Voting is open for the Cashcow Awards 2026, and MN Fund is nominated for Best Crypto Fund in the Netherlands. What got us here is not a single good month. It’s risk management first, and a consistent positive return versus Bitcoin across the months that went up and the months that didn’t. Casting a vote takes a few seconds, and it gets you a free ticket to the @Beleggersfair in Amsterdam on November 13. Vote here →

Last week, the team travelled to Singapore for @token2049. The industry has matured significantly as more and more institutions are showing interest in the digital assets industry. Few of the key lessons: - It's quite clear that retail isn't going to be driving mass adoption in the way it used to be. Onboarding a mass number of users will likely be done through applications on top of layers. Most likely through a way where users aren't aware of the fact that they are using blockchain. - Payment rails on blockchain are superior vs. the old financial system and is accelerating at a super fast pace. - Tokenization has literally just started and the growth curve is massive. - Current valuations of most of the protocols and layers are way too low vs. the potential TAM of the underlying market (for instance the Agentic Economy). A very bullish and positive week with a phenomenal outlook for the years ahead for the entire industry.

The government in the Netherlands has decided that holding #Bitcoin# and #Crypto# in self-custody will be taxed for 36% unrealized capital gains. This is the current plan, and it’s not law. At least for the years 2028 and 2029. The same principle will be applied for precious metals like Gold and Silver. However, holding the same in a fund won't be applied to this taxing policy and will only be applicable for realized gains. From a personal perspective, we're against the new rule of Box 3 and would think that the government needs to go back to the drawing board.

Last week we broke down what the Clarity Act's failure in the Senate actually means, and why the timing matters given Europe's MiCA framework is now fully in effect. Worth a read if you missed it the first time, especially with regulatory clarity (or the lack of it) shaping where institutional capital chooses to sit. Read it here →

The #Crypto# and #Bitcoin# markets can turn quite quickly. Only during Q2 of this year, markets were still trading around $60,000 in which the sentiment has turned towards the most negative the markets have seen over the past nine years. That's typically the nature of the #Crypto# ecosystem as a market and that why it feels hard to grasp. Relying on data is the essence, while navigating these markets. The Power Law Model is a great example. It shows that the markets have been trading beneath the 1% percentile during the period that it was hovering around $60,000. That means: 99% of the time the asset Bitcoin was valued higher than during those trading days. Sure, in hindsight everything is easy, but during those moments the allocations have increased into our base assets as we expect to see an outperformance of strong performing altcoins vs. Bitcoin. The markets are very likely turning into a bullish market sentiment much rather than a continuation of the bearish market.

Digital assets just posted one of their sharpest reversals in years. Bitcoin's August rally broke a historically weak seasonal pattern, and the reasons behind it say more about market structure than about any single asset. In our latest post, we break down what actually drove the move this month: shifting rate expectations, a liquidity driven dollar move, and a short squeeze that built on itself. We also look at why the assets in our own book rallied for different reasons at the same time, and why that divergence matters more than the headline number. Read the full breakdown on our blog: