Bitwise Onchain Solutions Limited (formerly Attestant Limited)

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Bitwise Onchain Solutions Limited (formerly Attestant Limited) is a private company, limited by shares, incorporated in England & Wales, registered number 12540798 . The registered office is 60 Bishopsgate, London, EC2N 4AW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

These financial statements are prepared for the year ended 31 December 2025. The comparative period presented is for the nine months ended 31 December 2024. The comparative amounts presented in the financial statements (including the related notes) are thus not entirely comparable.

The company has changed its accounting reference date from 31 March 2024 to 31 December 2024 to align the financial reporting period with that of its parent company.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

After the year end, further capital contributions were made by the parent company, with an agreement in place to inject further as working capital needs require, up to $10m. These contributions are equity in nature.

2.3. Turnover

The company’s sole source of revenue is from the provision of non-custodial cryptoasset staking services. Clients stake their own assets directly, and the company earns fees for providing validator infrastructure and related services.

Revenue is recognised as the performance obligation is satisfied, which occurs daily as staking services are rendered. The amount recognised is based on the staking rewards generated for clients during the period, multiplied by the contractual fee percentage. Consideration received in the form of cryptoassets is measured at fair value (in sterling) at the date of recognition.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets represent the company’s holdings of cryptoassets. These are accounted for under the revaluation model in accordance with FRS 102 Section 18.

Recognition and measurement

Cryptoassets are initially recognised at cost and subsequently revalued at each reporting date to fair value, based on quoted prices in an active market obtained from a recognised cryptoasset exchange.

Revaluation gains and losses

Revaluation increases are recognised in Other Comprehensive Income and accumulated in the Revaluation Reserve, except to the extent that they reverse a previous revaluation decrease recognised in profit or loss. Revaluation decreases are recognised in Other Comprehensive Income to the extent of any existing revaluation surplus, with any excess recognised in profit or loss. Deferred tax arising on revaluation movements is recognised directly in Other Comprehensive Income and also accumulated in the Revaluation Reserve.

Amortisation and useful life

In line with FRS 102, all intangible assets are considered to have finite lives. The company has determined that the useful economic life of its cryptoassets cannot be reliably estimated. In such circumstances, FRS 102 requires the asset to be written off over a period not exceeding ten years. The company has therefore adopted a period of ten years, on the basis that cryptoassets are expected to provide economic benefit to the company over the long term and an active market exists to support their realisable value.

The directors also consider that the residual value of the cryptoassets at the balance sheet date is at least equal to their carrying amount, since an active market exists and quoted prices support realisable values. Accordingly, the amortisable amount is nil and no amortisation charge has been recognised in the current or prior periods. The residual value and useful life assessment are reviewed at each reporting date to confirm that this assumption remains appropriate.

Impairment

Cryptoassets are assessed for indicators of impairment at each reporting date. Any impairment loss is recognised in profit or loss after first offsetting against any related revaluation surplus.

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Bitwise Onchain Solutions Limited (formerly Attestant Limited)

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. Intangible Fixed Assets and Amortisation - Other Intangible - continued

Historical cost equivalent

Had the historical cost model been applied, the carrying amount of cryptoassets at 31 December 2025 would have been £580,004 (2024: £56,586), consisting wholly of cost with nil amortisation.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	3 year straight line
Computer Equipment	3 year straight line

2.6. Financial Instruments

The company accounts for financial instruments in accordance with FRS 102 Sections 11 and 12.

Recognition and derecognition

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or substantially all the risks and rewards of ownership have been transferred. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.

Financial assets

Basic financial assets, including trade and other receivables and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction. Such assets are subsequently measured at amortised cost, less impairment.

At each reporting date, the company assesses whether there is objective evidence of impairment of financial assets measured at amortised cost. If such evidence exists, an impairment loss is recognised in profit or loss.

Financial liabilities

Basic financial liabilities, including trade and other payables and borrowings, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction. Such liabilities are subsequently measured at amortised cost.

Trade receivables denominated in cryptoassets

Trade receivables may be denominated in cryptoassets. On initial recognition, these receivables are measured at the sterling fair value of the cryptoassets receivable at the transaction date. At each reporting date, outstanding balances are retranslated at the closing market rate of the relevant cryptoasset, with any resulting gain or loss recognised in profit or loss. Subsequent measurement otherwise follows the basic financial instruments model under FRS 102.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

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Bitwise Onchain Solutions Limited (formerly Attestant Limited)

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees during the year was as follows: 11 (2024: 11)

4. Intangible Assets

	Other
	£
Cost or Valuation
As at 1 January 2025	54,275
Additions	2,051,071
Revaluations	(99,230 )
Disposals	(1,528,431 )

As at 31 December 2025	477,685

Net Book Value
As at 31 December 2025	477,685

As at 1 January 2025	54,275

Of the £99,230 downwards revaluation, £512 reversed an amount accumulated in the Revaluation Reserve and is reflected in Other Comprehensive Income. The remaining £98,718 of downwards revaluation is reflected in Profit and Loss.

The cumulative amount of provisions for amortisation and impairment of intangible assets is £Nil (2024: £Nil).

5. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	125	58,820	58,945
Additions	-	12,508	12,508

As at 31 December 2025	125	71,328	71,453

Depreciation
As at 1 January 2025	118	38,564	38,682
Provided during the period	-	14,414	14,414

As at 31 December 2025	118	52,978	53,096

Net Book Value
As at 31 December 2025	7	18,350	18,357

As at 1 January 2025	7	20,256	20,263

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Bitwise Onchain Solutions Limited (formerly Attestant Limited)

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2025	840

As at 31 December 2025	840

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	840

As at 1 January 2025	840

The investment represents the company's 100% interest in Attestant (BVI) Limited, which is a company incorporated in the British Virgin Islands on 18 November 2022, with company number 2111967.

The company has taken advantage of the exemption from preparing consolidated financial statements available under section 399 of the Companies Act 2006, on the grounds that the group headed by the company qualifies as small under the criteria set out in section 383 of the Companies Act 2006 and is not excluded from the small companies regime by section 384. Accordingly, these financial statements present information about the company as an individual undertaking and not about its group.

7. Debtors

	31 December 2025	31 December 2024
	£	£
Due within one year
Trade debtors	548,078	957,722
Prepayments and accrued income	43,804	121,031
VAT debtor	85,171	40,092
Other debtors	36,428	8,000
Corporation tax recoverable assets	8,517	-
Amounts owed by group undertakings	135,170	-
Amounts owed by subsidiaries	44,174	86,110

	901,342	1,212,955
Due after more than one year
Deferred tax non-current asset	-	261,349

	901,342	1,474,304

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Bitwise Onchain Solutions Limited (formerly Attestant Limited)

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Creditors: Amounts Falling Due Within One Year

	31 December 2025	31 December 2024
	£	£
Trade creditors	31,456	16,371
Corporation tax	-	199,489
Other taxes and social security	108,214	61,400
VAT	2,281	-
Other creditors	19,552	-
Bonus accrual	120,000	230,100
Accruals and deferred income	256,122	56,015
Directors' loan accounts	-	1,695
Amounts owed to group undertakings	232,208	-

	769,833	565,070

9. Share Capital

	31 December 2025	31 December 2024
Allotted, called up and fully paid	£	£
12,323,800 Ordinary Shares of £ 0.01 each	123,238	123,238

10. Reserves

	Share Premium	Revaluation reserve	Other reserves	Profit and Loss Account
	£	£	£	£
As at 1 January 2025	23,994	512	-	1,464,481
Loss for year	-	-	-	(1,684,143)

Defecit on revaluation	-	(512)	-	-

Other comprehensive income for the year	-	(512 )	-	-

Total comprehensive income for the year	-	(512)	-	(1,684,143 )

Dividends paid	-	-	-	(128,392)
Movements in other reserves	-	-	1,850,098	-

As at 31 December 2025	23,994	-	1,850,098	(348,054 )

Where intangible assets are carried at revalued amounts, the related deferred tax is recognised directly in Other Comprehensive Income and accumulated in the Revaluation Reserve.

Accordingly, movements in the revaluation reserve are stated net of the associated deferred tax. In the current period, a debit of £Nil (2024: credit of £84,284) has been recognised in Other Comprehensive Income in respect of deferred tax on revaluation movements.

The company received a capital contribution of £1,850,098 from its parent company during the year, to fund its working capital. This amount is shown within Other reserves, on the basis that there was no issue of shares nor the creation of debt.

The company declared and paid a dividend of £0.0010418 per share on 28th April 2025, which was settled in cryptocurrency. This was supported by sufficient distributable reserves at the time.

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Bitwise Onchain Solutions Limited (formerly Attestant Limited)

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

11. Post Balance Sheet Events

In February 2026, Bitwise Onchain Solutions Limited acquired the entire share capital of Chorus One AG, a company registered in Switzerland with Enterprise Identification Number CHE-196.335.293 and address Gartenstrasse 4, 6300 Zug, Switzerland.

Since the balance sheet date, the parent company has injected further new capital into the company to improve its working capital position. The company received $6,000,000 in three tranches across June, July and August 2026. Of this, $3,000,000 was paid down as a capital contribution to Chorus One AG.

On 18th August 2026, the company changed its name to Bitwise Onchain Solutions Limited. This has had no impact on the company's assets, liabilities or financial performance.

12. Related Party Transactions

Subsidiaries

Provision of staking services

Staking services to the value of £662,153 (2024: £686,623) were provided to Attestant (BVI) Limited during the year, a wholly owned subsidiary of the company who acts as a reseller. £44,174 (2024: £86,110) was owed from the subsidiary to the company at the balance sheet date in respect of these services.

Directors and former directors

Provision of staking services

During the year, the company provided staking services to its directors and former directos to the value of £8,698 (2024: £10,479). The company has a minimum required Assets Under Management amount for its customers, but this was disapplied in these cases. At the balance sheet date, amounts owed to the company on invoices by the directors and former directors was £1,956 (2024: £4,421).

13. Ultimate Parent Undertaking and Controlling Party

The company’s immediate parent undertaking and ultimate controlling party is Bitwise Asset Management, Inc., a company incorporated in the United States with address 25 Montgomery Street, San Fransisco, California, United States, 94104. The company’s entire share capital was acquired by Bitwise Asset Management, Inc on 14 November 2024. Bitwise Asset Management, Inc is not required to prepare consolidated financial statements.

14. Audit Information

The auditor's report on the accounts of Bitwise Onchain Solutions Limited (formerly Attestant Limited) for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Peter Scott (Senior Statutory Auditor) for and on behalf of MHA Audit Services LLP , Statutory Auditor.

MHA Audit Services LLP

2 London Wall Place

London

EC2Y 5AU

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		31 December 2025		31 December 2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		477,685		54,275
Tangible Assets	5		18,357		20,263
Investments	6		840		840

			496,882		75,378
CURRENT ASSETS
Debtors	7	901,342		1,474,304
Cash at bank and in hand		1,020,885		627,613

		1,922,227		2,101,917
Creditors: Amounts Falling Due Within One Year	8	(769,833 )		(565,070 )

NET CURRENT ASSETS (LIABILITIES)			1,152,394		1,536,847

TOTAL ASSETS LESS CURRENT LIABILITIES			1,649,276		1,612,225

NET ASSETS			1,649,276		1,612,225

CAPITAL AND RESERVES
Called up share capital	9		123,238		123,238
Share premium account			23,994		23,994
Revaluation reserve	10		-		512
Other reserves			1,850,098		-
Profit and Loss Account			(348,054 )		1,464,481

SHAREHOLDERS' FUNDS			1,649,276		1,612,225