CoinShares Asset Management SAS @Napoleon-X: "Dear investors, ⏰ It’s time for..."

Smart Portfolio

Dear investors, ⏰ It’s time for our weekly commentary! 📊 Tokenization has accelerated rapidly in recent months, with more than $40 billion in real-world assets (RWAs) now tokenized. This momentum has been driven largely by the success of RWA trading on Hyperliquid, which has demonstrated that a lean organization (just 11 employees) can achieve trading volumes comparable to those of traditional exchanges by leveraging the advantages of asset programmability, and instant and atomic settlement. The next major growth area is likely to be the emerging agent-based economy. As AI agents become increasingly autonomous, they will use blockchains to purchase services from one another, allocate capital, and invest idle cash reserves. An open question is whether these agents will rely on existing on-chain vaults or evolve into autonomous robo-advisors capable of designing and executing their own investment strategies. Regardless of the approach, this new wave of machine-to-machine transactions will require blockchains that are both fast and inexpensive. Unsurprisingly, transaction activity is already concentrated on Solana and Layer 2 networks such as Base and Polygon, which currently offer the performance characteristics best suited to these use cases. While volumes remain tiny today, they are real and steadily increasing. Their evolution could become one of the clearest real-time indicators of large-scale AI adoption. 🎯 Our @Napoleon-X portfolio is down 3.36% over the past 7 days and 8.99% over the past 30 days. Exposure is still around 50%, in line with our risk management process. Markets came under pressure last week as persistent inflation reinforced expectations that the Federal Reserve will keep interest rates on hold, while the risk of a more hawkish stance continued to build. A key question facing Federal Reserve policymakers is whether AI is already delivering meaningful productivity gains or simply fueling higher spending in anticipation of future benefits. So far, the evidence appears to support the latter, with signs of overheating emerging in several segments, particularly semiconductors. If these imbalances persist, it would be another reason for policymakers to tighten conditions to temper market exuberance. 🔎 What happened last week: 👉 Binance withdrew its MiCA application with Greece's Hellenic Capital Market Commission on 24 Jun 2026 and says it will seek authorisation in another EU member state, days before the 1 Jul 2026 deadline requiring crypto firms to hold a licence in at least one member state. The exchange says affected EU users will be contacted directly and that their funds remain accessible; its head of Europe and the UK, Gillian Lynch, told Reuters the firm is not leaving Europe. 👉 Intercontinental Exchange, owner of the NYSE, and OKX announced a 50-50 joint venture on 22 Jun 2026 to build infrastructure for tokenised and digitally native products. Subject to regulatory approval, it is expected to operate as a US-registered broker-dealer and FCM, giving OKX's 120M+ customers access to ICE futures and NYSE tokenised equities. It will be co-chaired by ICE and former New York governor Andrew Cuomo, and follows ICE's roughly $200M minority investment in OKX in March. 👉 Kraken and Maple closed an onchain warehouse facility for digital asset-backed loans, a USDC-denominated structure that funds Kraken's OTC lending desk, with Maple providing senior financing through a bankruptcy-remote SPV. Credit markets have been replicated fully onchain; the facility's size. Both firms describe it as one of the first times the structural protections of institutions were not officially disclosed, though one outlet reported it at around $375M. Separately, Kraken is reportedly in talks to take a 15% stake in Aave Group at a $385M valuation (around $71M, via 35,000 ETH and 250,000 AAVE), per CoinDesk citing sources; the talks are unconfirmed, and Aave founder Stani Kulechov publicly played down the idea of a structured acquisition. 🔗 You can find the weekly wrap up of our $CS.ST Macro Research Team here: coinshares.com/corp/insights/research-data/market-update-26-06-2026/ Thank you for your support 🙏 $CSHR $BITC.DE (CoinShares Bitcoin ETP) Past performance does not predict future returns. Capital at risk.

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

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