Coinsquare Capital Markets Ltd. (“Bitbuy”) is offering crypto contracts to purchase and sell SushiSwap (SUSHI) 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 SushiSwap
SushiSwap was founded by two anonymous developers named 0xMaki and Chef Nomi on August 26 2020, when Chef Nomi released a Medium post detailing the SushiSwap protocol. SushiSwap is a decentralized exchange (DEX) and SUSHI is the Ethereum token that powers this cryptocurrency exchange. Holders of SUSHI can participate in community governance and stake their tokens to receive a portion of SushiSwap’s transaction fees. SushiSwap is also non-custodial, which means that it does not need to own your tokens in order for you to trade them. Instead, SushiSwap allows users to make peer-to-peer trades, using liquidity that is supplied by other users. SushiSwap is also known for using the Automated Market Maker (AMM) model, first made famous by Uniswap.
Risks
As with all assets, investing in SushiSwap 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 SushiSwap 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 SushiSwap.
SUSHI token reliance on Ethereum network
The SUSHI token is natively issued as an ERC-20 token on the Ethereum network, although the SushiSwap protocol has expanded to operate across over 30 different blockchain networks, including Arbitrum, Polygon, and Avalanche. While the protocol utilizes a multi-chain architecture, the integrity of the native SUSHI token and its governance mechanisms remain primarily dependent on the stability and security of the Ethereum network. Any fundamental issues in the Ethereum network could impact SUSHI’s market sentiment, market cap, and token price.
Concentration of SUSHI Supply
The SUSHI token supply is highly concentrated. The top 10 wallet addresses hold 52.4% of the supply, and the top 100 wallet addresses hold 85.5% of the supply. As of early 2026, the circulating supply of SUSHI is approximately 286 million tokens. In December 2025, the SushiSwap community approved a governance proposal to increase the annual emission rate of SUSHI to up to 5% of the total supply, replacing previous fixed-rate emission schedules.
Concentrated Control of Project Development
SushiSwap was originally created by two anonymous developers, known as 0xMaki and Chef Nomi. These individuals were solely responsible for SushiSwap’s original code, product development and business operations. Following the departure of the original founders, the project transitioned to a community-led governance model overseen by a "Head Chef." In late 2025, leadership transitioned again as former Head Chef Jared Grey moved to an advisory role and Alex McCurry assumed the position of managing director. Future developments in SushiSwap are dependent on the strategic direction of the current leadership team and the voting decisions of the Sushi DAO, which has recently shown high levels of centralization in its voting participation.
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
