May 2025 Monthly Market Performance

May: +5.7%*

CCi30: +9.9%

12 Months: -3.8%

Since Inception:  +167.5%

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Market Update

The Portal Digital Fund reporting was up 5.7%* for the month of May, while the Bitcoin-heavy CCi30 index was up 9.9%. The Fund continued to benefit from the exposure to the Radiance Multi-Strategy Fund and its Bitcoin Extraction Strategy, as well as another systematic Bitcoin Alpha strategy via one of the other Fund investments in Portal Digital Fund.

Market 

The crypto market’s rise in May 2025 was propelled by $5.86 billion in Bitcoin ETF inflows, corporate Bitcoin accumulation, as well as macroeconomic tailwinds, including a 4% weaker U.S. dollar, easing trade tensions, and low CPI (0.1%), creating a risk-on environment.

Market sentiment shifted to neutral-bullish, buoyed by institutional milestones like Moody’s Solana rating and Trump’s pro-crypto policies.

The U.S. Senate’s passage of the GENIUS Act and other regulatory shifts, including the SEC’s softened stance, legitimized stablecoins (market cap $251.55 billion) and reduced uncertainty, driving adoption.

These factors collectively pushed Bitcoin to a new all-time high of $111,960, with altcoins like Ethereum and Solana also rallying strongly, setting a strong foundation for H2 2025.

^{*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.}