Writing to our investors: . Q1 was another terrible quarter for crypto, with total market cap declining -22% (after -27% decline in Q4 2025). . Trading volume looked even worse: Q1 spot trading volume on centralized exchanges reached $3.1T, a -37% decrease vs Q4 2025. Perpetual futures trading volume (used by traders to trade on leverage) fell to $12.7T in Q1, a -26% decrease vs Q4 2025. We continue to be in bear market, which we think will hold for 6-12 months. Institutional interest (eg Apollo, Fidelity, Blackrock), the technology (eg speed, privacy, AI adoption of crypto rails), revenue-generating applications (eg Hyperliquid, Pump), adoption of Real World Assets onchain (eg commodities, reinsurance) and regulatory improvements (eg Genius, Clarity bills) continue to build the foundation for the next major crypto cycle.

On 31st of March 2000, CISCO hit all time high of $77. Peak internet bubble. It took 25 years (Nov 2025) for CISCO to reach $77 price per share again, which is roughly $320B market cap. CISCO is the infrastructure for the internet. In the meantime, applications for the internet such as META, GOOGLE, AMAZON reached $TN valuations. TLDR: * It can take decades for overvalued infrastructure to reclaim prior ATHs. * Meanwhile, the application layer often captures the majority of long-term value creation. * Cisco became the plumbing of the internet. Meta, Google, Amazon monetized the users on top of it. * In tech cycles, infra enables the revolution — apps usually monetize it.