Nebius

• A blockchain token designed to track the price of Nebius Group N.V. (NASDAQ: NBIS).

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional, round-the-clock price exposure without opening a foreign brokerage account.

• Headquarters: Amsterdam, Netherlands

• CEO: Arkady Volozh (founder)

• Listed on: Nasdaq (NBIS)

• Sector: AI cloud infrastructure

• Nebius provides AI-focused cloud infrastructure and GPU compute in Europe and the United States.

• It emerged from the restructuring of Yandex's international assets.

• It is scaling data centre capacity in a capital-intensive and competitive market.

• Nebius AI cloud, renting GPU compute, is the core business.

• Large contracts with Microsoft and Meta anchor its growth.

• It also owns Avride, an autonomous driving business, TripleTen, an education business, and a stake in ClickHouse.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• Large multi-year contracts give revenue visibility.

• It has a close relationship with NVIDIA.

• Non-core holdings add asset value.

Cons:

• Expansion requires heavy capital and financing.

• Competition in AI cloud is intense.

• It is still scaling execution.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.