Core Insights - The investment firm has demonstrated resilience in a challenging macroeconomic and geopolitical environment, achieving a 21% growth in assets under management (AuM) in 2025 [3] - The firm added $30.2 billion in total new assets, aligning with its guidance of $26 billion to $31 billion [3] - Fundraising reached $26 billion in 2025, marking the highest year for new client demand in the firm's 30-year history, representing a 22% increase from the previous year [3] - M&A activities contributed an additional $4 billion to the firm's growth [3] - Bespoke solutions accounted for 72% of inflows, with both mandates and evergreens achieving their strongest performance to date [3]

Core Insights - Oil prices are experiencing a decline due to concerns over a potential supply surplus and ongoing scrutiny of Russian oil flows [1][2] Group 1: Oil Market Dynamics - Brent crude oil prices decreased by 0.4% to $63.91 per barrel, while WTI crude oil prices fell by 0.5% to $59.57 per barrel [1] - Analyst Nadir Belbarka noted that oil prices are influenced by geopolitical instability and structural supply expansion [2]

Bitcoin as Digital Gold - Bitcoin benefits from instability, including market, government, and geopolitical instability, serving as a safe haven asset [1] - Diversification is key, with Bitcoin being uncorrelated to assets like NASDAQ, making it a hedge against instability [1] - If capital allocators view Bitcoin as a safe haven and instability increases, allocations could reach a few percent [7] - The industry suggests assessing the percentage of major asset managers, sovereign wealth funds, and potentially central banks with Bitcoin allocations [4] Tokenization and the Future of the Industry - Tokenization of off-chain assets (equities, commodities, funds) will lead to significant on-chain value [11][12] - Even if only 5-10% of off-chain assets are tokenized, it represents a massive success for the industry [12] - The industry anticipates that the value of tokenized off-chain assets will surpass that of Bitcoin [14][15] - Tokenization will redefine the industry, shifting focus from cryptocurrency to tokenized assets [18][19] Bitcoin's Potential Growth - The industry believes Bitcoin adoption will positively impact the broader industry [8] - If Bitcoin becomes a significant portion (e g, 50%) of sovereign wealth funds and pension funds, its value could reach tens of millions per coin [17]