Portfolio update

Sharpened Focus in Uncertain Market Conditions

Market conditions are currently far from stable. Uncertainty isn’t limited to crypto—traditional equity markets are also facing turbulence, driven by political developments, particularly around Trump’s trade policies and economic plans. In such times, it’s crucial to manage risk carefully, without losing sight of the long-term vision.

Why We’re Refining Our Crypto Portfolios

To be better prepared for both downward movements and future opportunities, we’ve decided to restructure our crypto portfolios. We’re focusing on projects with proven adoption, strong fundamentals, and sustainable growth potential.

In markets that are still maturing, weaker projects are often filtered out quickly. This is exactly when quality proves its value. That’s why we’ve made targeted decisions across both our Flagship and Frontier strategies. Projects without a clear long-term outlook have been removed, creating space for a high-potential new addition.

Flagship: Focus on Quality

Within our Flagship strategy, we’ve exited the following three projects:

• Near – The pivot towards AI may present opportunities in the long run, but currently lacks tangible results and user adoption.

• Lido – Despite its key role in liquid staking, we see limited value creation for token holders. The long-term outlook remains weak.

• Ton – While TON theoretically has access to a billion Telegram users, actual blockchain adoption is lacking. The current growth potential is not being realized.

Frontier Adjustments

In our Frontier strategy, which focuses on early-stage growth projects, we’ve made the following decisions:

• Render – The project currently lacks a strong competitive edge and faces pressure from large centralized cloud providers. We’ll keep monitoring it, but for now, we’ve exited.

• Aero – Due to Coinbase’s strategic partnership with Uniswap, Aero’s edge has diminished—along with its potential for significant growth.

• Hyperliquid (new) – Hyperliquid has quickly become the largest decentralized derivatives exchange. The platform is profitable, shows strong growth, and has a clear product-market fit. It’s a great addition to our Frontier vision.

Our Vision Remains Unchanged

We remain confident in the structural long-term growth of the crypto sector. Key drivers—such as institutional adoption, technological innovation, and increasing regulation—are laying a solid foundation for the future. But especially in this volatile phase, it’s essential to stay focused and invest in projects with lasting value.

As always, our approach is long-term oriented: managing risk with a clear strategy and a focus on fundamental quality.

Have questions about any of the projects or your own portfolio? We’re happy to help.