Press Release

24 May 2024

Phoenix Digital Assets PLC

("Phoenix" or "the Company")

Related Party Transaction

Phoenix (AQSE: PNIX), an investment firm, announces that, as a result of the acquisition of the entire issued share capital of IO+ PTE Ltd ("IO+"), a company in which Phoenix held a minority interest, by Flex Labs Inc (AQSE: FLEX), Phoenix has been issued 17,368,421 Common Shares in Flex Labs Inc.

As Mike Edwards is a director of both Phoenix and Flex Labs, the above transaction is deemed to be a related party transaction under the Aquis Rules. Having exercised reasonable care, skill and diligence, the directors (excluding Michael Edwards) consider that the terms of the Share Purchase Agreement entered into with Flex Labs are fair and reasonable as far as the shareholders of the issuer are concerned.

The Directors of Phoenix Digital Assets PLC take responsibility for this announcement.

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About Phoenix:

Phoenix Digital Assets PLC invests in a diversified portfolio of cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology. The Company's leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. Phoenix is headquartered in London, UK and its shares are listed on the Aquis Stock Exchange Growth Market under the ticker symbol PNIX.  https://www.getphoenix.co.uk