GCL New Energy makes a performance-based investment in Pharos

On March 14th, according to an official announcement, the L1 public blockchain Pharos has strategically expanded its capital cooperation with GCL New Energy (HKEX: 0451), a Hong Kong-listed company. GCL New Energy has completed its investment in Pharos, valuing the company at nearly $1 billion. The average FDV (Funds-to-Value) over the three months following the Pharos TGE and subsequent three-month periods must not be lower than $760 million; otherwise, further investment will not be executed. This investment enables Pharos to drive the RWA market's transformation from a concept pilot to large-scale, sustainable industrial commercialization.