Quarterly Report - Unpacking The Crypto Markets - September 2025

We believe that Altcoins, particularly those with smaller market capitalisations, offer the potential for strong returns. The crypto market is defined by continuous innovation, and altcoins represent the cutting edge of this development. Projects focused on Layer-2 scaling solutions, and decentralised finance (DeFi) infrastructure are building the "pipes" for the next generation of finance.  Investing in just Bitcoin does not provide exposure to sectors which we consider have the potential to grow significantly.