CEO Update

April further underscored the resilience of our platform and the strength of our commercial momentum. Despite continued pressure in digital-asset markets and a selective risk environment, our flagship Basis+ BTC and Basis+ USD strategies each delivered positive estimated net returns for the fourth consecutive month.

Hedge fund AuM increased by 10.5% in April, marking a fifth consecutive month of net inflows. This is driven almost entirely by institutional allocators and reinforces what we believe is an alltime high in institutional engagement and future revenue visibility.

Notably, our strategies received a third capital inflow from a Sovereign Wealth Fund in April, further evidencing continued conviction from large-scale, long-term institutional investors.

During the month, we also added new institutional relationships that have now progressed into formal duediligence processes, further validating underlying demand for the platform even in a volatile macro environment. At the same time, heightened geopolitical uncertainty has modestly extended some allocation timelines, but the quality of dialogue remains highand discussions are moving forward constructively.