Optionality in Digital Assets: A Framework for Client PortfoliosMost client conversations about crypto start and end with Bitcoin. That approach leaves significant opportunity on the table. Here's how advisors can think about building optionality into digital asset allocations.Bitcoin has earned its place in portfolio discussions. It's the most liquid, most institutionally adopted, and most widely understood digital asset. Spot Bitcoin ETFs now hold over $90 billion, and major wirehouses are opening allocat ...

Altcoin Greenshoots Are Emerging | ETF TrendsFor many cryptocurrency market participants, it's difficult, if not impossible to put a positive spin on this year's price action. For those that feel as though bitcoin and friends do nothing but decline, rest assure, you're not alone. There's no denying that positive cryptocurrency news has been hard to come by this year. However, that doesn't mean that negativity is a permanent condition. It's not. Actually, investors looking for some positivity in the digital ...

The Altcoins Building Real Financial Infrastructure | ETF TrendsSettlement layers, DeFi protocols, US dollars on chain, and the rails of tomorrow's finance.The term "altcoin†, used to define digital assets different from Bitcoin, covers everything from mission-critical financial infrastructure to memecoins inspired by internet jokes. For advisors, the distinction matters enormously. The serious end of the altcoin spectrum consists of blockchain networks and decentralized applications that process real eco ...

Core Viewpoint - CoinShares International Limited has provided a business update for Q4 2025, highlighting the impact of market conditions on its performance and ongoing regulatory processes affecting its U.S. business combination efforts [1][2][3]. Group 1: Business Performance and Market Movements - In Q4 2025, CoinShares' business performance mirrored the digital asset market trends, with Bitcoin and Ethereum prices declining to approximately $88,000 and $2,900 respectively by year-end [5]. - The total gross Assets under Management (AuM) decreased by $2.20 billion in Q4 after a $1.56 billion increase in Q3, resulting in a year-end closing gross AuM of $7.40 billion [8]. - CoinShares Physical ETPs ended the year with gross AuM of $2.8 billion, achieving net inflows of $662 million in H2 2025 despite price declines in Q4 [8]. Group 2: Regulatory Developments - Regulatory frameworks in several European markets, including the UK and France, are evolving to support broader retail access to digital asset ETPs, which aligns with CoinShares' long-term distribution strategy [6]. Group 3: Product Launches - In H2 2025, CoinShares launched several products, including the CoinShares SEI Staking ETP and CoinShares Toncoin Staking ETP in Europe, as well as the CoinShares Altcoins ETF (DIME) in the United States [7]. Group 4: U.S. Transaction Progress - The company is progressing towards completing a business combination with Vine Hill Capital Investment Corp, with key developments including the submission of registration statements to the SEC [10][15]. Group 5: Financial Reporting Update - The Group's financial statements for the year ended December 2024 and interim financial statements for June 2025 will require restatement due to the preparation of the U.S. registration statement [11]. Group 6: Dividend Announcement - The Board has approved a dividend of $0.33 per share for the year ended December 31, 2025, totaling approximately $21.5 million, to be paid prior to the completion of the proposed business combination [12].

Core Insights - Goldman Sachs has revealed a significant investment in digital currencies, totaling $2.36 billion, with a notable portion allocated to altcoins, including assets linked to the CoinShares Altcoins ETF (DIME) [1] - Despite a decline in the overall cryptocurrency market, Goldman Sachs increased its positions in spot XRP and Solana ETFs, holding $152.2 million and $108.9 million respectively at the end of the year [1] - The filing indicates that major investors are recognizing value in higher-tier altcoins, which aligns with the focus of the DIME ETF [1] Cryptocurrency Market Overview - The cryptocurrency market is currently facing challenges, with Bitcoin experiencing a decline from approximately $114,000 at the end of September 2025 to around $88,400 by year-end [1] - Ethereum also saw a drop, falling from $4,140 at the end of September to $2,970 by the end of the year [1] Investment Trends - Goldman's strategy of increasing altcoin ETF holdings during a market downturn suggests potential confidence in the long-term value of these assets [1] - The actions of Goldman Sachs may encourage other investors to consider similar moves in the altcoin space, highlighting a potential shift in investment strategies within the cryptocurrency market [1]

Core Insights - Bitcoin underperformed gold in 2025 as the Federal Reserve reduced its balance sheet, while gold benefited from geopolitical tensions and sovereign demand [1] - The divergence indicates that Bitcoin is more closely tied to credit availability in the financial system rather than simply acting as "digital gold" [1] - The outlook for 2026 suggests a potential reversal, with political pressure to expand credit possibly favoring Bitcoin over gold [1] Group 1: Market Dynamics - Bitcoin's price movements are directly correlated with the Federal Reserve's balance sheet changes, falling when the Fed tightens and rising during expansions [1] - Gold outperformed Bitcoin throughout 2025, leading to confusion among investors who viewed Bitcoin as a straightforward alternative to gold [1] - Alternative cryptocurrencies experienced greater declines than Bitcoin as monetary conditions tightened in 2025, with Bitcoin regaining its dominant market position [1] Group 2: Future Outlook - The setup for 2026 appears more favorable for Bitcoin due to anticipated political pressure to lower interest rates and expand the Fed's balance sheet [1] - Historical patterns indicate that the Bitcoin-to-silver ratio has bottomed out every 14 months before reversing, suggesting a potential upcoming shift [1] - Regulatory clarity and a new Federal Reserve chair are expected, although there is uncertainty regarding whether these factors are already reflected in current valuations [1]

Core Insights - Bitcoin has experienced a significant decline, hitting its lowest levels since the 2024 presidential election, with a year-to-date drop of 15% [1] - The decline in Bitcoin has negatively impacted altcoins, but it also presents potential investment opportunities, particularly through the CoinShares Altcoins ETF (DIME) [1] Group 1: DIME ETF Overview - DIME is a newly launched cryptocurrency ETF that focuses on multiple altcoins, providing a convenient option for investors looking to capitalize on an altcoin rebound [1] - The ETF is actively managed, allowing for flexibility in selecting higher quality altcoins, which is crucial in a volatile market [1] - DIME does not include Ethereum, the largest altcoin, indicating a focus on smaller, potentially higher-quality altcoins [1] Group 2: Market Dynamics - The altcoin market has become top-heavy, with liquidity concentrating in major altcoins rather than smaller market cap options, leading to a structural reordering in the asset class [1] - The ten largest altcoins currently hold a historically high percentage of the total altcoin market value, suggesting that any rebound will likely be led by these major players [1] - The previous breadth of "alt season" has diminished, with most market movements now concentrated in the top 10 altcoins rather than the broader market [1]

Core Viewpoint - The discussion centers on whether crypto ETFs represent a sustainable investment trend or merely a passing fad, with arguments presented from both bullish and bearish perspectives [1][2]. Group 1: Market Performance and Trends - The first U.S. cryptocurrency ETF, ProShares Bitcoin ETF (BITO), debuted over four years ago, with Bitcoin reaching a peak of approximately $68,000 in 2021 and $126,000 in 2025, indicating significant price volatility and institutional interest [1]. - In 2025, crypto ETPs attracted $34.1 billion in investments, showcasing a growing institutional demand for crypto exposure through regulated vehicles [1][2]. - Despite a 30% price drop in Bitcoin following its peak, the overall inflows into crypto ETFs remained strong, with nearly $48 billion in the first eleven months of the year, indicating resilience in the market [2][3]. Group 2: Regulatory Environment - The regulatory landscape for crypto ETFs has improved, with acts like the GENIUS Act and CLARITY Act providing a more structured environment for investment, which is seen as a positive development for the ETF market [1]. - The SEC's oversight of crypto ETFs contrasts with the original decentralized nature of cryptocurrencies, raising questions about the implications for the future of digital assets [1]. Group 3: Institutional Adoption - A significant increase in the number of U.S. advisory firms allocating to crypto ETFs has been noted, rising from fewer than 200 before 2024 to over 2,000, reflecting a shift in institutional acceptance [1]. - Institutional investors are now holding crypto ETFs, which contrasts with previous cycles where retail investors would panic sell during downturns, suggesting a more stable investment base [2][3]. Group 4: Future Outlook - The potential for consolidation in the crypto ETF market is highlighted, with larger providers like BlackRock dominating inflows, which could lead to smaller players exiting the market [3]. - The emergence of diversified crypto ETFs, such as the CoinShares Altcoins ETF (DIME), is seen as a promising development, allowing investors to gain exposure to a range of cryptocurrencies rather than betting on individual assets [3].

Core Insights - The inclusion of Binance Coin (BNB) in CoinShares' Altcoins ETF (DIME) raises questions about its role in an infrastructure investment strategy, which is justified by BNB's scarcity mechanisms and increasing institutional adoption [1] Group 1: Investment Strategy - DIME focuses on Layer 1 networks that support decentralized applications and transaction processing, excluding speculative tokens like Bitcoin and Ethereum [1] - BNB qualifies for inclusion as it powers the second-largest blockchain by decentralized exchange volume, following Ethereum [1] Group 2: Economic Model - BNB's economic model creates scarcity linked to usage, distinguishing it from speculative assets [1] - The token employs two systems for supply reduction: "Auto-Burn," which removes approximately two million tokens quarterly based on price and blockchain activity, and "Real-Time Burn," which destroys a portion of transaction fees [1] Group 3: Institutional Adoption - Institutional validation of BNB's model is evident as BlackRock extended its $2.5 billion tokenized Treasury fund BUIDL to BNB Chain, and Kazakhstan's Alem Crypto Fund made BNB its first official purchase [1] - BNB reached an all-time high of nearly $1,370 in October 2025, having launched at $0.15 during its 2017 ICO, now ranking as the fourth-largest cryptocurrency by market capitalization [1] Group 4: Ecosystem Development - BNB has evolved from a utility token for the Binance exchange to a multi-functional infrastructure, with developments like opBNB for reduced transaction costs in gaming and social apps, and BNB Greenfield for decentralized data storage [1]

Core Viewpoint - The cryptocurrency market is currently lacking a definitive altcoin season, which presents an opportunity for investors to consider the CoinShares Altcoins ETF (DIME) as a strategic investment option [2][3]. Group 1: DIME ETF Overview - DIME ETF focuses on higher-tier altcoins, excluding Ethereum, Bitcoin, and stablecoins, providing a diversified exposure to altcoins [3]. - The ETF's structure allows investors to avoid the complexities of selecting individual digital currencies while still participating in potential altcoin growth [3][4]. Group 2: Historical Context of Altcoin Seasons - Historical data shows that altcoin seasons can emerge rapidly, as evidenced by the significant drop in Bitcoin dominance from approximately 96% to 60% in 2017, which coincided with a major altcoin rally [5]. - A similar pattern occurred in 2021, where Bitcoin dominance fell from about 60% to near 40% in a short period, leading to substantial gains for altcoins like Ethereum and meme coins [6][7]. - The current Bitcoin dominance is around 60%, suggesting that a decline could signal the onset of a new altcoin season, which could benefit DIME [7].