp by Robinhood, Crypto.com, Kraken, and OKX, as well as certain other large U.S.-dollar denominated Digital Asset Trading Platforms that were not included in the Index as of December 31, 2025, including Coinbase, Binance, Gate.IO, KuCoin, MEXC, and OKX. The domicile, regulation and legal compliance of the Digital Asset Trading Platforms included in the Index varies. Information regarding each Digital Asset Trading Platform may be found, where available, on the websites for such Digital Asset Trading Platforms, among other places. Although the Index is designed to accurately capture the market price of AVAX, third parties may be able to purchase and sell AVAX on public or private markets not included among the constituent Digital Asset Trading Platforms of the Index, and such transactions may take place at prices materially higher or lower than the Index Price. Moreover, there may be variances in the prices of AVAX on the various Digital Asset Trading Platforms,
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