Summary Bitcoin continued to see demand by institutional investors including corporate treasuries, reaching a historic price milestone of in mid-May. Ethereum's highly anticipated network upgrade Pectra brought improved scalability and security while launching new 0 Q2 25, we maintained our relative value-based investment strategy, which meant that the portfolio remained underweight in 1 states advanced digital asset reserve legislation, aligning with the Trump administration's push for a national bitcoin reserve and digital asset 2 the market evolves and activity/adoption occurs between the two networks, we continue to reevaluate our allocations to Bitcoin and 3 Takeaways Markets: US stocks were volatile due to concerns over the impact of Trump's tariffs on economic growth, inflation, and Fed policy, with fears of recession or 4 traditional market volatility, positive momentum around regulation led cryptocurrency markets to rebound during the second quarter of 2025 (Q2 25).
Contributors/Detractors: Both holdings were positive contributors to the portfolio, which includes Bitcoin (BTC-USD) ( BTC ) in the Currency sector, and Ethereum (ETH-USD) ( ETH ) in the Smart Contract Platform 5 Outlook: During Q2 25, we maintained our relative value-based investment strategy, keeping an underweight to Ethereum and overweight to Bitcoin when compared to the strategy's benchmark, the S&P Cryptocurrency MegaCap 6 Outlook: We believe that new blockchain technologies have the potential for capital appreciation that can be captured through strategic selection of their underlying 7 believe emerging blockchain technologies offer capital appreciation opportunities through selective exposure to their underlying 8 moves by the Trump Administration and several 9 governments to establish cryptocurrency reserves, establish rules for stablecoins and provide regulatory clarity on the market structure for digital assets aim to position the 10 a leading crypto 11 Review
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