Our monthly returns are in. We're very pleased to share that our gross return for September has been +40.05%. #Bitcoin's return in the same month has been +9.12%. Year-to-date return of the fund: +11.33% Inception-to-date return of the fund: +22.62% Outperformance of Bitcoin since inception: +50.09% That means, the allocation in the fund now generated 50% more Bitcoin than staying in Bitcoin alone. We have three strategies within the fund, of which we utilize high-frequency trading on volatility. This picked up momentum over the last month, but ultimately the largest part of the return came from fundamentally chosen protocols that outperformed Bitcoin over the past month. No leverage is used in our fund. Just spot positions. Looking forward to the coming months as the markets are picking up momentum.

It's a big week on the horizon as many macroeconomic events are taking place. Wednesday - FOMC Meeting and Fed Rate Decision - likely no rate hike Thursday - GDP Data & PCE Inflation data of September Throughout the week, there will be earnings from four major companies: $AMZN, $INTC, $MSFT and $GOOGL. The market sentiment has hit a record low, as there's also the midterms coming up on November 3rd, and expectations are that we'll be seeing a deep correction.

Voting is still open. MN Fund is nominated for Best Crypto Fund 2026 at the Cashcow Awards, announced on 13 November in Amsterdam. A vote takes seconds and gets you a free ticket to the Beleggersfair and the Crypto Congres. Vote here → cashcow.nl/awards/

This week, the sentiment on social media was expecting to see a Black Monday crash. To be honest, there are always emotional reasons of why a crash or rally must happen in #Bitcoin. This doesn't resonate with the data. The data copy/pastes the previous bear market bottom in 2022. A strong bullish divergence on the weekly timeframe indicating that the markets won't be correcting any further, after which a strong push upwards has taken place. This push was strong enough to be taking out the last high, so now, there's confirmation of a bullish trend. Therefore, as previous bear markets have ended this way, it's pretty much comparable and therefore, if price remains above this $76-80K area, there's consensus that we're at the start of a new bull market.

Many assets have seen a large increase in value over the past ten years. It seemed to be hard to understand the value of the underlying protocol, and that´s changing. Value metrics are being applied into crypto, and data shows how much of a fundamental growth the entire industry has seen. Tokenization is one of the main drivers of the markets. It's going up in a fast pace, as 262% yearly growth shows that tokenization becomes one of the main drivers of the markets of digital assets. The difference: the underlying token prices haven't really caught up with the momentum yet, which then means that the sentiment hasn't caught up at all. That's why, our expectations are that the markets are continuing to go in a strong uptrend for the coming 12-24 months due to the fundamental growth.

Voting is open for the Cashcow Awards 2026, and MN Fund is nominated for Best Crypto Fund in the Netherlands. What got us here is not a single good month. It’s risk management first, and a consistent positive return versus Bitcoin across the months that went up and the months that didn’t. Casting a vote takes a few seconds, and it gets you a free ticket to the @Beleggersfair in Amsterdam on November 13. Vote here →cashcow.nl/awards/

Last week, the team travelled to Singapore for @token2049. The industry has matured significantly as more and more institutions are showing interest in the digital assets industry. Few of the key lessons: - It's quite clear that retail isn't going to be driving mass adoption in the way it used to be. Onboarding a mass number of users will likely be done through applications on top of layers. Most likely through a way where users aren't aware of the fact that they are using blockchain. - Payment rails on blockchain are superior vs. the old financial system and is accelerating at a super fast pace. - Tokenization has literally just started and the growth curve is massive. - Current valuations of most of the protocols and layers are way too low vs. the potential TAM of the underlying market (for instance the Agentic Economy). A very bullish and positive week with a phenomenal outlook for the years ahead for the entire industry.

We are very proudly nominated for the Dutch Cashcow awards 2026. These are the largest, and most well-known awards in the Dutch finance, fund and banking landscape. We're nominated in the category of 'Best Crypto fund 2026' and we would really appreciate it if you would vote for us through the following link: cashcow.nl/awards/

The MN Fund team is in Singapore for @token2049 this week. We closed September at +40.05% gross, which puts the fund at +11.33% gross year to date. The shift towards base assets in July and August is paying off, and we're heading into Q4 positioned for more of the same. If you're on the ground and want to talk markets, positioning, or what the fund is doing, we have slots open. Book a meeting → mnfund.nl/contact

MN Fund closed the month at +40.05% gross. Year to date the fund is up +11.33% gross, and since inception it has outperformed Bitcoin by 50.10% gross. The shift towards base assets in July and August paid off. On-chain activity was rising while prices hadn't followed yet, and we positioned for it. The algorithmic strategy added +15.56% on its own. Want the full breakdown and the factsheet? Book a call with Michaël → mnfund.nl/contact Gross returns, before fees. Past performance is not indicative of future results.

The government in the Netherlands has decided that holding #Bitcoin and #Crypto in self-custody will be taxed for 36% unrealized capital gains. This is the current plan, and it’s not law. At least for the years 2028 and 2029. The same principle will be applied for precious metals like Gold and Silver. However, holding the same in a fund won't be applied to this taxing policy and will only be applicable for realized gains. From a personal perspective, we're against the new rule of Box 3 and would think that the government needs to go back to the drawing board.

The crypto markets can be volatile and extreme. Over the past three months, the sentiment has flipped enormously from depression stage towards euphoric in recent days. Zooming out on the larger picture, it's quite clear that #Bitcoin is acting into a bull market from here on. - Strong breakout and impulse to the upside from the accumulation range of which Bitcoin has been acting in for more than six months. - Reclaiming the 50-Week MA. - Strong bullish divergence on the weekly timeframe indicating that a bottoming procedure was taking place, similar to the bottom of 2022. - New higher high made. In that light, given that we operate with three strategies, we've allocated more cash into fundamental strong assets in the base asset allocation. Those assets have been: $NEAR, $GRASS, $EIGEN, $PLUME and $SUI.

Last week we broke down what the Clarity Act's failure in the Senate actually means, and why the timing matters given Europe's MiCA framework is now fully in effect. Worth a read if you missed it the first time, especially with regulatory clarity (or the lack of it) shaping where institutional capital chooses to sit. Read it here → mnfund.nl/blog/the-clarity-a…

$BTC is trading above $86,000, up more than 10% this week and back to levels not seen since January. Ethereum is above $2,700. The bigger tell is in the flows. US spot Bitcoin ETFs just pulled in $999 million in a single day, the largest inflow this year. Ether ETFs added another $270 million on top of that. August already set the pace with $3.5 billion in monthly inflows, the strongest since last September, and flows have stayed positive for three weeks running. Most of that money is landing in BlackRock's IBIT. Analysts have pointed to that concentration as a sign of allocation rather than trading, institutions building positions rather than chasing a bounce. There's also a short squeeze in the mix, adding fuel to the move. And the market shrugged off two rough headlines in the same stretch, a Fed rate hike and a failed CLARITY Act vote, without giving back much ground. Moves like this, fast, with real volume behind them, are exactly what our multi-strategy fund is designed to work with.

The Clarity Act just failed in the US Senate. 49 to 50, one vote short of the 60 needed. The timing is what makes this interesting. Europe closed its regulatory gap this summer with MiCA. The US just watched its biggest attempt to do the same collapse on a procedural vote. What does that divergence actually mean for where investors choose to hold digital asset exposure? We break it down in our latest blog → mnfund.nl/blog/the-clarity-a…

Investing in crypto yourself, or through a fund? Both can work. But going it alone means being your own analyst and risk manager in one of the most volatile markets there is. For some people that's part of the appeal. For others, it's exactly what holds them back. Here's what a fund actually changes. Active risk management. Markets shift fast. A fund adjusts exposure as conditions change instead of riding every swing with a fixed allocation. This is the core of how we work: positioning that adapts to the market, not the other way around. Professional, full-time management. You shouldn't have to check charts at 2 a.m. A dedicated team handles due diligence and navigates volatile markets full-time, so the work of staying on top of it isn't yours to carry alone. Access you don't get alone. Scale opens doors. Funds transact at institutional pricing and can access OTC and private opportunities that individual investors rarely can. It's a structural advantage. Custody and security, handled. A fund takes care of securely storing digital assets by working with specialized industry partners. This removes much of the operational burden and security risk that comes with managing digital assets individually. Transparency and structure. MN Fund is AFM-registered, publishes its monthly performance in full, both positive and negative months, and allows participants to enter and exit on a monthly basis. There is no fixed lock-up period. To be clear: active management comes with fees, and some investors genuinely prefer full control. That's a fair choice. But if you'd rather have an experienced team navigate the market with you, and do it transparently, that's exactly what we're built for. Curious how MN Fund fits your goals? Book a call → mnfund.nl

The Clarity Act was declined to progress. Unfortunately, the Senate couldn't find 60 votes to pass for the Cloture Vote to be happening. A huge setback for the industry of #Crypto in the United States, but immediately, continuation is going to happen. This time it will happen through the SEC and the CFTC. What does this mean for the markets? Honestly, there's no question that this is a setback and markets have been selling off slightly due to this. Overall, in the long run, crypto is as strong as it always has been and will continue to develop even better applications and protocols. It would also be possible that they'll find a way to get this passed through, as the Genius Act didn't happen in the first instance either.

September is shaping up to be a pivotal week with two events landing back to back. On September 15, the Senate holds a cloture vote on the #CLARITY Act, the procedural step that determines whether the bill has a real shot at passing in 2026 or effectively dies for the year. Then, following the next day on September 16, the Fed announces its rate decision, with markets now pricing in a meaningfully higher probability of a hike than just weeks ago. The tension is real. Trump, Vance, and Bessent have all publicly pushed for rate cuts in recent days, an unusually direct pressure campaign on a Fed chair Trump himself appointed. Warsh, meanwhile, has signaled the opposite at Jackson Hole: #inflation remains the priority, and a hike is very much on the table. Markets are watching to see who moves first. Add the CLARITY Act's uncertain path (Republicans need seven Democratic votes to reach 60) and September brings two catalysts within 24 hours of each other. Against this backdrop, our August performance update is live: +15.33% gross, driven primarily by Core Holding as bitcoin:native and ethereum:native broke higher in the second half of the month. Full breakdown of what moved the market and what we're watching heading into this week is in last week's blog post. Volatile weeks like this one are exactly why we run a multi-strategy approach. Directional conviction where the setup supports it, systematic execution when it doesn't.