Ann: Leads investment into Sky Mavis, maker of Axie Infinity, page-352

Price discovery will always be an issue on PMs as it's not a very liquid platform. It's better than nothing, especially if you're a forced seller, but if you were to sell you've got to accept that you're probably not going to receive top dollar. The buyer is aware of the added risks, so they demand a better price than what we'd expect to receive on an exchange.

Funds will report the value according to the last raise price of $1.10. If the last raise was 12-24 months ago, they might pay for an independent appraisal in order to mark-up the price and some do this as a matter of course annually. Regardless, they aren't very useful as a proxy for fair value.

We're stuck in a Mexican standoff for the time being. Patience is a virtue as they say.