April 2025 Monthly Market Performance

April: +3.8%*

CCi30: +5.4%

12 Months: -3.9%

Since Inception:  +153.1%

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Market Update

The Portal Digital Fund reporting was up 3.8%* for the month of April, while the BTC-heavy CCi30 index was up 5.4%. At the beginning of April, the Portal Digital Fund invested an initial 5% allocation to the Radiance Multi-Strategy Fund (Radiance BTC compounding strategy as described above) to increase the Fund’s exposure to systematic Bitcoin alpha. We intend to increase the allocation to the Radiance Multi-Strategy Fund over time. There will be no duplication of performance fees for this deployment.Market The market initially reacted adversely to Trump’s seemingly haphazard approach to its Liberation Day tariffs on it trading partners but recovered during the month as a more conciliatory tone was adopted by the U.S. administration, along with a “pause” on the most prominent and punitive China-facing tariffs, which restored confidence, prompting a rally across crypto and growth markets.The sector continues to benefit from a pro-crypto political environment with both US houses starting the debate on the initial draft of stablecoin legislation, while also benefiting from the SEC’s changing approach under new Chair Paul Atkins, who recently stated he anticipates “huge benefits” from digital assets.*The current month is an estimate based on the initial reporting of the various funds, subject to change once NAV is crystalised.

^{*The current month is an estimate based on the initial reporting of the various funds, subject to change once NAV is crystalised.}

^{*The current month is an estimate based on the initial reporting of the various funds, subject to change once NAV is crystalised.}