There is no Crypto Moves today. Instead, today’s note marks our first trade for our Crypto Portfolio, along with the rationale behind this decision. This trade aims to indirectly benefit from the imminent launch of U.S.-based Ethereum ETFs, without directly increasing our Ethereum exposure. Simply put, we anticipate that market participants will explore other subsets of the Ethereum ecosystem for exposure upon the successful launch of an Ethereum ETF. This particular token is highly correlated with Ethereum and has outperformed it in recent years.

Additionally, this trade positions us to benefit from the increased institutional onchain adoption and tokenization, also known as Real-World Assets (RWAs), expected in the latter half of this year. RWAs are tangible or financial assets represented and tokenized on a blockchain. This tokenization allows these assets to be traded, used as collateral, or otherwise utilized within the decentralized finance (DeFi) ecosystem, enhancing transparency, accessibility, and liquidity. Examples include real estate, commodities, stocks, bonds, and invoices.