As of May 31, 2024

THE BITCOIN MONTHLY
ANOTHER CONSOLIDATIONNEAR ALL-TIME HIGHSFor Informational Purposes Only. ARK Investment Management LLC, 2024 This is not investment advice or a recommendation in relation to any named particular securities or cryptocurrencies and no warranty or guarantee isprovided. Any references to particular securities or cryptocurrencies are for illustrative purposes only. The reader should not assume that an investment identified was or will be profitable. Certain information was obtained fromsources that ARK believes to be reliable; however, ARK does not guarantee the accuracy or completeness of any information obtained from any third party. Forecasts are inherently limited and cannot be relied upon.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE; FUTURE RETURNS ARE NOT GUARANTEED.

2

Disclosure

RISKS OF INVESTING IN INNOVATION
Please note: Companies that ARK believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets
may not in fact do so. ARK aims to educate investors and seeks to size the potential investment opportunity, noting that risks and uncertainties may impact our
projections and research models. Investors should use the content presented for informational purposes only, and be aware of market risk, disruptive innovation risk,
regulatory risk, and risks related to certain innovation areas.
Please read risk disclosure carefully.
RISK OF INVESTING IN INNOVATION
Rapid Pace of Change

Exposure Across Sectors and Market Cap

Uncertainty and Unknowns

à Aim for a cross-sector understanding of technology
and combine top-down and bottom-up research.

Source: ARK Investment Management LLC, 2024

Regulatory Hurdles

Disruptive
Innovation

Political or Legal Pressure

Competitive Landscapeà Aim to understand the regulatory, market, sector,
and company risks. (See Risk and Disclosure Page)

3

SECTIONS
01

Market Summary

02

Recovery In BTC’s On-Chain
Health With The Approval Of ETH ETFs

03

Macro Pressures And Consumer Adjustments

04

Appendix: Glossary Of Terms

4

Section 01

Market Summary5Market Summary

Bitcoin's Price Continues To Consolidate Near All-Time Highs
Recovery In BTC’s On-Chain Health With The Approval Of ETH ETFs
• Month-over-month, bitcoin’s price increased 11.3% to $67,472. After revisiting its short-termholder (STH) cost basis during May, bitcoin's price increased 15.7%.
• The ETH/USD and ETH/BTC price pairs increased 24.8% and 12.1%, respectively, upon the SEC's
approval of stock exchange rule change proposals (Form 19b-4) that clear the way for potential
registration approvals (Form S-1) of the individual ETFs that are required for the ETFs to begin
trading. Currently it is unclear when, or if, the Form S-1s will be approved.
• May was the best month for the ETH/BTC pair since October 2022.
• Long-term-holder (LTH) supply returned to positive flows as measured by its rolling 30-day
change.
• Bitcoin’s yearly ratio of profits vs. losses remains neutral.
Macro Pressures And Consumer Adjustments

ARK’S KEY TAKEAWAYS• Month-over-month, bitcoin’s
price increased 11.3% to $67,472.
• When the U.S. Securities andExchange Commission (SEC)
approved Form 19b-4 related tospot ETH ETFs, the ETH/USD and
ETH/BTC pairs increased 24.8%
and 12.1%, respectively.
• Bitcoin’s long-term-holder
supply resumed net inflows on
a 30-day basis.
• Consumer spending power isweakening as labor markets
loosen.

• Both fast-food chain sales and home sales declined, signaling economic weakness.
• The ratio of job openings to unemployed people decreased significantly, dropping to
pre-pandemic levels.
Source: ARK Investment Management LLC, 2024. Data from Glassnode unless otherwise specified. Data valid as of May 31, 2024, and subject to change. For more information on certain terms, please read our Glossary Of Terms in the
Appendix of this report. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Forecasts are inherently limited andcannot be relied upon. Past performance is not indicative of future results.

6Market Summary

News Of The Month
State of Wisconsin Buys Nearly $100-Million Worth of BlackRock Spot Bitcoin ETF
Izzy Englander's Millennium, Paul Singer’s Elliott Among Bitcoin ETF Holders
Crypto Lender Genesis to Return $3 Billion to Customers in Bankruptcy Wind-Down
Grayscale Investments Announces CEO Transition
Trump Campaign Starts Taking Cryptocurrency Donations
US House Approves Crypto FIT21 Bill With Wave of Democratic Support
US House of Representatives Pass Republican-Led Anti-CBDC Bill Along Partisan Lines
SEC Approves 8 Ethereum ETFs
Biden Campaign Ramps Up Crypto Industry Outreach in Surprising Tone ‘Shift'

Information as of May 31, 2024. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. News articles are collated by ARK’s
Crypto Analysts to provide readers with what they believe to be broad market news in the cryptocurrency ecosystem.

7

Market Summary

Bitcoin’s Long-Term-Holder Supply Is Recovering
Bitcoin Metrics1

Unit

May 2024

1M Change

1Y Change

ARK’s View

Upgrade/Downgrade3

Mining Difficulty

Exahash/sec1(Thousands)

362.4

-4.2%

+64.3%

BullishNo Change

Miner Revenue(7-Day Moving Average)

USD(Millions)

32.5

-4.4%

+18.7%

BullishActive Owners2(Active Entities, 7-Day Moving Average)

Thousands

193-22.8%-20.2%

BearishTransaction Volume2(7-Day Moving Average)

BTC(Thousands)

86.4-19.1%-9.1%

BearishLong-Term-Holder Supply2(Coins Held for 155 Days+)

BTC(Millions)

14.08+0.68%-1.6%

Neutral

Locked Supply2(Illiquid Supply)

BTC(Millions)

15.2

+0.5%

+4.5%

BullishNo Change

Time-Weighted Turnover2(Coindays Destroyed, 7-Day Median)

Coindays(Millions)

7.5-13.1%-31%

BullishNo Change

Network Security

Network Usage

Holder Behavior[1] For more information on these metrics and their units of account, please read the Appendix: Glossary of Terms in the Appendix of this report. [2] Data may be subject to change over time since they are entity-adjusted in real time
via a machine-learning algorithm. [3] Arrows displayed in the ”Upgrade/Downgrade" column convey the change in our view of that metric compared to last month. For instance, if our view changes from bearish to neutral, the arrow
will be green, and so forth. One arrow denotes a 1-tier change, and two arrows denote a 2-tier change. Source: ARK Investment Management LLC, 2024. Data sourced from Glassnode. Some data may be subject to change over timesince they are entity-adjusted in real time. Information as of May 31, 2024. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or
cryptocurrency.

8Market Summary

Bitcoin’s Cost Bases Remained Healthy As Futures Contracts OverheatedLong-Term
Valuation

Short-Term
Valuation

Bitcoin Metrics1

Unit

May 2024

1M Change

1Y Change

ARK’s View

Upgrade/Downgrade3

Market Cost Basis(Realized Price)

USD$30,026+4.1%+48.6%

BullishNo Change

Percent Supply In Profit

pp

90.7

+8.3

+26.1

Neutral

No Change

Short-Term-Holder Cost Basis2(STH Realized Price)

USD$62,569+4.9%+139.3%

BullishNo Change

Realized Market Returns2(SOPR-1, 7-day moving average)

pp

10.5%

+4

+6.6

NeutralPerpetual Futures Basis(Binance, Estimated)

pp

0.06%

+0.1

+0.1

BearishExpirational Futures Basis(Quarterly, All Exchanges, Annualized)

pp

13.1%

+6.1

+10.2

NeutralMarketSentiment[1] For more information on these metrics and their units of account, please read the Appendix: Glossary of Terms in the Appendix of this report. . [2] Data may be subject to change over time since they are entity-adjusted in real time
via a machine-learning algorithm. [3] Arrows displayed in the ”Upgrade/Downgrade" column convey the change in our view of that metric compared to last month. For instance, if our view changes from bearish to neutral, the arrow
will be green, and so forth. One arrow denotes a 1-tier change, and two arrows denote a 2-tier change. Source: ARK Investment Management LLC, 2024. Data sourced from Glassnode. Some data may be subject to change over timesince they are entity-adjusted in real time. The perpetual futures basis was estimated internally on the basis of data from TradingView, and it is subject to change. Information as of May 31, 2024.. For informational purposes only andshould not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency.

9

Section 02

Recovery In BTC’s On-Chain
Health With The Approval
Of ETH ETFs

Recovery In BTC’s On-Chain Health With The Approval Of ETH ETFs

After Hitting Support At Its Short-Term-Holder Cost Basis, The Price Of Bitcoin
Increased 15.7%
Bitcoin Mean Reversion
Price (USD)

200-Day Moving Average

STH Realized Price

ARK’S VIEW: BULLISH

On-Chain Mean

$80,000• Month-over-month, bitcoin’s
price increased 11.3% to $67,472.

$70,000
Price and Means (USD)10• After revisiting its short-termholder (STH) cost basis during
May, bitcoin's price increased
15.7%$60,000$50,000•

Bitcoin's price support levels are:$40,000• STH cost basis: $62,570, or 7.2%
below its month-end price.

$30,000• 200-day moving average:$54,140, or 19.7% below its
month-end price.

$20,000• On-chain mean: $44,098, or
34.6% below its month-end
price.

$10,000
Jan-21

Jan-22

Jan-23Jan-24

Source: ARK Investment Management LLC, 2024. Chart data from Glassnode. Information as of May 31, 2024. Data may be subject to change over timesince they are entity-adjusted in real time via a machine-learning algorithm. For more information on certain terms, please read our Glossary Of Terms in
the Appendix of this report. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or holdany particular security or cryptocurrency. Forecasts are inherently limited and cannot be relied upon. Past performance is not indicative of future results.

Recovery In BTC’s On-Chain Health With The Approval Of ETH ETFs

The ETH/BTC Price Pair Had Its Best Month Since 2022 As The SEC Approved
Ethereum Spot ETFs
ETH/USD and ETH/BTC Price Pairs
ETH/USD Price Pair

ARK’S VIEW: BULLISH

ETH/BTC Price Pair

$6,0000.16• During May, the ETH/USD
and ETH/BTC pairs
increased 24.8% and 12.1%,
respectively.

0.14$5,000$4,0000.1$3,0000.08
0.06$2,000ETH/BTC Price Pair

0.12
ETH/USD Price Pair

11

0.04
$1,0000.02$0Jan-21

0
Jan-22

Jan-23Jan-24

Source: ARK Investment Management LLC, 2024. Chart data from Glassnode. Information as of May 31, 2024. For more information on certain terms, please
read our Glossary Of Terms in the Appendix of this report. For informational purposes only and should not be considered investment advice or arecommendation to buy, sell, or hold any particular security or cryptocurrency. Forecasts are inherently limited and cannot be relied upon. Past
performance is not indicative of future results.

• The U.S. Securities andExchange Commission (SEC)
approved Form 19b-4
related to spot ETH ETFs on
May 23, 2024.
• May was ETH’s best month
relative to bitcoin since
October 2022.

Recovery In BTC’s On-Chain Health With The Approval Of ETH ETFs

Bitcoin's Long-Term-Holder Supply Reverted To An Increase On A 30-Day Basis
Bitcoin Long-Term-Holder (LTH) Net Position Change
LTH Supply Net Position Change (BTC, Rolling 30-Days)

ARK’S VIEW: BULLISH

Price (USD)
1,000,000
800,000$70,000

600,000
400,000$60,000

200,000$50,000

0-200,000$40,000-400,000$30,000-600,000-800,000$20,000-1,000,000$10,000
Jan-21

LTH Net Position Change (BTC, Rolling 30-Days)$80,000

Price (USD)

12-1,200,000
Jan-22

Jan-23Jan-24

Source: ARK Investment Management LLC, 2024. Chart data from Glassnode. Information as of May 31, 2024. For more information on certain terms, please
read our Glossary Of Terms in the Appendix of this report. For informational purposes only and should not be considered investment advice or arecommendation to buy, sell, or hold any particular security or cryptocurrency. Forecasts are inherently limited and cannot be relied upon. Past
performance is not indicative of future results.

• The rolling 30-day change oflong-term-holder (LTH) supply
turned positive at 96,417
bitcoin at the end of May.
• LTH supply is defined as
bitcoin not moved for 155 daysor more.
• Net inflows at the end of May
contrasted favorably with thenet outflows of 424,408
bitcoin at the end of Marchwhen the bitcoin price was ata similar level.

Recovery In BTC’s On-Chain Health With The Approval Of ETH ETFs

Bitcoin’s Price Surpassed Its Exchange Withdrawal Cost Bases Of The
Last Seven Years
Bitcoin Cost Bases by Average Withdrawal Price per Year
(ITD and Since 2017+)
Price (USD)

All Time Exchange Realized Price

2017+ Realized Price

2018+ Realized Price

2019+ Realized Price

2020+ Realized Price2021+ Realized Price2022+ Realized Price2023+ Realized Price$81,000
Price and Cost Bases (USD)

13

ARK’S VIEW: BULLISH• Market participants whobought bitcoin between
2017 and 2023 and held arein a profitable position.
• When comparing cost bases
to price, their returns would
range from ~69% to ~368%.

$71,000$61,000$51,000• The average withdrawal costbases are the volumeweighted average prices(VWAPs) of the flows
on centralized exchanges
during the associated time
periods.

$41,000$31,000$21,000$11,000$1,000
2021

2022

2023

2024

Source: ARK Investment Management LLC, 2024. Chart data from Glassnode. Information as of May 31, 2024. Data may be subject to change over timesince they are entity-adjusted in real time via a machine-learning algorithm. For more information on certain terms, please read our Glossary Of Terms in
the Appendix of this report. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or holdany particular security or cryptocurrency. Forecasts are inherently limited and cannot be relied upon. Past performance is not indicative of future results.

Recovery In BTC’s On-Chain Health With The Approval Of ETH ETFs

Bitcoin’s Yearly Profit/Loss Ratio Is Neutral Relative To Prior Bullish Cycles
Bitcoin Yearly Profit/Loss Ratio
Price (USD)

ARK’S VIEW: NEUTRAL

Yearly Profit/Loss Ratio$100,00012

8$1,000
6
$100
4
$10

2

$1
2012

0
2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: ARK Investment Management LLC, 2024. Chart data from Glassnode. Information as of May 31, 2024. For informational purposes only andshould not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Forecasts are
inherently limited and cannot be relied upon. Past performance is not indicative of future results.

Yearly Profit/Loss Ratio

10$10,000

Price (USD)

14• On an annualized basis, theratio of realized profits tolosses in the Bitcoin
network closed May at 4.6.
• In prior bull markets, theratio was ~6.4 or more at
global tops.

15

Section 03

Macro Pressures
And Consumer
Adjustments

Macro Pressures And Consumer Adjustments

The US Labor Market Continues To Loosen
Job Openings to Number of Unemployed People
Ratio Of Job Openings To Unemployed People In The US

16

ARK’S VIEW: NEUTRAL

2.5• JOLTS Job Openings werelower than expected and theprior month was revised
down.

2

1.5

• The ratio of job openings tounemployed people has
dropped to pre-COVID levels.

1• JOLTS data and persistent
downward revisions to
nonfarm payroll employment
explain why the quit rate isfalling.

0.5

0
2000

2005

2010

2015

2020

Source: ARK Investment Management LLC, 2024. Chart data from Macrobond. Information as of May 31, 2024. For more information on certain terms,
please read our Glossary Of Terms in the Appendix of this report. For informational purposes only and should not be considered investment advice or arecommendation to buy, sell, or hold any particular security or cryptocurrency. Forecasts are inherently limited and cannot be relied upon. Past
performance is not indicative of future results.

• If the unemployment ratecontinues to increase, theprobability of lower interest
rates will likely rise.

Macro Pressures And Consumer Adjustments

Consumers Are Shifting To Budget-Friendly Options
Restaurants Same Store Sales(Year-Over-Year Percent Change)
McDonald's Corp

Chipotle Mexican Grill

Starbucks Corp

ARK’S VIEW: NEUTRAL
Yum! Brands Inc• Same-store sales growth
rates are declining for major
quick-service restaurants.

60

40
Percent Change

17• High price levels thatbolstered revenues arelikely to reverse, putting
downward pressure
on inflation.

20• Companies like Starbucks
and McDonald’s alreadyhave launched discountcampaigns.

0

-20

-40
2005

2010

2015

2020

Source: ARK Investment Management LLC, 2024. Chart data from Bloomberg. Information as of May 31, 2024. For more information on certain terms, please
read our Glossary Of Terms in the Appendix of this report. For informational purposes only and should not be considered investment advice or arecommendation to buy, sell, or hold any particular security or cryptocurrency. Forecasts are inherently limited and cannot be relied upon. Past
performance is not indicative of future results.

18

Macro Pressures And Consumer Adjustments

Higher-For-Longer Rates Continue To Depress Home Sales
Pending Home Sales Index
ARK’S VIEW: BEARISH

130

120

• Pending home sales
dropped backtoward COVID lows andwell below levels seen
during the Global Financial
Crisis.

110

100

90

80

70
2001

2006

2011

2016

2021

Source: ARK Investment Management LLC, 2024. Chart data from Macrobond. Information as of May 31, 2024. For more information on certain terms,
please read our Glossary Of Terms in the Appendix of this report. For informational purposes only and should not be considered investment advice or arecommendation to buy, sell, or hold any particular security or cryptocurrency. Forecasts are inherently limited and cannot be relied upon. Past
performance is not indicative of future results.

19

Section 04

Appendix:
Glossary Of Terms

20

Appendix

Glossary Of Terms
Accumulation Addresses: Defined as thoseaddresses that have received two or
more economically meaningful transactions(non-dust transactions) and have neverspent funds. Exchange and miner addresses
are discarded. “Accumulation balance”
refers to coins held in these addresses.

Delta Cost Basis: An adjusted version of themarket cost basis. It is calculated bysubtracting the life-to-date moving averageof bitcoin’s price from its realized price. The
measure is used to gauge the downside riskof a bear market. Also known as delta priceor delta cap.

Active Owners: An individual ororganization managing the same set ofaddresses sending and receiving funds. Also
known as active entities.

Difficulty: Computational power required
to validate transactions in the network.
“Exa-” and “tera-” hashes per second refer tounits of account to a factor of 1018 and 1012,
respectively. Higher difficulty implies higher
network security.

Backwardation: Describes when futurestrade at a price lower than spot, denoting
bullish market sentiment.
BRC-20: A token standard that enables theminting and transaction offungible tokens via the Ordinals protocolon the Bitcoin network.
Coinblocks Created: The number of coins in
the Bitcoin network times the number ofblocks at any given day.
Coinblocks Destroyed: The number of coinstransacted at any given day times thenumber of blocks each coin remained
dormant.
Contango: Describes when expirational
futures contracts are trading at a pricehigher than spot, suggesting a bearish
market environment.
Consumer Price Index (CPI): Measurementthat tracks how the average price of abasket of consumer goods and services
changes over time. It's often used to
calculate inflation.

Exchange Supply: The number of bitcoins
held in addresses controlled by exchanges.
Expirational Futures Basis: The difference
between the price of spot and the price of
expirational futures contracts.
Federal Funds Policy Rate: This is theinterest rate at which banks lend money toeach other overnight. It's set by a country's
central bank (like the Federal Reserve in theU.S.) and influences other interest rates
throughout the economy.
Fiat Currency: Government-issued moneythat is not backed by a commodity like goldor silver, but rather by the government thatissues it.
Futures Basis: The difference between theprice of spot and the price of a perpetual or
expirational contract.

Gross Domestic Income (GDI): This is thenominal total income earned by a country's
residents and businesses, including wages,
profits, and taxes minus subsidies. It's a way
to measure the economic health of acountry, much like GDP. The real GDI
adjusts for price change by expressing
values at base-year prices, not current
market prices.
Gross Domestic Product (GDP): This is thenominal total value of all goods andservices produced in a country over acertain period of time, usually a year. It's
another way to measure a country's
economic performance. The real GDP
adjusts for price change by expressing
values at base-year prices, not current
market prices.
Hash Rate: The estimated computational
power mining within and providing security
to the Bitcoin network.
Investor Cost Basis: An adjusted version of
the market cost basis. It is calculated bysubtracting the life-to-date cumulativeminer revenue in USD (thermo cap) fromrealized price. Also known as investor priceor investor cap.
Liveliness: The ratio of the sum of coindays
created to the sum of coindays destroyed.
Liveliness rises when old coins move anddecreases when participants hold on totheir bitcoin. In essence, it’s the ratio of coinmovement to coin dormancy in the
network.

Locked Supply: The supply held by entities
that have <25% probability of spending, as
per their historical behavior. Also known as
illiquid supply.
Long-term Holding and Holders (LTH):
Related to supply last moved 155 days ago
or more, the threshold at which thepossibility of a bitcoin remaining unmoved
increases drastically.
Market Cost Basis: The on-chain volumeweighted average price of the market,
calculated by aggregating the value of all
bitcoins in circulation at the time when they
last moved. Also known as realized price orrealized cap.
Miner Revenue: The number of bitcoins (inUSD value) block miners obtain for securing
the network.
MVRV Ratios: Market cap divided bydifferent on-chain cost bases of the market,
such as realized cap or short-term-holder
realized cap.
Natural Rate of Interest: Theoretical interest
rate that at which the economy is neither
expanding nor contracting.
Net Realized Profit/Loss (NRPL): The
difference between realized profit andrealized loss, normalized by market cap.

21

Appendix

Glossary Of Terms, Continued
Net Unrealized Profit/Loss (NUPL): The
difference between unrealized profit andunrealized loss, normalized by market cap.
It measures current value relative to theaggregate cost basis (realized cap) of themarket to determine how much the
network is in profit or loss.
On-Chain: Refers to metrics or economic
activity occurring on the blockchain ledgerof most cryptocurrencies.
On-Chain Mean: Developed collaboratively
by ARK Invest and Glassnode, on-chain
mean is calculated by dividing the costbasis capitalization of investors—thesecondary market of the Bitcoin network—by the number of active coins in the
network based on their aggregate time ofdormancy proportional to total supply. Also
known as “active-investor price” or “truemarket mean.”Ordinals: Refers to the creation of nonfungible tokens (NFTs) in the Bitcoin
network by making Inscriptions, where
metadata such as images or videos areattached to individual satoshis (the smallest
unit of account).
Patoshi: Entity estimated to be Satoshi
Nakamoto, the creator and first miner of
bitcoin.
Perpetual Futures Basis: The difference
between the price of spot and the price of
non-expirational futures contracts.

Puell Multiple: Miner revenue (USD) divided
by the 365-day moving average of miner
revenue (USD). It measures miner earnings
relative to their yearly average.
Realized Returns (SOPR): The ratio reachedby dividing the average price of bitcoins
spent that day by the average price when
they last moved. In essence, it is the ratio of
price sold to price bought for the coins thatmoved that day. Also known as spent
output ratio, or SOPR.
Regional Cumulative Price Change: The sumof month-over-month (30-day) price action
during the business hours of the major
financial hubs worldwide: New York for the
US, London for Europe, and Hong Kong for
Asia.
Seller Exhaustion Constant: A metriccreated by ARK to measure theconvergence of two market factors: highlosses denoting capitulation and low
volatility denoting market exhaustion.
Short-term Holding and Holders (STH):
Related to supply that moved in the last 155
days, the threshold at which the potential
for a bitcoin to move again increases
drastically.
Supply in Profit (Percentage): The
percentage of bitcoins currently at a higher
price compared to the price at which they
last moved.

S&P 500 Index: Short for “The Standard andPoor's 500,” it is a stock market index
tracking the performance of 500 of thelargest public companies in the UnitedStates.
Time-weighted Turnover: The number of
bitcoins traded that day, multiplied by theamount of time each coin had remained
dormant. Also known as coindays
destroyed.
Transaction Volume: The number of
bitcoins that changed hands on any given
day.
Velocity-Adjusted Cost Basis: It subtracts
the cumulative dollar value of coins spentover time from the general cost basis of themarket (realized price). Also known asbalanced price is (the smallest unit ofaccount).

22Disclosure

For more research on disruptive innovation visit www.ark-invest.com©2022-2026, ARK Investment Management LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of ARK
Investment Management LLC (“ARK”).
Please note, companies that ARK believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so and/or may
face political or legal attacks from competitors, industry groups, or local and national governments.
ARK aims to educate investors and to size the potential opportunity of Disruptive Innovation, noting that risks and uncertainties may impact our projections and research models. Investors should use thecontent presented for informational purposes only, and be aware of market risk, disruptive innovation risk, regulatory risk, and risks related to Deep Learning, Digital Wallets, Battery Technology,
Autonomous Technologies, Drones, DNA Sequencing, CRISPR, Robotics, 3D Printing, Bitcoin, Blockchain Technology, etc. Cryptocurrency Risk. Cryptocurrencies (also referred to as “virtual currencies” and“digital currencies”) are digital assets designed to act as a medium of exchange. Cryptocurrency is an emerging asset class. There are thousands of cryptocurrencies, the most well-known of which is bitcoin.
Cryptocurrency generally operates without central authority (such as a bank) and is not backed by any government. Cryptocurrency is not legal tender. Federal, state and/or foreign governments may restrict
the use and exchange of cryptocurrency, and regulation in the U.S. is still developing. The market price of bitcoin and other cryptocurrencies have been subject to extreme fluctuations. Similar to fiat
currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. Cryptocurrency
exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established,regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers or malware, which may
also affect the price of cryptocurrencies. Cryptocurrency Tax Risk. Many significant aspects of the U.S. federal income tax treatment of investments in bitcoin and other cryptocurrencies are uncertain andstill evolving.
The content of this presentation is for informational purposes only and is subject to change without notice. This presentation does not constitute, either explicitly or implicitly, any provision of services
or products by ARK and investors are encouraged to consult counsel and/or other investment professionals as to whether a particular investment management service is suitable for their investment
needs. All statements made regarding companies or securities are strictly beliefs and points of view held by ARK and are not endorsements by ARK of any company or security or recommendations by
ARK to buy, sell or hold any security. Historical results are not indications of future results. Certain of the statements contained in this presentation may be statements of future expectations and otherforward-looking statements that are based on ARK's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events todiffer materially from those expressed or implied in such statements. The matters discussed in this presentation may also involve risks and uncertainties described from time to time in ARK's filings with
the U.S. Securities and Exchange Commission. ARK assumes no obligation to update any forward-looking information contained in this presentation. Certain information was obtained from sources that
ARK believes to be reliable; however, ARK does not guarantee the accuracy or completeness of any information obtained from any third party. ARK and its clients as well as its related persons may (butdo not necessarily) have financial interests in securities or issuers that are discussed.
ARK Investment Management LLC