[{"data":1,"prerenderedAt":231},["Reactive",2],{"Qh3eja45Su":3,"UaUw7oK1eG":7,"geopolitics-is-strengthening-the-case-for-crypto-in-portfolios":154,"_apollo:default":185},{"topBars":4},{"__typename":5,"data":6},"TopBarEntityResponseCollection",[],{"contents":8},{"__typename":9,"data":10},"ContentEntityResponseCollection",[11],{"__typename":12,"attributes":13},"ContentEntity",{"__typename":14,"slug":15,"isRestrictedContent":16,"contentUrl":17,"title":18,"blurb":19,"content":20,"publishDate":21,"timeToRead":22,"languages":23,"countries":34,"thumbnail":51,"heroImage":91,"author":101,"content_category":136},"Content","geopolitics-is-strengthening-the-case-for-crypto-in-portfolios",false,null,"Geopolitics is strengthening the case for crypto in portfolios","Should I invest in Bitcoin as a neutral reserve asset or Ethereum, Solana or another platform that is providing the rails for stablecoins and tokenization? ","\u003Cp dir=\"ltr\">In our 2026 Crypto Investment Outlook the first theme we identified was the rise of the cryptodollar—a term we use to capture the influence both stablecoins and bitcoin are having on the global monetary system. \u003Cbr>\u003Cbr>This month, this theme has been put into the spotlight as three events—the stablecoin market cap hitting a new high, Iran accepting bitcoin as a toll for ships transiting the Strait of Hormuz, and the advancement of digital asset market structure legislation in the US Congress—have underscored just how fast the influence of the cryptodollar is happening.\u003C/p>\n\u003Ch4 dir=\"ltr\"> \u003Cbr>\u003Cbr>\u003Cspan style=\"color: rgb(53, 152, 219);\">1. The New Treasury Buyer\u003C/span>\u003C/h4>\n\u003Cp> \u003C/p>\n\u003Cp dir=\"ltr\">The stablecoin market cap crossed $320 billion in May, a new high. Tether and Circle together now hold more US Treasuries than many sovereign nations, including Saudi Arabia, Germany, and Mexico. When I look at those numbers, I'm not solely looking at the success of the crypto rails that power these digital dollars, I'm looking at an incredible new source of dollar demand. The stablecoin system has quietly become one of the largest buyers of short-term US government debt on the planet.\u003C/p>\n\u003Cp dir=\"ltr\">\u003Cbr>\u003Cbr>\u003Cimg src=\"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/Screenshot_2026_05_29_at_9_38_41_AM_67180c9c46.png\" alt=\"\" width=\"612\" height=\"441\">\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csup>Source: US Treasury TIC data (Nov 2025); Tether Q4 2025 reserve attestation; Circle USDC reserve reports. Figures approximate.\u003C/sup>\u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Cp dir=\"ltr\">This matters for a specific reason. For decades, the petrodollar system—where oil-exporting nations received dollars for their exports then recycled those dollars back into US Treasuries—has led to sustained dollar dominance and kept US borrowing costs low. But the mechanism has been weakening, with Russia exiting the system entirely and China reducing its Treasury holdings from over $1.3 trillion to roughly $760 billion. So who replaces these buyers?\u003C/p>\n\u003Cp dir=\"ltr\">Stablecoins are the answer that's emerging. The GENIUS Act, signed into law last year, mandates 1:1 reserve backing for stablecoins. What that creates, at scale, is a structural buyer of US Treasuries that operates 24 hours a day, across borders, without political friction. This is one of the core reasons why we anticipate stablecoins to potentially reach $500 billion this year. \u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Ch4 dir=\"ltr\">\u003Cspan style=\"color: rgb(53, 152, 219);\">2. The Neutral Reserve Asset\u003C/span>\u003C/h4>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Cp dir=\"ltr\">In March, Iran codified its requirement that ships transiting the Strait of Hormuz pay a fee that could be denominated in bitcoin. Roughly $21 million per day in crude oil flows through that strait and a sovereign state, operating under sanctions and cut off from the SWIFT system, found bitcoin to be the only neutral reserve asset that could clear a transaction both parties would accept. \u003Cbr>\u003Cbr>This is what I mean when I talk about bitcoin's role in the new monetary architecture. It isn't competing with the dollar, but instead fills a gap the dollar can't fill. Specifically, in transactions between parties who don't trust each other and can't access the same financial rails. The Hormuz case is one example but my guess is there will be many others.\u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Ch4 dir=\"ltr\">\u003Cspan style=\"color: rgb(53, 152, 219);\">3. The Improving Infrastructure\u003C/span>\u003C/h4>\n\u003Cp dir=\"ltr\"> \u003Cbr>\u003Cbr>The CLARITY Act, comprehensive digital asset market structure legislation, cleared the Senate Banking Committee in May. This is a genuinely significant milestone because it marks real bipartisan progress, and while it’s unclear at this time if the bill will be signed into law this year, we’re optimistic policymakers from both parties fully recognize the significance of this industry to the US economy and modern financial markets. We think the structural, statutory clarity that would come from this bill is a huge potential catalyst for crypto in 2026, but also over the longer term will help continue the transformation from crypto being viewed as a purely speculative asset class into one that belongs in every portfolio.\u003C/p>\n\u003Ch4 dir=\"ltr\"> \u003Cbr>\u003Cbr>\u003Cspan style=\"color: rgb(53, 152, 219);\">A Dilemma for Advisors\u003C/span>\u003C/h4>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Cp dir=\"ltr\">As crypto becomes more intertwined with the global economy, professional investors are left with a question of how to allocate. The instinct is to decide which piece of the crypto story to bet on. Should I invest in Bitcoin as a neutral reserve asset or Ethereum, Solana or another platform that is providing the rails for stablecoins and tokenization? \u003C/p>\n\u003Cp dir=\"ltr\">The instinct is understandable, but I think it's the wrong question. The same logic that makes stock-picking a losing strategy for most investors applies here because the structural shift toward crypto touches the whole asset class. No one in 1995 predicted exactly which companies would survive the internet transition. The investors who won were the ones who owned the market. This is why we think an allocation benchmarked against an index like the Nasdaq CME Crypto Index is the best way for most investors to get exposure. \u003C/p>\n\u003Cp dir=\"ltr\">Our 2026 Outlook raised our recommended crypto allocation from roughly 1% to between 5% and 10%. We didn't make that call because we predicted any specific event. We made it because the aggregate weight of structural evidence—legislative progress, institutional adoption, and real-world monetary utilization across the globe—had crossed a threshold. May added more data points to that case. And we believe this structural shift is just getting started. \u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Cp dir=\"ltr\">____________________\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Effective January 20, 2026, the index changed its name from Nasdaq Crypto Index (NCI) to Nasdaq CME Crypto Index.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>This material expresses Hashdex Asset Management Ltd. and its subsidiaries and affiliates (“Hashdex”)'s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>These opinions are derived from internal studies and do not have access to any confidential information. Please note that future events may not unfold as anticipated by our team’s research and analysis. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Hashdex’s prior written consent.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Investment in any investment vehicle and crypto assets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicles will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Nothing herein is intended to imply that the Hashdex s investment methodology or that investing any of the protocols or tokens listed in the Information may be considered “conservative,” “safe,” “risk free,” or “risk averse.” These opinions are derived from internal studies and do not have access to any confidential information. Please note that future events may not unfold as anticipated by our team’s research and analysis.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Certain information contained herein (including financial information) has been obtained from published and unpublished sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes for ward-looking statements, which can be identified by the use of terms such as “may,” “ will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” (or the negatives thereof ) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such forward-looking statements.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>As a result, investors should not rely on such forward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.\u003C/sub>\u003C/p>\n\u003Cp> \u003C/p>","2026-05-29",3,{"__typename":24,"data":25},"LanguageRelationResponseCollection",[26,31],{"__typename":27,"attributes":28},"LanguageEntity",{"__typename":29,"Code":30},"Language","en",{"__typename":27,"attributes":32},{"__typename":29,"Code":33},"de",{"__typename":35,"data":36},"CountryRelationResponseCollection",[37,42,45,48],{"__typename":38,"attributes":39},"CountryEntity",{"__typename":40,"Code":41},"Country","KY",{"__typename":38,"attributes":43},{"__typename":40,"Code":44},"EU",{"__typename":38,"attributes":46},{"__typename":40,"Code":47},"CH",{"__typename":38,"attributes":49},{"__typename":40,"Code":50},"US",{"__typename":52,"data":53},"UploadFileEntityResponse",{"__typename":54,"attributes":55},"UploadFileEntity",{"__typename":56,"name":57,"url":58,"formats":59,"size":90},"UploadFile","Gemini_Generated_Image_en8e1en8e1en8e1e 1.png","https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368.png",{"large":60,"small":69,"medium":76,"thumbnail":83},{"ext":61,"url":62,"hash":63,"mime":64,"name":65,"path":17,"size":66,"width":67,"height":68},".png","https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/large_Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368.png","large_Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368","image/png","large_Gemini_Generated_Image_en8e1en8e1en8e1e 1.png",380.3,1000,602,{"ext":61,"url":70,"hash":71,"mime":64,"name":72,"path":17,"size":73,"width":74,"height":75},"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/small_Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368.png","small_Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368","small_Gemini_Generated_Image_en8e1en8e1en8e1e 1.png",98.91,500,301,{"ext":61,"url":77,"hash":78,"mime":64,"name":79,"path":17,"size":80,"width":81,"height":82},"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/medium_Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368.png","medium_Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368","medium_Gemini_Generated_Image_en8e1en8e1en8e1e 1.png",219.69,750,452,{"ext":61,"url":84,"hash":85,"mime":64,"name":86,"path":17,"size":87,"width":88,"height":89},"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/thumbnail_Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368.png","thumbnail_Gemini_Generated_Image_en8e1en8e1en8e1e_1_3c47dcd368","thumbnail_Gemini_Generated_Image_en8e1en8e1en8e1e 1.png",28.92,245,148,2276.39,{"__typename":52,"data":92},{"__typename":54,"attributes":93},{"__typename":56,"name":57,"url":58,"width":94,"height":95,"formats":96},5312,3200,{"large":97,"small":98,"medium":99,"thumbnail":100},{"ext":61,"url":62,"hash":63,"mime":64,"name":65,"path":17,"size":66,"width":67,"height":68},{"ext":61,"url":70,"hash":71,"mime":64,"name":72,"path":17,"size":73,"width":74,"height":75},{"ext":61,"url":77,"hash":78,"mime":64,"name":79,"path":17,"size":80,"width":81,"height":82},{"ext":61,"url":84,"hash":85,"mime":64,"name":86,"path":17,"size":87,"width":88,"height":89},{"__typename":102,"data":103},"PersonEntityResponse",{"__typename":104,"attributes":105},"PersonEntity",{"__typename":106,"photo":107,"name":134,"slug":135},"Person",{"__typename":52,"data":108},{"__typename":54,"attributes":109},{"__typename":56,"name":110,"url":111,"formats":112,"size":133},"Samir.jpg","https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/Samir_231a967f4f.jpg",{"small":113,"medium":121,"thumbnail":126},{"ext":114,"url":115,"hash":116,"mime":117,"name":118,"path":17,"size":119,"width":120,"height":74},".jpg","https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/small_Samir_231a967f4f.jpg","small_Samir_231a967f4f","image/jpeg","small_Samir.jpg",21.55,334,{"ext":114,"url":122,"hash":123,"mime":117,"name":124,"path":17,"size":125,"width":74,"height":81},"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/medium_Samir_231a967f4f.jpg","medium_Samir_231a967f4f","medium_Samir.jpg",41.66,{"ext":114,"url":127,"hash":128,"mime":117,"name":129,"path":17,"size":130,"width":131,"height":132},"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/thumbnail_Samir_231a967f4f.jpg","thumbnail_Samir_231a967f4f","thumbnail_Samir.jpg",3.37,104,156,67.48,"Samir Kerbage","samir-kerbage",{"__typename":137,"data":138},"ContentCategoryEntityResponse",{"__typename":139,"id":140,"attributes":141},"ContentCategoryEntity","5",{"__typename":142,"title":143,"isHidden":16,"DisplayName":144,"content_super_category":147},"ContentCategory","CIO Notes",[145],{"__typename":146,"DisplayName":143},"ComponentContentDisplayName",{"__typename":148,"data":149},"ContentSuperCategoryEntityResponse",{"__typename":150,"attributes":151},"ContentSuperCategoryEntity",{"__typename":152,"title":153},"ContentSuperCategory","Insights",{"id":-1,"__typename":14,"slug":15,"isRestrictedContent":16,"contentUrl":17,"title":18,"blurb":19,"content":20,"publishDate":21,"timeToRead":22,"languages":155,"countries":158,"thumbnail":163,"heroImage":169,"author":175,"content_category":181,"isHashInsiderWeekly":16},[156,157],{"id":-1,"__typename":29,"Code":30},{"id":-1,"__typename":29,"Code":33},[159,160,161,162],{"id":-1,"__typename":40,"Code":41},{"id":-1,"__typename":40,"Code":44},{"id":-1,"__typename":40,"Code":47},{"id":-1,"__typename":40,"Code":50},{"id":-1,"__typename":56,"name":57,"url":58,"formats":164,"size":90},{"large":165,"small":166,"medium":167,"thumbnail":168},{"ext":61,"url":62,"hash":63,"mime":64,"name":65,"path":17,"size":66,"width":67,"height":68},{"ext":61,"url":70,"hash":71,"mime":64,"name":72,"path":17,"size":73,"width":74,"height":75},{"ext":61,"url":77,"hash":78,"mime":64,"name":79,"path":17,"size":80,"width":81,"height":82},{"ext":61,"url":84,"hash":85,"mime":64,"name":86,"path":17,"size":87,"width":88,"height":89},{"id":-1,"__typename":56,"name":57,"url":58,"width":94,"height":95,"formats":170},{"large":171,"small":172,"medium":173,"thumbnail":174},{"ext":61,"url":62,"hash":63,"mime":64,"name":65,"path":17,"size":66,"width":67,"height":68},{"ext":61,"url":70,"hash":71,"mime":64,"name":72,"path":17,"size":73,"width":74,"height":75},{"ext":61,"url":77,"hash":78,"mime":64,"name":79,"path":17,"size":80,"width":81,"height":82},{"ext":61,"url":84,"hash":85,"mime":64,"name":86,"path":17,"size":87,"width":88,"height":89},{"id":-1,"__typename":106,"photo":176,"name":134,"slug":135},{"id":-1,"__typename":56,"name":110,"url":111,"formats":177,"size":133},{"small":178,"medium":179,"thumbnail":180},{"ext":114,"url":115,"hash":116,"mime":117,"name":118,"path":17,"size":119,"width":120,"height":74},{"ext":114,"url":122,"hash":123,"mime":117,"name":124,"path":17,"size":125,"width":74,"height":81},{"ext":114,"url":127,"hash":128,"mime":117,"name":129,"path":17,"size":130,"width":131,"height":132},{"id":140,"__typename":142,"title":143,"isHidden":16,"DisplayName":182,"content_super_category":184},[183],{"__typename":146,"DisplayName":143},{"id":-1,"__typename":152,"title":153},{"ROOT_QUERY":186,"ContentCategoryEntity:5":224},["null","__typename",187,"topBars({\"filters\":{\"countries\":{\"Code\":{\"eq\":\"KY\"}}}})",188,"contents({\"filters\":{\"content_category\":{\"title\":{\"ne\":\"Monthly Letters\"}},\"slug\":{\"eq\":\"geopolitics-is-strengthening-the-case-for-crypto-in-portfolios\"}}})",189],"Query",["null","__typename",5,"data",6],["null","__typename",9,"data",190],[191],["null","__typename",12,"attributes",192],["null","__typename",14,"slug",15,"isRestrictedContent",16,"contentUrl",17,"title",18,"blurb",19,"content",20,"publishDate",21,"timeToRead",22,"languages",193,"countries",199,"thumbnail",209,"heroImage",212,"author",215,"content_category",221],["null","__typename",24,"data",194],[195,197],["null","__typename",27,"attributes",196],["null","__typename",29,"Code",30],["null","__typename",27,"attributes",198],["null","__typename",29,"Code",33],["null","__typename",35,"data",200],[201,203,205,207],["null","__typename",38,"attributes",202],["null","__typename",40,"Code",41],["null","__typename",38,"attributes",204],["null","__typename",40,"Code",44],["null","__typename",38,"attributes",206],["null","__typename",40,"Code",47],["null","__typename",38,"attributes",208],["null","__typename",40,"Code",50],["null","__typename",52,"data",210],["null","__typename",54,"attributes",211],["null","__typename",56,"name",57,"url",58,"formats",59,"size",90],["null","__typename",52,"data",213],["null","__typename",54,"attributes",214],["null","__typename",56,"name",57,"url",58,"width",94,"height",95,"formats",96],["null","__typename",102,"data",216],["null","__typename",104,"attributes",217],["null","__typename",106,"photo",218,"name",134,"slug",135],["null","__typename",52,"data",219],["null","__typename",54,"attributes",220],["null","__typename",56,"name",110,"url",111,"formats",112,"size",133],["null","__typename",137,"data",222],{"__ref":223},"ContentCategoryEntity:5",["null","__typename",139,"id",140,"attributes",225],["null","__typename",142,"title",143,"isHidden",16,"DisplayName({\"filters\":{\"Language\":{\"Code\":{\"eq\":\"en\"}}}})",226,"content_super_category",228],[227],["null","__typename",146,"DisplayName",143],["null","__typename",148,"data",229],["null","__typename",150,"attributes",230],["null","__typename",152,"title",153],1780497670215]