Core Fund The Core Fund remains largely concentrated in Bitcoin, Ethereum, and Solana, the three pillars of our core allocation. The market expects the first Solana ETFs to be approved in the coming months, which could accelerate interest in both SOL and Solana-related projects. Over the past two weeks, investor attention has primarily focused on Bitcoin and Ethereum, but we see clear signs that Solana is regaining market share within the layer-1 segment. The fund's positioning therefore remains focused on stability in the major assets, with room to tactically capitalize on increasing activity within the Solana ecosystem. Frontier Fund Within the Frontier Fund, Aptos (APT) has particularly stood out, with its price rising sharply in recent weeks. Aptos is a so-called layer-1 blockchain, similar to Solana or Ethereum, designed to combine high transaction speeds with low costs and an efficient programming environment for developers. The strong price performance of APT has led to a significant increase in the value of our position, increasing Aptos's weighting within the portfolio. We continue to closely monitor the ecosystem's progress, as Aptos is emerging as one of the most promising new networks within the next generation of blockchains. Yield Fund The Yield Fund achieved a net return of approximately 1% over the past month, bringing its year-to-date return to just under 7%. We are well on track to achieve our annual target of 10%. Returns are increasingly driven by market-neutral long/short strategies between various DeFi perpetual platforms. By exploiting price differences between these markets, we are able to capture returns with a controlled risk profile. This approach strengthens the portfolio's stability and increases the predictability of results. Bitcoin breaks record after record In recent weeks, Bitcoin has been battling it out: on September 25th, the price dropped below $112,000, leading many to wonder if this was a correction or the start of a new rally. It turned out to be the latter, fueled by influences from the United States.

On October 1st, it was announced that the two parties within the US government could not agree on how to formulate the budget. Because no agreement was reached by the October 1st deadline, the government was forced into a shutdown. This means that many government employees are temporarily out of work or without paid employment until the budget is finalized. A full week later, another failed vote took place, extending the government shutdown. News of the shutdown caused a significant market surge: Bitcoin immediately rallied towards $114,000. As the dollar came under pressure during the shutdown, people are moving to riskier assets, including crypto. The shift was also noticeable for gold: the most valuable asset has become even more valuable and is now worth €109 per gram, a new record high. These movements of capital from traditional assets to other markets also indicate a shift in confidence. Gold has been rising for months, and this record high shows that the trend is continuing. Some analysts warn that gold has risen too much in the short term and that a pause or decline could follow. Nevertheless, buyers remain active as long as the economic situation remains uncertain.

Bitcoin's success continued last weekend, reaching a new all-time high of $125,600. This peak, which broke the previous record set in August, is a clear sign of renewed investor confidence. The sharp decline in the number of Bitcoins held on centralized exchanges is striking. According to data from various analytics platforms, the total BTC reserve on these exchanges has fallen to a six-year low of approximately 2.83 million BTC. This level was last seen in 2019, when Bitcoin was trading at $8,000. The figures show that more than $14 billion worth of Bitcoin has been moved off exchanges in the past two weeks.

The Bitcoin market has recently experienced a remarkable shift in capital. Yesterday, Bitcoin experienced its second-highest inflow day ever on Wall Street, with US spot Bitcoin Exchange-Traded Funds (ETFs) collectively attracting over $1 billion in fresh capital. This record marks a significant return of confidence, especially after a period in which net inflows occasionally stabilized. The exact figure for the day is a staggering $1.05 billion (€988 million), surpassing the previous milestone of $1.003 billion set on March 12th. The only day with a higher inflow was the record day on April 28th, when the funds collectively attracted $1.3 billion. The total combined inflow into these funds since their launch earlier this year now stands at an impressive $18.4 billion. This underscores the continued adoption of Bitcoin by institutional investors through regulated financial products.

These were particularly good days for BlackRock's IBIT fund, which raised over $1.7 billion in capital in recent days. Monday's inflow of $970 million was not only the highest for IBIT since April 28th but also strongly confirms BlackRock's market position as a leading provider in this segment. Other funds also saw substantial inflows, indicating that interest is broadly based across various ETF issuers. These record inflows are a key indicator that large investors are viewing the recent price declines as prime opportunities. The Bitcoin ETF sector's ability to consistently attract capital above the billion-dollar mark, despite market volatility, further establishes Bitcoin as a fully-fledged asset class within the traditional financial world. New ETFs coming soon While Bitcoin and Ethereum ETFs are once again seeing high inflows, this is a significant week for Solana. Several ETFs are currently on the agenda for approval or rejection by the SEC (U.S. Securities and Exchange Commission). What's the status of all the ETFs already listed on the stock exchange and those yet to come?

Recently, we've seen remarkable growth in capital inflows into Bitcoin ETFs. Global crypto ETFs attracted nearly $5.95 billion in new assets in the week ending October 4, 2025, of which $3.55 billion was allocated to Bitcoin products. The United States led this process with approximately $5 billion in inflows globally. In the US, the recently approved spot Bitcoin ETFs now have enormous AUM (assets under management). For example, BlackRock's iShares Bitcoin Trust (IBIT) amassed over $52 billion in AUM within a year. Ethereum is not far behind Bitcoin in terms of ETF development. In May 2024, the SEC approved eight spot Ethereum ETFs. These funds give investors access to Ethereum without having to hold the crypto themselves. Although the initial inflow into these ETH ETFs was more modest than for Bitcoin, interest is clearly increasing. ETH products are continuously being developed, also with attention to options such as staking.

For altcoins such as Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), and XRP, their ETF applications are still pending and often delayed. For Solana, several applications (e.g., from Grayscale, Bitwise, 21Shares) have been modified and resubmitted to meet the SEC's requirements. The SEC has postponed decisions on the Solana proposals several times and now sets deadlines in Q4 2025; a key date is October 10th for some Solana ETFs. For Dogecoin, an ETF has already been approved under the 40 Act (DOJE) regulations, which is not a traditional spot ETF but an exchange-traded product approved under different rules. At the same time, the application for a spot DOGE ETF has been postponed until November 2025.