MembersCap Open the London Stock Exchange in Celebration of the First Transaction on LSEG’s Digital Markets Infrastructure

London, 22 September 2025 - Members Capital Management (“MembersCap”), the Bermuda-regulated investment manager, opened the London Stock Exchange in celebration of its participation in the first-ever transaction recorded as part of LSEG’s new Digital Markets Infrastructure (DMI), developed in collaboration with Microsoft.

 DMI adopts an open and interoperable philosophy, bringing together participants from across the international market to broaden distribution, raise capital and increase liquidity within a trusted and regulated environment.

 The transaction was facilitated by Archax into MembersCap’s MCM Fund I, the first tokenised institutional-grade reinsurance fund designed for both professional digital-native and traditional investors. The Cardano Foundation is a key supporter and cornerstone investor of the Fund, which was the first  to be onboarded onto the DMI platform. 

 The venture represents a key step forward in the convergence between traditional finance and digital assets, as major institutions such as LSEG embrace blockchain technology and digital assets as an integral piece of the financial markets, and an efficient means to provide broader access to private markets.  The investment was recorded on the LSEG private blockchain, and also tokenized on the Cardano blockchain by MembersCap’s tokenization partner, Archax - the first digital asset exchange to be approved by the UK Financial Conduct Authority.  Archax will receive and progress expressions of interest from other inbound DMI investors seeking to receive their holdings in tokenized form.

The MembersCap investment strategy is designed with a primary focus on safeguarding investor capital. This is achieved by carefully constructing portfolios that comprise diversified, risk-remote reinsurance exposures.

As a pioneering reinsurance fund, MembersCap is proud to be the first to offer both a traditional investment structure and a tokenized structure, with enhanced liquidity, through their close partnership with Archax. The tokenized structure enables investors to leverage their digital assets, facilitating investment and management of holdings directly on-chain. This innovative approach empowers investors with flexibility and efficiency in managing their portfolios.  MembersCap is backed by the Solana Foundation and Aptos Foundation. 

QUOTES

 “Lowering the barrier to access for this uncorrelated asset class has always been at the core of our mission,“ said Patrick Barrett, Managing Partner and CEO at MembersCap. “LSEG’s Digital Markets Infrastructure connects us to new sources of capital and offers qualified investors an innovative way to access new investment opportunities. We are thrilled to have been able to participate in the first transaction on the DMI, and are grateful for the support from LSEG, the Cardano Foundation and all of our other partners.”

 “This launch further validates our thesis that tokenization is a technology which enhances both access and transparency” said Jeremy Williams, Head of Digital Strategy and Compliance, MembersCap. “Qualified investors are now able to discover, research and invest in funds like ours which were previously hard to reach, and tokenization allows institutions to interact within a framework which increases efficiency and reduces operational errors.”

 Dr. Darko Hajdukovic, Head of Digital Markets Infrastructure, LSEG, said, “The onboarding of MembersCap’s MCM Fund and the execution of its primary fundraise is a significant milestone and clearly demonstrates the appetite from market participants for an end-to-end, interoperable, regulated financial markets DLT infrastructure. LSEG’s position as a convener of markets can bring significant scale to digital assets and effect real change.”

 “Cardano Foundation is proud to see the innovative reinsurance fund of MembersCap getting tokenized on Cardano and driving the on-chain adoption of real world assets (RWAs),” said Frederik Gregaard, CEO of the Cardano Foundation. “Our partnership with MembersCap and Archax furthers our mission to bridge Cardano and the world by  expanding access to the asset class of insurance-linked securities for qualified investors who require a platform that prioritizes security, compliance, predictability, and operational resilience. We look forward to further shaping the future of Web3 by continuing to support our partners and invest in new and innovative solutions in the coming years.”

 “MembersCap wishes to congratulate LSEG’s leadership in recognizing the growing convergence between traditional assets and tokenization in the financial industry” adds Bruce Jackson, CFA, Senior Partner and CFO of MembersCap. “This development is helping to meet the needs of investors who have historically been unserved or underserved, offering them more efficient access to a broader range of high-quality, income-generating opportunities that diversify their portfolios.”

Dr Benjamin Fox, Partner and Chief Investment Officer of MembersCap explains that ‘“these exposures are characterized by low duration and high income, offering investors attractive yield opportunities while minimizing risk.  Importantly, the revenue streams generated by the investments held by MCM Fund I are uncorrelated to those derived from traditional asset classes such as equities, bonds, or digital assets.  Our strategy delivers distinct diversification benefits to our investors by introducing risk and return characteristics that are highly complementary to the asset mixes of traditional portfolios.”