Theo Druker @theodruker: "Dear Copiers, Followers, and Future..."

France

Dear Copiers, Followers, and Future Partners, The first quarter reminded everyone that markets don’t move in straight lines. Between geopolitical tensions, higher energy prices, and persistent inflation, Q1 saw a meaningful reset in risk appetite. Growth stocks cooled, yields stayed elevated, and investors rotated more selectively across sectors. April, however, marked a shift. Markets stabilized and started to rebuild momentum, led once again by AI infrastructure and large-cap tech earnings. The broader picture today is not one of weakness, but one of transition. Liquidity is no longer easy, but capital is still flowing into the right themes, not just any theme. From a macro perspective, what matters is this: - Growth is still there, but more selective - Capital is becoming more institutional and long-term - AI and digital infrastructure are attracting sustained investment - Crypto is no longer fringe, it is being absorbed into traditional finance That last point is critical for understanding how we are positioned. PORTFOLIO UPDATES - We added to Galaxy Digital (GLXY) on a deeper pullback, reinforcing a high-conviction position at more attractive levels. - We initiated a position in Bitcoin (BTC), giving the portfolio direct exposure to the asset itself. - We just started reducing ITA by around 50%, and may continue scaling it down as we reallocate capital. - Core positions in SPY, QQQ, and AMZN remain unchanged and continue to anchor the portfolio. WHY THIS PORTFOLIO MAKES SENSE RIGHT NOW Galaxy Digital: Where Finance Meets Infrastructure Galaxy is not just a crypto company. It is positioning itself as a bridge between traditional finance and next-generation infrastructure. Under Michael Novogratz, the strategy has become clearer: - Institutional crypto services - Asset management - And most importantly, AI and data-center infrastructure (Helios) This matters because the market is starting to differentiate between: - speculative crypto exposure - and infrastructure-backed digital finance Galaxy sits in the second category. Novogratz himself has been clear: the real story is not short-term price action, but the institutionalization of the space, driven by serious players entering the ecosystem. Even when crypto markets pull back, the long-term thesis strengthens. That is why volatility here is not a red flag, it is part of the opportunity. Bitcoin: Institutional Demand Is the Real Driver Bitcoin today is no longer driven purely by retail speculation. - BlackRock’s IBIT ETF has been leading inflows, with strong institutional demand coming back into the market - Spot Bitcoin ETFs have seen over $2 billion of inflows in recent sessions, showing sustained capital entering the space - Novogratz also highlights that demand is now coming from both retail and institutions simultaneously, which creates structural support That changes the nature of Bitcoin. It is no longer just a speculative asset. It is becoming part of portfolio construction at the institutional level. By holding both BTC and GLXY, we are exposed to: - the asset itself - and the infrastructure around it That combination is intentional. Rebalancing: ITA Has Done Its Job ITA delivered exactly what it was supposed to: stability, geopolitical exposure, and strong performance during uncertain periods. Now, with capital better deployed elsewhere, we are rotating out progressively. This is not a reaction. It is simply capital allocation. The Structure Remains Clear SPY gives us broad market exposure QQQ and AMZN capture AI and tech growth GLXY and BTC position us toward digital finance and infrastructure This is not diversification for the sake of it. It is targeted exposure to the strongest structural themes of this cycle. Discipline Over Noise No leverage No shorts No reacting to headlines Just positioning, patience, and execution WHY NOW IS A GOOD TIME TO COPY If you want exposure to: - long-term market growth - AI and infrastructure - institutional crypto adoption - and a disciplined, conviction-based strategy This portfolio is built for exactly that. Copy with at least five hundred dollars and hold for six months or more to let the strategy unfold. And make sure to copy open trades to stay aligned. Thank you for your trust. We stay focused on what is building, not what is fading. Onward, Théo $SPY (State Street SPDR S&P 500 ETF) $QQQ (Invesco QQQ) $AMZN (Amazon.com Inc) $ITA (iShares US Aerospace & Defense ETF) $GLXY (Galaxy Digital) $BTC

Not investment advice. The author may have financial interests in the mentioned instruments.