Coinsquare Capital Markets Ltd. (“Bitbuy”) is offering crypto contracts to purchase and sell Lido DAO (LDO) 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 Bitbuy’s platform, including an opinion that the crypto assets are not themselves securities and/or derivatives.
Bitbuy has compiled the information contained in this Crypto Asset Statement to the best of its ability based on publicly available information.
About Lido DAO
LDO is the governance token of Lido DAO. Lido DAO is a liquid staking protocol which works on the Ethereum blockchain.It enables users to stake their ETH to support the Ethereum network’s consensus mechanism. Lido DAO allows these assets to remain liquid by issuing stETH. The purpose of the Lido protocol and stETH is to allow those who have staked their ETH to retain liquidity, enabling them to utilize their assets in the decentralized finance ecosystem without needing to wait for the withdrawal unbonding period.
Risks
As with all assets, investing in Lido DAO is not without some general risks. Many of these risks are identified and explained in our Risk Statement. In addition to the general risks, we outline some risks that are specific to Lido DAO 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 Lido DAO.
Concentration of LDO held by early investors and developers
When the initial supply of LDO tokens was issued, 22.18% of the entire supply was distributed to early investors and an additional 20% of the supply was distributed to founding developers.1 Investors should consider this distribution and the potential impact that this concentration of tokens could have when evaluating LDO.
Lido DAO’s Reliance on Ethereum Network
As LDO is an ERC-20 token on the Ethereum network, it is highly dependent on the continued stability of that network. Additionally, the Lido protocol’s main function is providing liquidity for ETH that is staked on the Ethereum network. Following the sunset of operations on Polygon and Solana in late 2024 and early 2025, the protocol’s operations are now almost exclusively tied to Ethereum. Any fundamental issues in the Ethereum network or its consensus layer (formerly referred to as the Beacon Chain) may impact LDO’s smart contract, token value, and the Lido protocol itself. Investors should consider this concentrated dependency when evaluating Lido DAO.
To be made available for trading on Bitbuy’s platform, a digital asset must pass the following due diligence reviews:
Bitbuy undertakes these three levels of due diligence in order to determine whether the digital asset is compliant with our legal and regulatory obligations, is secure, and has historical data supporting a beneficial business case. Bitbuy’s New Product Committee must provide final approval for a new digital asset to be made available on the platform.
Last updated: March 24, 2026
