Whoooaa, whoa, whoa. Wait a minute.
If I'm reading this correctly, then you're saying that the BTC/USD price has a substantial impact on how your overall revenue and expenses play out (which is understandable). However, this fund started late November, after the price was already spiking well past $500 per coin.
At no point did you think it may be wise to revise projections based on the new prices? At no point did you think it may be in the investors best interest to advise them of such variables, or at least mention that a rising BTC price can lead to lower predicted revenue?
Now the question becomes, did the Panama Fund know how the impact of a rising BTC/USD price (and subsequent stabilization) would effect their business, but withheld that information from the public anyway, ultimately preventing them from any true due diligence when purchasing shares?
I'm no expert in securities law, but I reckon this is a dangerous game you're playing, even in Panama.
So Dollar to Bitcoin we operated close to projections.
BTC was over $1000 for all of 3 weeks or so, and since then the 6 month weighted average has been ~$587. So, your 216BTC in actual revenue is somehow equal to 1267.92BTC...but still half of your projection (granted there haven't been weekly IPOs and the trading volume has been lower).
If Bitcoin spikes up to $10,000 per coin, then that would mean earning 25BTC in revenue is the same as 2500BTC @ $100, right?
To the Havelock Team - Sorry to be harsh, but these are some serious concerns, especially since you're supposed to be the leading Bitcoin-based securities exchange.