Ecosystem Update May 2025

Introducing our May 2025 Ecosystem Update, detailing the latest macro trends, market performance, regulatory shifts, institutional developments, adoption milestones, and portfolio highlights. This report also introduces a comprehensive Group Update section, outlining key corporate progress and strategic initiatives achieved during the month. Each section provides insight into the accomplishments and trajectory of Advanced Blockchain AG and our portfolio companies’ achievements from the past month, and provides a framework for the future outlook.

Macro Overview

Source: CoinGecko

In May 2025, the crypto market rallied strongly, marked by Bitcoin (BTC) surging past the psychological $100,000 level for the first time since late 2024. BTC reached a new all-time high just under $112,000 by month-end, before a brief early-June pullback to around $104K. Ethereum (ETH) also enjoyed a positive month, soaring from the ~$1,800 range to highs above $2,500 in mid-May and stabilizing above $2,100 into month-end.

Market Performance and Trends

Bitcoin’s Breakout: Bitcoin opened in May at around $95,000 and breached $100K in the first week. It continued to climb, peaking near $111,980 on May 31 – a record high. The rally was fueled by optimism around a potential Federal Reserve policy pivot and increasing institutional demand. Even after a modest retracement in early June, BTC held the six-figure threshold, establishing $100K as a new support level. Analysts note that Bitcoin’s weekly uptrend remains intact, with many forecasting further upside in 2025 as macro conditions turn more favorable.
Ethereum’s Resurgence: ETH broke out of its tight Q1 range and posted a monthly gain for May. The price climbed from ~$1,850 at the end of April to over $2,600 during May’s peak momentum. ETH benefited from positive developments like the successful implementation of staking withdrawals and growing Layer-2 adoption. Following up on ETH’s improvements, the Ethereum Pectra upgrade introduces significant enhancements to staking, notably increasing the maximum effective balance per validator from 32 ETH to 2,048 ETH through Ethereum Improvement Proposal (EIP)-7251. This change allows both institutional and solo stakers to consolidate their stakes, reducing operational complexity and enabling rewards to compound within a single validator. In short, EIP-7251 makes Ethereum staking more scalable and attractive for high-volume stakers.

By late May, Ethereum consolidated in the low-$2,000s, reinforcing the $2K level as support. Market observers view Ethereum’s renewed strength and its first monthly green candle of 2025 as signals of improving sentiment of selected altcoins alongside Bitcoin’s dominance.

Effective macroeconomic conditions: Investors’ risk appetite was bolstered by supportive macro signals. In early May, the U.S. Federal Reserve held interest rates steady amid inflation, prompting speculation that rate cuts could occur later in the year – a scenario historically bullish for crypto. Geopolitical tensions that had weighed on markets (e.g., U.S.-China trade concerns earlier in 2025) showed initial signs of easing, further improving market sentiment. These factors, combined with strengthening technicals, created a favorable environment that allowed crypto assets to climb to new highs in May.

Regulatory Developments

United States

Regulatory momentum shifted toward more clarity and accommodation under the new administration. The U.S. SEC took multiple crypto-friendly actions in May. Notably, the SEC’s Division of Trading & Markets withdrew a 2019 policy statement that had deterred broker-dealers from custodying digital assets, and simultaneously issued new FAQs guiding broker-dealer and transfer agent crypto activities. These moves remove barriers for financial institutions to handle crypto assets, aligning with the pro-innovation stance of SEC leadership. Additionally, SEC Commissioner Hester Peirce revealed that the agency’s Crypto Task Force is considering a conditional exemptive order to let firms use blockchain for issuing and trading tokenized securities – a step that could integrate traditional markets with blockchain infrastructure. At the end of May, SEC staff also clarified that certain types of blockchain staking services are not securities offerings, affirming a more nuanced approach to crypto products. Together, these developments underscore a constructive regulatory tone in the U.S., with clearer rules to foster innovation while protecting investors.

United Kingdom

Building on its progressive agenda, the UK advanced its crypto regulatory framework. In late May, HM Treasury introduced legislation to establish a comprehensive regime for stablecoins and crypto asset promotions, aiming to provide legal certainty for businesses. (This follows the UK’s plans announced in April to exempt overseas stablecoin issuers from certain requirements.) Meanwhile, the Financial Conduct Authority continued refining rules for crypto consumer protection, such as guidelines on risk warnings and limits on leverage, which are expected to take effect later in the year. These measures reinforce Britain’s aspiration to be a global fintech and crypto hub by balancing innovation with robust oversight.

European Union

The EU moved closer to implementing its landmark Markets in Crypto-Assets (MiCA) regulation. Following April’s publication of MiCA technical standards, regulators in May focused on operationalizing the framework across member states. The European Commission worked with ESMA and EBA on enforcement guidelines, and the MiCA regulatory package remained on track to begin phasing in by late 2024/early 2025. In parallel, EU officials signaled support for blockchain innovation, for example, by funding pilots for decentralized identity and blockchain-based infrastructure, underlining a willingness to embrace Web3 technology under a clear regulatory umbrella.

Asia (South Korea & Hong Kong)

South Korea finalized sweeping new crypto rules as it prepares to allow institutional players into its market. Announced on May 20, these guidelines (effective June 2025) will allow licensed exchanges and even nonprofits to handle crypto under strict compliance standards. Exchanges may liquidate crypto received as fees (with caps and reporting requirements), and qualified nonprofits can accept and sell donated crypto – a notable loosening of a long-standing ban. The rules also tighten listing criteria (to curb volatile “zombie tokens”) and strengthen AML via real-name accounts, reflecting South Korea’s balanced approach to foster institutional crypto adoption while mitigating risks. In Hong Kong, lawmakers passed a new stablecoin bill in May, expanding the territory’s licensing regime for crypto businesses. The law formalizes oversight of stablecoin issuers and virtual asset service providers, further cementing Hong Kong’s position as a regulated digital asset hub. Notably, Hong Kong’s Securities and Futures Commission continued issuing licenses to crypto trading platforms under its 2024 framework, with the total licensed exchanges now in the double digits.

Emerging Markets

Other nations made strides in crypto regulation and adoption. Kazakhstan announced plans to launch a pilot zone called “CryptoCity” where cryptocurrencies can be used for payments in a regulated sandbox environment. This initiative, revealed by President Tokayev at an international forum, is aimed at positioning Kazakhstan as a Central Asian crypto innovation hub while testing the integration of digital assets into the economy. And in a significant first for a large developing nation, Pakistan’s government signaled its intent to establish a strategic Bitcoin reserve as a part of its national treasury. The plan, which emerged in late May via high-level discussions, would make Pakistan one of the few countries exploring BTC as a sovereign reserve asset – a move reminiscent of El Salvador’s Bitcoin strategy and indicative of broader acceptance of crypto in emerging markets’ fiscal planning.

Institutional Activity

Coinbase Joins the S&P 500

A major milestone for industry integration occurred in May when Coinbase was added to the S&P 500 index. This marked the first time a crypto-native company joined the elite benchmark of U.S. equities. Coinbase’s stock price surged 24% on the news, reflecting optimism that mainstream investors will gain exposure to crypto’s growth via index funds. The inclusion, effective May 12, is seen as a watershed moment legitimizing the crypto sector in traditional financial circles. It also underscores the maturation of crypto businesses meeting the scale and governance standards required for S&P 500 membership.

Wall Street and Crypto Convergence

Established financial giants expanded their crypto involvement. Fidelity Investments, one of the world’s largest asset managers, launched a crypto-enabled Individual Retirement Account (IRA) product in May, allowing clients to allocate a portion of retirement savings to Bitcoin, Ether, and other digital assets. By bringing crypto into 401(k)s and IRAs, Fidelity is responding to client demand and further normalizing digital assets within long-term portfolios. In a similar vein, Intercontinental Exchange (ICE) (owner of the NYSE) partnered with Circle to explore using Circle’s USDC stablecoin for trade settlement and collateral management in traditional markets. This collaboration will test stablecoin integration in improving settlement speed and liquidity efficiency for financial institutions. Such moves by Fidelity and ICE demonstrate growing institutional confidence in crypto’s role in portfolios and market plumbing.

Corporate Bitcoin Accumulation

Institutional accumulation of Bitcoin continued. MicroStrategy, which in Mayl had topped 550,000 BTC in holdings, maintained its strategy of buying into strength. Company executives hinted at further BTC purchases ahead, reaffirming their long-term bullish stance. Meanwhile, Tesla, which holds BTC on its balance sheet, announced it would resume accepting Bitcoin for certain product purchases, citing improved sustainability of mining. And in the banking sector, Standard Chartered forecasted that Bitcoin could reach $120K by the end of the year, releasing one of the most optimistic price targets among major banks to date. These developments signal that major corporations and financial institutions not only continue to hold crypto but are publicly endorsing its prospects.

Global Adoption and Expansion

Crypto’s penetration of the general population reached new highs. A global survey by Gemini found that nearly one in four adults across surveyed countries now own cryptocurrency. In the U.S., UK, and EU, crypto ownership rates have climbed above 20%, and in some emerging markets (Latin America, Southeast Asia) well over 30% of respondents reported holding digital assets. This 25%+ adoption level illustrates how far crypto has come in achieving mainstream recognition as an investable asset class and payment technology. The user demographics also broadened, with higher participation among older age groups and women compared to prior years, indicating that crypto is no longer niche but increasingly ubiquitous.

The month saw further integration of crypto with traditional payment channels. Crypto exchange Binance, in partnership with payments firm Worldpay, integrated Apple Pay and Google Pay into its fiat on-ramp. This allows everyday users to purchase crypto directly using popular mobile wallets, significantly simplifying the user experience. Elsewhere, PayPal reported that volume on its crypto buy/sell feature hit record highs in May, and Mastercard expanded a pilot program for settling cross-border transactions using stablecoins on public blockchains. These developments are making it easier for consumers and merchants to transact in crypto. For example, in Latin America, Mastercard’s network is now enabling crypto-linked cards in over 12 countries, and several airlines and retail chains in the region announced they will accept stablecoin payments via these card programs. The continued blurring of lines between fintech and crypto is rapidly increasing real-world utility of digital assets.

To continue, governments expanded the adoption of crypto and blockchain in public services. Hong Kong not only advanced crypto regulation but also piloted the e-HKD (digital Hong Kong Dollar) retail central bank digital currency in May, with thousands of citizens testing wallets in a government-sponsored trial. Brazil moved forward with its CBDC project as well – the Central Bank of Brazil launched the beta of the digital real on a public blockchain infrastructure, aiming for a 2025 launch to facilitate financial inclusion and instant settlement. In Europe, the European Central Bank continued prototyping the digital euro, and the Bank of England released a consultation on the digital pound (“Britcoin”), with an emphasis on privacy and coexistence with cash. At the same time, countries with inflation challenges – such as Argentina and Turkey – saw grassroots crypto adoption surge further, as citizens used stablecoins and Bitcoin as hedges against currency depreciation.

In Panama, implementation of the new law allowing crypto for tax payments progressed, with the Panama City Council launching a portal for residents to pay certain fees in BTC, ETH, or stablecoins (expanding on the April legislation).

Outlook

Although the crypto market's outlook remains positive for June and beyond, it is tempered by a sense of short-term volatility. Bitcoin’s ability to establish a foothold above the $100K milestone has reinforced the bullish market structure, and many analysts now anticipate a climb toward new highs in the coming quarters. Some forecasts call for $135K or higher by year-end, citing the confluence of the post-halving cycle, increased institutional participation, and a more favorable regulatory climate. Ethereum’s fundamentals also appear strong, with the successful Shanghai upgrade behind it and Layer-2 networks driving usage, ETH is positioned for potential outsized gains if the broader market continues its uptrend.

That said, healthy consolidation and profit-taking after May’s rapid run-up would be unsurprising. Market analysts note that key indicators (e.g., Bollinger Bands and RSI) flashed overheated in late May, and indeed the first days of June saw a slight correction. This pause is allowing the market to digest gains and could set the stage for a more sustainable rally. Macroeconomic wildcards – such as central bank actions or geopolitical events – remain factors to watch. Yet the prevailing sentiment is that crypto has entered a new bull phase, underpinned by tangible adoption and solidifying legitimacy. Barring any major shocks, current trends suggest the crypto market is on track to continue expanding, potentially reaching new all-time highs for top assets in the coming months. We remain vigilant but encouraged by the positive indicators across technical, fundamental, and macro dimensions.

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Advanced Blockchain’s Ecosystem Update

Our portfolio companies made significant progress in May, achieving technical milestones, user growth, and ecosystem expansion. Below, we highlight updates across several key projects in Advanced Blockchain’s investment portfolio:

peaq

peaq network continues to gain traction as the leading Web3 protocol for Decentralized Physical Infrastructure Networks (DePINs). peaq's network experienced significant growth, with over 3.5 million active wallets and more than 9 million transactions recorded. This surge was driven by the onboarding of new Decentralized Physical Infrastructure Networks (DePINs) and increased machine interactions.

In early May, peaq held its Machine Economy Day event in Abu Dhabi, bringing together policymakers, investors, and regional innovators to explore the future of decentralized machine networks. The event was designed to introduce the Machine Economy and highlight the growing number of DePIN (Decentralized Physical Infrastructure Network) projects building on peaq. Machine Economy Day marked a key moment for peaq’s international presence, helping to establish the network as a leader in the Web3-powered machine economy.

Additionally, the network saw a 789% quarter-over-quarter increase in average daily new machine addresses, rising from 2,654 in Q4 2024 to 23,603 in Q1 2025. This growth was primarily fueled by the integration of machine-native DePINs like Silencio and teneo.

Contango

Contango initiated a substantial rewards program, distributing 100,000 Optimistic Collective (OP) tokens to incentivize the adoption of yield-bearing assets (YBAs). This campaign aims to enhance user engagement and liquidity across the platform. The platform expanded its offerings by introducing September-dated Principal Tokens, providing users with additional options for fixed-yield strategies. This move caters to traders seeking predictable returns over specified timeframes. Contango partnered with Hypernative to bolster its security infrastructure. This collaboration focuses on proactive threat detection and mitigation, ensuring a safer trading environment for users.. The platform continued to offer attractive yields, with returns ranging from 30-50% on stablecoins and 10-30% on Bitcoin. These competitive rates have positioned Contango as a compelling option for yield-seeking investors.

Panoptic

Panoptic expanded its reach by launching on the Base network, providing users with gas-efficient, on-chain options trading and liquidity provisioning. This move enhances accessibility and scalability for traders and liquidity providers.

Additionally, the Base trading competition concluded with top traders and liquidity providers (LPs) earning over $5,000 in prizes and more than 5 million Pips. This event fostered community engagement and showcased the platform's robust trading capabilities.. Panoptic released comprehensive research analyzing implied volatility and market dynamics between Ethereum and Base blockchains. These insights aid traders in understanding market behaviors and optimizing their strategies. The platform expanded its offerings by introducing options markets for OP and tBTC tokens. This diversification allows users to engage with a broader range of assets and strategies. To conclude, Panoptic continued to prioritize security by implementing state-of-the-art audits and full-stack security protocols, ensuring a safe and reliable trading environment for all users.

Silencio

Silencio, the decentralized noise pollution monitoring network, made major strides in strengthening its ecosystem and token economics. In early May, the project initiated the “Alpha Burn” program, a significant token burn aimed at increasing long-term value. The BlockSound Foundation, overseeing Silencio, permanently burned 500 million $SLC tokens as the first phase of this program – part of a plan to remove over 2.3 billion unclaimed tokens from circulation. This aggressive supply reduction tightens Silencio’s tokenomics, benefiting honest participants and aligning incentives for long-term contributors. In parallel, Silencio tackled platform integrity by deploying advanced anti-cheating mechanisms. The team announced they have recovered 68 million SLC from fraudulent users who attempted to game the network via GPS spoofing and bots. New automated detection systems and cooldown penalties were introduced to proactively eliminate fake data contributions, thereby preserving the quality of Silencio’s noise data for its paying customers. On the product side, Silencio delivered an upgraded Map Explorer with improved speed, UI enhancements, and richer visualization of the 37+ billion noise data points collected to date. Even more exciting, the team is developing a browser plugin integration that will allow users on travel sites (like Booking.com and Airbnb) to overlay Silencio’s crowd-sourced noise maps when researching accommodations, bringing Silencio’s real-world utility directly to consumers. Additionally, Silencio introduced features like passive background data collection (enabling users to earn rewards with their smartphones without active check-ins) and new staking options for long-term token holders. These advances reinforce Silencio’s pioneering role in decentralized environmental data. With over 1 million users and growing interest from municipalities and enterprises in licensing its noise data, Silencio is accelerating towards its vision of a global, community-powered sensor network.

In May 2025, Silencio also implemented a notable burn program, removing 500 million SLC tokens from circulation, with plans for additional burns to follow. This strategic reduction in supply is designed to enhance token scarcity and strengthen the overall tokenomics of the Silencio ecosystem.

Neon Labs (Neon EVM)

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Building on the success of its initial program, Neon EVM introduced the second mission of its Dev Bootcamp. This initiative challenged developers to create an on-chain memecoin launchpad integrated with the Raydium Protocol, utilizing Solidity. The program aimed to foster developer engagement and expand the ecosystem's capabilities.

Following the launch of Mission 2, the NEON token experienced a significant price increase, surging over 35% within 24 hours. This uptick reflected heightened community interest and trading activity, with daily trading volumes reaching $17.9 million.

In addition, Neon EVM demonstrated its high-performance capabilities by achieving a transaction throughput of 730 Transactions Per Second (TPS) on the Solana mainnet. This performance surpassed the combined TPS of the entire Ethereum ecosystem, showcasing Neon EVM's efficiency and scalability.

To conclude, Neon EVM continued to build strategic partnerships within the Solana ecosystem, collaborating with projects like Raydium Protocol. These alliances aim to enhance interoperability and provide users with a seamless DeFi experience.

teneo

teneo , which is building a decentralized network of AI agents, had an eventful May focused on community and infrastructure. The team implemented a redesigned user verification flow on the Teneo platform, simplifying the process for new participants to join and contribute. This upgrade has made completing “Heartbeats” (teneo’s periodic contribution tasks) more intuitive and dramatically reduced support issues, thereby strengthening the reliability of Teneo’s reward system. Additionally, teneo announced a new alliance with Acurast to explore real-time data streaming and decentralized intelligence across mobile devices.

teneo also announced its first cohort of teneo Ambassadors – passionate community members from various regions who will evangelize Teneo’s mission, host meetups, translate content, and help onboard users globally. This ambassador program is already boosting Teneo’s grassroots presence and aligns with the project’s goal of decentralization.

On the development front, Teneo published an updated roadmap highlighting upcoming milestones: an early Testnet release (to allow community developers to start building agent modules), the debut of the Teneo SDK, implementation of staking mechanisms, and gamified leaderboards to track AI agent performance in real time. Notably, Teneo’s architecture is evolving from a simple data-sharing network into an “intelligent coordination” network, meaning each node (agent) can autonomously interpret signals and interact with web platforms, moving towards collective problem-solving by swarms of AI agents. This ambitious vision was featured in Cointelegraph, where teneo’s CEO, Leroy Hofer, discussed how such networks could address bottlenecks in current AI systems. As teneo’s technology and community mature, the project is positioned at the cutting edge of Web3 and AI convergence, aiming to unlock new possibilities in real-time decentralized computation.

Polymer Labs

Polymer Labs expanded its real-time interoperability solutions to Celo, following Celo's migration to an Ethereum Layer-2. This integration enables Celo developers to access Ethereum rollups with reduced latency and gas costs, enhancing the scalability and efficiency of decentralized applications on the Celo network.

AO & Arweave

In May 2025, Arweave showcased major innovation across its ecosystem. The Arweave India Hacker House, held alongside Arweave Day India, brought forward standout projects like Flux—a Model Context Protocol (MCP) server enabling AI agents to interact with AO on behalf of users. Second place went to PermaSign, a B2B-ready tool allowing users to sign and store documents securely on Arweave with Othent social logins. Third was Flowweave, a drag-and-drop no-code platform for building on-chain automation workflows on AO. Meanwhile, Subspace, a Discord-style messaging platform built entirely on AO, made its debut, offering a mobile-friendly, fully onchain alternative for real-time communication. Additionally, Load Network revealed progress on “Alien Compute”—an ambitious initiative leveraging AO and HyperBEAM to build modular compute environments, including EVM implementations and GPU compute layers, all settled on Arweave. These developments reinforce Arweave’s position at the forefront of decentralized compute and storage innovation.

A key achievement of the fund has been its early and comprehensive exposure to leading projects within the Arweave ecosystem. While the AO launch faced infrastructure delays, the fund’s involvement positioned it at the forefront of one of the most important decentralized protocols for long-term data storage. Notably, its portfolio company Redstone Oracles is now the primary driver of traffic on Arweave, underscoring the strategic value of early investments. Additionally, by facilitating a connection between the Arweave team and leading marketing agency All Of Us, known for working with major consumer brands like Spotify, the fund has taken active steps to address the ecosystem’s visibility challenges. The AO Alliance’s robust funding model, which now generates approximately $1 million per month, further reflects the fund’s role in supporting sustainable infrastructure development and long-term ecosystem growth.

Talisman

In May 2025, Talisman advanced its mission to streamline the Web3 user experience across the Polkadot and Ethereum ecosystems. A significant milestone was the release of Polkadot Vaults v7.0.0, eliminating the need for manual chain metadata updates after each runtime upgrade, thereby enhancing user convenience. The Talisman Wallet also received a notable update to version 2.10.1, introducing features like multi-seed management, improved account organization, and enhanced hardware wallet support, including integration with Ledger and Polkadot Vault. Additionally, Talisman launched a collaborative quest campaign with Autonomy Network, engaging users in cross-chain activities and rewarding them with experience points and potential airdrops. These developments underscore Talisman's commitment to providing a seamless and secure multichain experience for its growing user base.

‍Laconic Network

Laconic team announced the planned timeline for its long-awaited mainnet launch, scheduled for June 2025. The concrete launch date, tokenomics, and other relevant details have not been announced yet. Our team is in continuous communication with the Laconic team to stay in the loop with their launch details.

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Group Update

In May 2025, Advanced Blockchain AG made meaningful progress across several strategic, operational, and financial initiatives aimed at strengthening the foundation of the company and unlocking long-term value.

FY2024 Financials: We finalized the preparation for the audit of Advanced Blockchain AG’s standalone FY2024 financial statements and plan to publish the audited results by June 2025. This represents a key step forward in providing timely and transparent financial information to shareholders.
Multi-Year Consolidation and Audit Progress: Significant headway was made on the accounting consolidation, including corrections and audit processes for fiscal years 2021 through 2023. These efforts, alongside the FY2024 group-level reporting, are expected to be completed and published ahead of our Annual General Meeting (AGM) scheduled for August 2025.
Bitcoin Reserve Strategy: Our comprehensive research into the viability of establishing a Bitcoin strategic reserve continued during the month. This initiative is on track to conclude in June 2025, with results to be shared before our next investor update.
Public Engagement: CFO Maik Laske delivered a company presentation at the Equity Forum Spring Conference in Frankfurt in early May, outlining our strategic roadmap, recent financial developments, and portfolio performance to a broad audience of institutional investors.
Corporate Structure Streamlining: We initiated the formal liquidation of three non-core entities—AB Labs FZCO, Brain Networks, and FinPro 1—as part of our broader plan to simplify the group structure and reduce administrative overhead. This step aligns with our goal of maintaining a lean and focused operational model.
Token Monetization Collaboration with Keyrock: We began working with Keyrock to structure covered call options on selected locked token holdings. This initiative enables us to monetize our assets and extract value from our token positions based on proper market pricing, without compromising heavy price discounts offered primarily via OTC desks.
Validator Node Initiative with OnFinality: We established a collaboration with infrastructure provider OnFinality to explore the deployment of validator nodes across several blockchain ecosystems. OnFinality, a professional infrastructure provider that has been involved in running validator nodes in the Polkadot ecosystem, among other notable networks, such as Ethereum, Avalanche, among others. This strategic move supports our envisioned diversified revenue streams path for 2025 and 2026 to establish new, recurring revenue streams through the fees generated from operating multiple validator nodes and participating in the consensus process of the different ecosystems planned.
Top 15 Assets Valuation Update: At the end of May, we initiated our semi-annual (HY1 2025) assets valuation process with the AVS-Valuations GmbH team to update the valuations for our top 15 portfolio holdings. These updated valuations, along with details on recent purchases of blue-chip tokens, will be shared during our upcoming investor call planned for mid-July 2025.
Strengthening Portfolio Collaboration: We continued our efforts to foster collaboration with our portfolio companies. This entailed restoring communication with DELV (formerly known as Element Finance), supporting the Panoptic team with its ongoing initiatives, including expanding collaborations with market makers, among other portfolio companies, with the end goal of enhancing the relationship and identifying synergies between the different portfolio companies whenever a path for collaboration is identified.

In summary, May 2025 was a month full of progress on the operational and strategic level for our group, with many challenges ahead to overcome as we work on delivering the consolidated group numbers according to the planned timeline communicated above. The macro winds are at our back, our portfolio companies are hitting new milestones, and internally, we have made great strides in fortifying the foundation, from financial reporting to strategic partnerships and structural optimization. We enter the second half of 2025 with confidence and focus, and we thank you for your continued support and look forward to sharing further updates on our journey.

Best regards,

Your Advanced Blockchain Team