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NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU) and Compute & Networking. The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, Quadro and NVIDIA RTX GPUs for enterprise workstation graphics, virtual GPU, or vGPU, software for cloud-based visual and virtual computing, automotive platforms for infotainment systems, and Omniverse Enterprise software for building and operating metaverse and 3D internet applications. The Compute & Networking segment consists of Data Center accelerated computing platforms and end-to-end networking platforms including Quantum for InfiniBand and Spectrum for Ethernet, NVIDIA DRIVE automated-driving platform and automotive development agreements, Jetson robotics and other embedded platforms, NVIDIA AI Enterprise and other software, and DGX Cloud software and services. The company was founded by Jen Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in April 1993 and is headquartered in Santa Clara, CA.

NVIDIA Corp

NVIDIA is trending after delivering stellar earnings and robust guidance, yet the immediate market response has been surprisingly flat, sparking community debate over 'IV crush' and manipulation despite numerous analyst price target upgrades reinforcing its AI and data center dominance.

Eos Energy Enterprises, Inc. designs, manufactures, and deploys battery storage solutions for the electricity industry. It offers the Eos Znyth DC battery system product which designs to meet the requirements of the grid-scale energy storage market. The company was founded in 2008 and is headquartered in Edison, NJ.

Eos Energy Enterprises Inc - Ordinary Shares - Class A

Eos Energy Enterprises is experiencing a sharp pullback following a significant earnings miss, drawing community criticism regarding execution and financial forecasting. Despite the immediate negative sentiment driving the sell-off, many investors are actively discussing it as a potential buying opportunity given the company's long-term position in the critical and growing energy storage sector, particularly for data centers.

Luckin Coffee, Inc. engages in providing food and beverage items, and operates coffee retail stores. It has a pioneered a technology-driven retail network to provide coffee and other products of high quality, high convenience and high affordability to customers. The company manages pick-up stores, relax stores, and delivery kitchens. It also offers tea, snacks, and light meals through its mobile application. The company was founded by Zhi Ya Qian, Fei Yang and Jin Yi Guo on June 16, 2017 and is headquartered in Xiamen, China.

Luckin Coffee Inc - ADR

Luckin Coffee is trending due to anticipation surrounding its upcoming earnings report, following the milestone of opening its 30,000th store and a strategic shift towards premium offerings after the conclusion of regional price wars. The community is actively discussing potential margin expansion, the chairman's increased personal stake, and the ongoing speculation about a major exchange relisting, often tempered by historical skepticism regarding immediate price action.

Celsius Holdings, Inc. engages in the development, marketing, sale, and distribution of functional drinks and liquid supplements. It also offers post-workout functional energy drinks and protein bars. The company was founded in April 2004 and is headquartered in Boca Raton, FL.

Celsius Holdings Inc

Celsius Holdings is trending following an impressive earnings beat, fueled by robust revenue growth and exceptional performance from its Alani Nu brand leveraging the PepsiCo distribution network. The community is actively debating the stock's significant growth trajectory, with many anticipating continued upside while others express concerns over management's messaging and the long-term implications of PepsiCo's increasing influence.

TG Therapeutics, Inc. engages in the acquisition, development, and commercialization of novel treatments for B-cell malignancies and autoimmune diseases. Its product pipeline includes TG-1501, TG-1701, Ublituximab, and Umbralisib. The company was founded by Michael Sean Weiss and Laurence H. Shaw on May 18, 1993 and is headquartered in Morrisville, NC.

TG Therapeutics Inc

TG Therapeutics is trending following a mixed earnings report that showcased strong revenue growth for its Briumvi multiple sclerosis treatment, which continues to demonstrate "best in class" long-term efficacy. Community discussion is focused on the stock's persistent undervaluation amidst high short interest, prompting intense debate over whether a strategic buyout is the key to unlocking its full potential, further fueled by a new national awareness campaign featuring Christina Applegate.

IonQ, Inc. develops and manufactures quantum computers. The firm specializes in quantum computing and quantum information processing. The company was founded by Christopher Monroe and Jung Sang Kim in 2015 and is headquartered in College Park, MD.

IonQ Inc

IonQ is trending upward after reporting a strong Q4 earnings beat and securing a spot on the Missile Defense Agency's massive SHIELD contract, driving community excitement about a potential short squeeze despite continued scrutiny over its valuation and the nascent stage of the quantum computing industry.

The Trade Desk, Inc. engages in the provision of a self-service and cloud-based ad-buying platform. It operates through the United States and International geographical segments. The firm offers omnichannel advertising, audience targeting, solutions for identity, application programming interface (API), custom, and programmatic, measurement and optimization. The company was founded by Jeffrey Terry Green and David Pickles in November 2009 and is headquartered in Ventura, CA.

Trade Desk Inc - Ordinary Shares - Class A

Trade Desk Inc

The Trade Desk is trending after beating Q4 earnings expectations but providing softer Q1 revenue guidance, which has triggered a notable stock decline and analyst downgrade. The community is sharply divided between those who view the sell-off as an overreaction and a buying opportunity due to solid fundamentals, and those concerned about decelerating growth, competitive pressures, and management strategy.

D-Wave Quantum, Inc. engages in the development and delivery of quantum computing systems, software, and services. It provides customers with access to the company’s quantum computing systems via the cloud in the form of quantum computing as a service. It offers professional services such as customer assistance in identifying and implementing quantum-computing applications. The company was founded on January 25, 2022 and is headquartered in Palo Alto, CA.

D-Wave Quantum Inc

D-Wave Quantum Inc. (QBTS) is actively debated following recent partnerships with defense and federal agencies, driving conversation around its competitive dual-platform approach and potential for strong financial results within the highly speculative, yet promising, quantum computing sector.

BioCryst Pharmaceuticals, Inc. is a biotechnology company. It engages in the provision of structure-guided drug design with the goal of developing oral small-molecule and protein therapeutics to target difficult-to-treat rare diseases. The company was founded by William M. Spencer III, Charles E. Bugg, and John A. Montgomery in 1986 and is headquartered in Durham, NC.

Biocryst Pharmaceuticals Inc.

BioCryst Pharmaceuticals is trending as investors assess the recently completed Astria Therapeutics acquisition, including new shares issued and updated financing terms, while eagerly awaiting upcoming earnings and late-breaking data on its navenibart program at the AAAAI meeting. Community discussion highlights a mix of anticipation for pipeline advancements and ongoing frustration over the stock's underperformance despite revenue growth, with many eyeing significant short interest.

ImmunityBio, Inc. is a clinical stage immunotherapy company. It develops next generation therapies that drive immunogenic mechanisms for defeating cancers and infectious diseases. The company's immunotherapy platform activates both the innate and adaptive immune systems to create long term immunological memory. ImmunityBio was founded by Patrick Soon-Shiong in 2014 and is headquartered in San Diego, CA.

ImmunityBio Inc

ImmunityBio is trending due to its ANKTIVA's expanded European access and global approvals for bladder cancer, coupled with strong clinical data and 700% year-over-year revenue growth. The community is buzzing about a recent significant pullback, debating whether it's a buying opportunity or a "bear trap" for shorts, given the high short interest and the founder's reaffirmed majority control.

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$BCII for distribution (e.g., for the month of July, X Tokens will be available to be earned). These Tokens are
then allocated pro-rata to consumers based on their share of the total value6 contributed to the network that
day. Specifically, a consumer’s reward (rₙ) is calculated as:
where vₙ represents the individual consumer’s value7 and Vₙ represents the total network value8 created
during the period (n). This framework ensures rewards are activity-based and proportional to measurable
contributions.
The pro-rata formula for Tokens distributed in any given time period (Rₙ) governs the allocation of
rewards and is applied uniformly across all consumers. The methodology will be published in advance to
ensure transparency and consistency with consumptive behavior. Because the Token reward is earned based
on a consumer’s quantifiable energy actions (i.e., shifting kWh, consuming/generating kWh, or making
DERs available for use), and the formula is applied uniformly, the model reinforces the Token’s
consumptive utility and market forces act to limit the number of rewards that a consumer can earn in a
given time period. The Fuse Network will have a fixed maximum supply of 10 billion Tokens, distributed
progressively over a 25-year period in accordance with the rewards formula set forth above. Fuse Tokens
awarded in accordance with the formula above, are earned solely based on a consumer’s activity in relation
to the energy grid, and neither represent a claim on, nor are correlated in any way to, Fuse’s income,
business or profits.
Once earned, consumers will have the ability to claim earned Tokens to their self-custodial wallet
within the Fuse App, from which they can freely transfer the Tokens to a third party self-custodial wallet
of their choosing.
iii. Redeeming Rewards
The Tokens will be redeemable solely within the Fuse App to receive discounts or rebates on costs
related to participation in the Fuse Network (“Fuse Goods and Services”) not otherwise available to other
consumers within the Fuse App. For example, consumers will be able to redeem their Token for exclusive
discounts on purchases of EV chargers, installation of batteries or other DERs, and to offset monthly
electricity bills in markets where Fuse is the consumers’ electricity supplier. While Tokens do not expire
until redeemed, they can only be redeemed for Fuse Goods and Services outstanding or procured at the time
of redemption and cannot be used to offset future costs (for example, as a credit toward future electricity
bills not yet incurred). This means that the earned Tokens have consumptive utility and purpose, allowing
the user to receive tangible benefits for their prior actions.
The redemption value of the Tokens for Fuse Goods and Services will be based on the average
market price of the Tokens on third-party unaffiliated digital asset markets at the time of the redemption,
ensuring fair and market-reflective conversion. However, the discount that a consumer may receive will
6 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
7 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
8 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
November 19, 2025
Page 8
necessarily be capped by market forces (i.e., the discount will not exceed Fuse’s profit margins on such
goods or services), and the maximum discount will be clearly publicized to consumers during their
redemption in the Fuse App. The redemption limitation is designed to encourage smart energy consumption
on the part of consumers (i.e. shifting demand to align with grid needs or generating and storing energy for
peak times) rather than excess generation, as any Tokens received that exceed a consumer’s electricity
usage and household DER capacity (and so, available discounts on Fuse Goods and Services) would be
subject to diminishing returns, including the economic realities of the secondary market described below.
To redeem their Tokens, consumers will execute a burn transaction for the requisite number of
Tokens, removing them from circulation – once that transaction is validated, the discount on the applicable
Fuse Goods and Services will be applied within the Fuse App. The number of Tokens to be burned will be
based on the dollar amount of the effective discount being applied for the applicable Fuse Goods and
Services (not to exceed Fuse’s profit margin on such goods or services), with the price per Token based on
the average market price of the Tokens on third-party unaffiliated digital asset markets at the time of
redemption. Fuse will retain operational control over the redemption system to ensure it functions
effectively and aligns with the Fuse Network’s Grid-Support Objectives.
iv. Secondary Markets
Tokens earned by consumers will also be freely transferable and tradable on third-party unaffiliated
digital asset markets. The secondary market would allow consumers who may have generated rewards in
excess of the discounts for Fuse Goods and Services of which they may wish to avail themselves to convert
their Tokens into cash – similar to how the holder of a coupon may choose to sell it if they have a surplus
for a specific product.
Again, similar to the market for discount coupons, the underlying economic reality acts to limit
market speculation in the Tokens, disincentivizing rational actors from treating the Tokens as an investment
vehicle and limiting rational demand to consumers who are looking to redeem the Tokens for Fuse Goods
and Services but do not have sufficient DER resources or flexibility to earn sufficient Tokens for their
needs. This is primarily achieved in two ways (i) the capped redemption – as the discount amount for each
consumer is necessarily capped by the market and Fuse’s profit margins on such goods or services – and
(ii) the redemption value of each Tokens will be based on the average market price of the Tokens on third-
party unaffiliated digital asset markets at the time of the redemption. That is, if the price of Fuse Tokens
were to exceed the applicable discount a consumer could apply in the Fuse App, rational consumers who
have not already earned Tokens would not seek to purchase Tokens on the secondary market, rather opting
to pay for their Fuse Goods and Services at full price out of pocket, therefore limiting demand for the
Tokens. In the same way that discount coupons would not be expected to trade above their face value, the
value of the Tokens on the secondary market would necessarily be limited by this redemption cap.
Furthermore, as detailed above, given the natural limits on the amount of DERs any one household
is incentivized to install, a consumer will be limited in the number of Tokens they are likely to earn.
Moreover, because the redemption value of the Tokens is indifferent to the success of the Fuse Network,
the typical “network effects” sought by investors in other crypto assets would be absent with respect to the
Tokens.
e. Building Adoption and Fuse Network Utility
Consumer participation in the VPP contributes to grid stability and efficiency, making the Token a
direct incentive for positive energy behavior within the Fuse Network. Increased participation in grid-
related programs and services (like VPPs and demand response) by consumers enhances the Token’s
November 19, 2025
Page 9
attractiveness to such consumers, leading to organic adoption and reinforcing its role as a reward
mechanism.
The rollout of additional decentralized energy generation and smart grid technologies creates a
growing need for incentives that drive intelligent energy usage. The Tokens align with this trend by offering
a flexible, scalable consumptive rewards system that benefits both users and the energy infrastructure.
Unlike traditional cash incentives, the Token creates alignment among VPP contributors by fostering a
sense of collective purpose and long-term engagement among consumers. This growing network of aligned
participants drives better grid optimization, as a VPP only succeeds with coordination of at least thousands
of households, more efficient generation and consumption, energy cost savings for consumers, and
increased demand for rewards, reinforcing the positive feedback loop.
By ensuring that the Token maintains real-world applicability, Fuse fosters an ecosystem where the
value of the Tokens is derived from its consumptive use rather than speculative investment. As additional
consumers join the Fuse Network and introduce additional DERs, the grid system becomes more distributed
and provides new outlets for coordinated action to address the needs of the grid – the Fuse Network follows
the principle that wholesale electricity prices are driven lower by energy efficiency and abundance and
incentivizes it accordingly. In return, consumers benefit directly from lower electricity prices and usage, as
well as through the incentives provided by the Tokens.
II. Legal Analysis
For the reasons set forth below, we are of the opinion that Fuse’s proposed transactions in the
Tokens, if conducted in the manner and under the circumstances described above, will not involve the offer
and sale of a “security” within the meaning of Section 2(a)(1) of the Securities Act or Section 3(a)(10) of
the Exchange Act9 and, therefore, that registration under the Securities Acts is not required. In particular,
we conclude that the Token is not an investment contract, and consequently not a security, because
consumers will earn Tokens for their own consumption and not based on a reasonable expectation of profit
from the efforts of Fuse or others.

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Blockchain Industries Inc

 for distribution (e.g., for the month of July, X Tokens will be available to be earned). These Tokens are
then allocated pro-rata to consumers based on their share of the total value6 contributed to the network that
day. Specifically, a consumer’s reward (rₙ) is calculated as:
where vₙ represents the individual consumer’s value7 and Vₙ represents the total network value8 created
during the period (n). This framework ensures rewards are activity-based and proportional to measurable
contributions.
The pro-rata formula for Tokens distributed in any given time period (Rₙ) governs the allocation of
rewards and is applied uniformly across all consumers. The methodology will be published in advance to
ensure transparency and consistency with consumptive behavior. Because the Token reward is earned based
on a consumer’s quantifiable energy actions (i.e., shifting kWh, consuming/generating kWh, or making
DERs available for use), and the formula is applied uniformly, the model reinforces the Token’s
consumptive utility and market forces act to limit the number of rewards that a consumer can earn in a
given time period. The Fuse Network will have a fixed maximum supply of 10 billion Tokens, distributed
progressively over a 25-year period in accordance with the rewards formula set forth above. Fuse Tokens
awarded in accordance with the formula above, are earned solely based on a consumer’s activity in relation
to the energy grid, and neither represent a claim on, nor are correlated in any way to, Fuse’s income,
business or profits.
Once earned, consumers will have the ability to claim earned Tokens to their self-custodial wallet
within the Fuse App, from which they can freely transfer the Tokens to a third party self-custodial wallet
of their choosing.
iii. Redeeming Rewards
The Tokens will be redeemable solely within the Fuse App to receive discounts or rebates on costs
related to participation in the Fuse Network (“Fuse Goods and Services”) not otherwise available to other
consumers within the Fuse App. For example, consumers will be able to redeem their Token for exclusive
discounts on purchases of EV chargers, installation of batteries or other DERs, and to offset monthly
electricity bills in markets where Fuse is the consumers’ electricity supplier. While Tokens do not expire
until redeemed, they can only be redeemed for Fuse Goods and Services outstanding or procured at the time
of redemption and cannot be used to offset future costs (for example, as a credit toward future electricity
bills not yet incurred). This means that the earned Tokens have consumptive utility and purpose, allowing
the user to receive tangible benefits for their prior actions.
The redemption value of the Tokens for Fuse Goods and Services will be based on the average
market price of the Tokens on third-party unaffiliated digital asset markets at the time of the redemption,
ensuring fair and market-reflective conversion. However, the discount that a consumer may receive will
6 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
7 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
8 Value measured in (1) kWh shifted (for consumption shifting), kWh consumed or exported, and/or kWh made
available (for DERs enrolled as “available for use”) and (2) unit rate (in fiat) per kWh.
November 19, 2025
Page 8
necessarily be capped by market forces (i.e., the discount will not exceed Fuse’s profit margins on such
goods or services), and the maximum discount will be clearly publicized to consumers during their
redemption in the Fuse App. The redemption limitation is designed to encourage smart energy consumption
on the part of consumers (i.e. shifting demand to align with grid needs or generating and storing energy for
peak times) rather than excess generation, as any Tokens received that exceed a consumer’s electricity
usage and household DER capacity (and so, available discounts on Fuse Goods and Services) would be
subject to diminishing returns, including the economic realities of the secondary market described below.
To redeem their Tokens, consumers will execute a burn transaction for the requisite number of
Tokens, removing them from circulation – once that transaction is validated, the discount on the applicable
Fuse Goods and Services will be applied within the Fuse App. The number of Tokens to be burned will be
based on the dollar amount of the effective discount being applied for the applicable Fuse Goods and
Services (not to exceed Fuse’s profit margin on such goods or services), with the price per Token based on
the average market price of the Tokens on third-party unaffiliated digital asset markets at the time of
redemption. Fuse will retain operational control over the redemption system to ensure it functions
effectively and aligns with the Fuse Network’s Grid-Support Objectives.
iv. Secondary Markets
Tokens earned by consumers will also be freely transferable and tradable on third-party unaffiliated
digital asset markets. The secondary market would allow consumers who may have generated rewards in
excess of the discounts for Fuse Goods and Services of which they may wish to avail themselves to convert
their Tokens into cash – similar to how the holder of a coupon may choose to sell it if they have a surplus
for a specific product.
Again, similar to the market for discount coupons, the underlying economic reality acts to limit
market speculation in the Tokens, disincentivizing rational actors from treating the Tokens as an investment
vehicle and limiting rational demand to consumers who are looking to redeem the Tokens for Fuse Goods
and Services but do not have sufficient DER resources or flexibility to earn sufficient Tokens for their
needs. This is primarily achieved in two ways (i) the capped redemption – as the discount amount for each
consumer is necessarily capped by the market and Fuse’s profit margins on such goods or services – and
(ii) the redemption value of each Tokens will be based on the average market price of the Tokens on third-
party unaffiliated digital asset markets at the time of the redemption. That is, if the price of Fuse Tokens
were to exceed the applicable discount a consumer could apply in the Fuse App, rational consumers who
have not already earned Tokens would not seek to purchase Tokens on the secondary market, rather opting
to pay for their Fuse Goods and Services at full price out of pocket, therefore limiting demand for the
Tokens. In the same way that discount coupons would not be expected to trade above their face value, the
value of the Tokens on the secondary market would necessarily be limited by this redemption cap.
Furthermore, as detailed above, given the natural limits on the amount of DERs any one household
is incentivized to install, a consumer will be limited in the number of Tokens they are likely to earn.
Moreover, because the redemption value of the Tokens is indifferent to the success of the Fuse Network,
the typical “network effects” sought by investors in other crypto assets would be absent with respect to the
Tokens.
e. Building Adoption and Fuse Network Utility
Consumer participation in the VPP contributes to grid stability and efficiency, making the Token a
direct incentive for positive energy behavior within the Fuse Network. Increased participation in grid-
related programs and services (like VPPs and demand response) by consumers enhances the Token’s
November 19, 2025
Page 9
attractiveness to such consumers, leading to organic adoption and reinforcing its role as a reward
mechanism.
The rollout of additional decentralized energy generation and smart grid technologies creates a
growing need for incentives that drive intelligent energy usage. The Tokens align with this trend by offering
a flexible, scalable consumptive rewards system that benefits both users and the energy infrastructure.
Unlike traditional cash incentives, the Token creates alignment among VPP contributors by fostering a
sense of collective purpose and long-term engagement among consumers. This growing network of aligned
participants drives better grid optimization, as a VPP only succeeds with coordination of at least thousands
of households, more efficient generation and consumption, energy cost savings for consumers, and
increased demand for rewards, reinforcing the positive feedback loop.
By ensuring that the Token maintains real-world applicability, Fuse fosters an ecosystem where the
value of the Tokens is derived from its consumptive use rather than speculative investment. As additional
consumers join the Fuse Network and introduce additional DERs, the grid system becomes more distributed
and provides new outlets for coordinated action to address the needs of the grid – the Fuse Network follows
the principle that wholesale electricity prices are driven lower by energy efficiency and abundance and
incentivizes it accordingly. In return, consumers benefit directly from lower electricity prices and usage, as
well as through the incentives provided by the Tokens.
II. Legal Analysis
For the reasons set forth below, we are of the opinion that Fuse’s proposed transactions in the
Tokens, if conducted in the manner and under the circumstances described above, will not involve the offer
and sale of a “security” within the meaning of Section 2(a)(1) of the Securities Act or Section 3(a)(10) of
the Exchange Act9 and, therefore, that registration under the Securities Acts is not required. In particular,
we conclude that the Token is not an investment contract, and consequently not a security, because
consumers will earn Tokens for their own consumption and not based on a reasonable expectation of profit
from the efforts of Fuse or others.