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Seigniorage for the People

Digital Seigniorage as an Asset Class

Established Cryptocurrency Mining Company

Validating and Securing Bitcoin and other Public Blockchains

Opportunistic Capital Allocation

Consensus Mining & Seigniorage Corporation

Ticker: CMSG (OTCQX)

CMSG is a dedicated cryptocurrency mining company formed from the merger of our two original mining entities with

over five years of operating history.

2017
Launch of first operating company dedicated to cryptocurrency mining
2018
Launch of second operating company
2021
Launch of Consensus Mining and Seigniorage Corporation (CMSG) from additional capital raise and merger of our cryptocurrency mining operations
2025
Quoted on OTCQX under the ticker CMSG – 2025

About Us

CMSG is a cryptocurrency mining company created with strategic partnerships in hosting, repair and management that enable it to operate with minimal overhead and enhanced profitability, and with a conservative capital structure that allows for flexible and patient capital allocation.

Cryptocurrency mining is an operating business, specifically in seigniorage. Seigniorage is, in essence, how governments earn a profit from the creation of currency, which they issue for far more than their cost. In recent history, this right belonged exclusively to the government, until the emergence of open-source blockchains and decentralized cryptocurrencies.

As a prudent steward of capital, CMSG employs a capital allocation methodology designed to mitigate the unexpected swings in operating margins, such that we deliberately acquire our equipment over time to diversify our cost basis—which, ultimately, largely determines the return on capital.
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Through its mining operations, CMSG intends to participate in decentralized cryptocurrency monetary policy in order to convert the seigniorage profit margin into a return on equity and alternative source of income. Cryptocurrency mining is revolutionary, and has the potential to become the largest asset class there is.

the team

Alun Williams

Alun is the President and Board Member of CMSG and oversees all aspects of the mining operations.

He is also the Chief Operating Officer of Horizon Kinetics where he oversees daily operations and administrative functions for Horizon Kinetics. Prior to joining Horizon Kinetics in 2009, Alun was head of GSAM Operations Salt Lake City at Goldman Sachs.

Alun received a BSc in Business Administration from Bath University, England.

Murray Stahl

Murray is the Chief Strategy Officer of CMSG and spearheads the strategic plans of the company.

Murray co-founded Horizon Kinetics Holding Corporation (“HK”) and is also the Chief Executive Officer, Chairman of the Board of HK. He serves as the HK’s Chief Investment Officer and is the Co-Portfolio Manager for a number of registered investment companies, private funds, and institutional separate accounts. Additionally, Murray is a member of the Board of Directors of Texas Pacific Land Corporation (NYSE: TPL), and Miami International Holdings, Inc., including several of its subsidiary companies.

Murray received a Bachelor of Arts in 1976, a Masters of Arts in 1980 from Brooklyn College, and an MBA from Pace University in 1985.

Mark Herndon

Mark is the Chief Financial Officer of CMSG where he is responsible for overseeing all financial reporting functions of the mining business.

Mark joined Horizon Kinetics in 2024 and currently serves as Chief Financial Officer. Mark is responsible for overseeing all financial reporting functions of Horizon Kinetics. Previously, Mark was Senior Vice President and Chief Financial Officer at Safeguard Scientifics from 2018 to 2023, a publicly listed firm that provided capital and relevant expertise to a portfolio of private entities. Prior to 2018, Mark spent 27 years at PricewaterhouseCoopers serving in a variety of client service and national office roles, including his position as Assurance Partner from 2006 through 2018.

Mark earned a BBA in Accounting from Georgia Southern University and an MBA from Emory University’s Goizueta Business School.

Michael Feeley

Michael is the Chief Operating Officer of CMSG where he is responsible for the day to day operations of the mining business.

Michael also serves as Director of Trading and Operation for Horizon Kinetics where he is responsible for operations and trading functions that support the daily portfolio management activities of Horizon Kinetics.

He received an MBA with a concentration in Finance and a BBA in Accounting from Hofstra University.

Kevin McRae

Kevin is the Chief Technology Officer and Board Member of CMSG and oversees all technological aspects of the mining operations.

Kevin is also the Director of Technology and Chief Information Security Officer of Horizon Kinetics, responsible for the oversight of technology and information security. Previously, Kevin spent 10 years at Goldman Sachs as a Vice President in the Technology Division supporting the Asset Management (GSAM) and Investment Banking Divisions.

Kevin received an MBA in Finance from New York University and a BS in Computer Science from Hobart College. Kevin is CISSP (Certified Information Systems Security Professional) certified.

Jay Kesslen

Jay is the General Counsel of CMSG and oversees all legal aspects of the company.

Jay also currently serves as General Counsel, Managing Director, for Horizon Kinetics and is a member of the Board where he oversees all aspects of legal affairs, advises on all material compliance matters, and is responsible for the corporate governance at Horizon Kinetics. Jay also serves as the General Counsel of FRMO Corp., a publicly traded company.

Jay holds a BA in Economics from the State University of New York at Plattsburgh (cum laude) and a JD from Albany Law School.

Russell Grimaldi

Russ is the Secretary of CMSG.

Russ is also the Chief Compliance Officer and Associate General Counsel of Horizon Kinetics where he oversees the compliance program and supports all legal and regulatory functions at Horizon Kinetics.

Russ holds a BA in Legal Studies from Quinnipiac University (cum laude) and a JD from Albany Law School.

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