CEO Update

March underlined the resilience of our platform. Despite a weak and volatile market backdrop, with Bitcoin remaining under pressure and broader sentiment fragile, Basis+ BTC and Basis+ USD each delivered positive estimated net returns of 0.43% for the month, taking year-to-date performance to 1.93% and 1.60% respectively. MultiStrat declined 4.96% in March following a very strong start to the year, but remained up 23.65% year to date. In our view, this is a strong outcome given the market environment, reinforcing the value of a disciplined, diversified and risk-controlled strategy exposure.

From a market perspective, Iran was the macro issue in sharpest focus during March and had a clear impact on sentiment and capital allocation decisions. Much ink has been spilled on predicting how events may pan out there, but for now the situation remains in flux and markets continue to trade with that uncertainty in mind. We are seeing some allocators take a more cautious stance on new capital deployment until there is greater clarity on how that situation develops. Against that backdrop, Bitcoin has remained relatively resilient, even as broader risk appetite across digital assets has been uneven. We continue to see a market that is increasingly bifurcated: short-term positioning remains tactical, while institutional participation in Bitcoin remains structurally supportive. That is generally a favorable setup for disciplined, market-neutral and relative-value strategies.

Our focus remains unchanged: protecting capital, compounding steadily where the opportunity set allows, and continuing to build the platform’s operating and commercial capabilities. We remain confident that periods like this reward infrastructure, discipline and institutional-quality execution over time.