Coinsquare Capital Markets Ltd. (“Bitbuy”) is offering crypto contracts to purchase and sell Jupiter (JUP) in reliance on a prospectus exemption granted by the Canadian Securities Administrators (CSA) in the amended and restated exemptive relief decision dated October 11, 2024. The statutory rights of action for damages and the right of rescission in section 130.1 of the Securities Act (Ontario) and similar legislation in the other CSA jurisdictions do not apply in respect of a misrepresentation in this statement to the extent that a crypto contract is distributed under the above-noted prospectus relief.

No securities regulatory authority in Canada or any other jurisdiction has expressed an opinion about any of the crypto assets (or crypto contracts) that are available through Coinsquare Capital Markets Ltd (CCML)’s platform, including an opinion that the crypto assets are not themselves securities and/or derivatives.

Coinsquare Capital Markets Ltd (CCML) has compiled the information contained in this Crypto Asset Statement to the best of its ability based on publicly available information.

JUP is the governance token of Jupiter, a leading swap aggregation protocol that provides essential liquidity infrastructure to the Solana ecosystem. The Jupiter protocol provides different DEX features such as Limit Order, DCA/TWAP, Bridge Comparator, Perpetuals Trading, and the LFG Launchpad. 1 The protocol is built on top of Solana and thus utilizes Solana’s consensus mechanism, but also offers staking of JUP tokens. Those who stake their JUP tokens are eligible to vote on protocol proposals through Jupiter’s governance mechanism.

As with all assets, investing in JUP is not without some general risks. All of the risks of trading crypto that are identified and explained in our Risk Statement apply to JUP. In addition to the general risks, we outline some risks that are specific to JUP below. While we make an effort to identify every source of risk, we encourage you to do your own research and ensure you are comfortable investing in JUP.

As JUP is an SPL token and the Jupiter protocol is built on the Solana network, it is highly dependent on the continued stability of that network. Any fundamental issues in the Solana network may impact JUP’s token value. Investors should consider this dependency, and the Solana network’s history with respect to stability, when evaluating JUP.

Jupiter has adequate developer documentation intended to allow developers to integrate Jupiter into dApps. Additionally, Jupiter has adequate guides for users that helps any potential user understand the various features available in the Jupiter protocol. However, Jupiter does not have any published whitepaper that explains the technology behind the DEX or how its staking mechanism works. It is explained that staking is a requirement to earn voting power, however there is no available documentation that explains how the staking mechanism secures the protocol. Potential buyers should consider this lack of typical documentation when evaluating JUP.

Of the initial supply of JUP tokens, 50% was reserved for Jupiter team management. 20% of the initial supply was allocated to team members, subject to a one-year cliff that expired in January 2025, followed by a two-year vesting schedule. The remaining 30% is held for strategic reserves and liquidity provision. This equates to 5 billion JUP under team management.3 Reserving 50% of the initial supply for the protocol team is significant and could lead to concentration risks as these tokens vest and are distributed. Potential buyers should consider the distribution of tokens when evaluating JUP.