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| CHART OF THE DAY The total digital asset market cap peaked in late 2021 near $3T according to calculations by TradingView. After a rollercoaster ride over the past three years, total digital asset mcap is likely to rise above $1T again this week. |
 Source: Twitter – Valkyrie, January 2023 |
| DIGITAL ASSETSThe first nuclear-powered data center in the US to offer Bitcoin mining is set to open. The Cumulus Susquehanna data center in Pennsylvania is expected to open in the first quarter of 2023. Talen Energy partnered with mining firm TeraWulf in August 2021 to develop the facility.Digital assets outperformed US stocks last week, despite equities retreating and a long awaited bankruptcy filing by Genesis. The S&P and Dow Jones closed in negative territory, whereas BTC rose by about 12% and ETH climbed 14%. |
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| Ethereum’s core developers have successfully deployed the first test of a shadow fork designed to test the readiness of the Shanghai upgrade. The formal upgrade, which will allow users to withdraw staked ETH, remains on track for a March delivery. Users have staked almost $26.5 billion worth of ETH since December 2020.68% of inflows into crypto investment products were into short products last week. Inflows totaled $37.3 million, which was nearly four times as high compared to the previous week. |
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| Source: CoinShares, January 2023 |
| WHAT TO KNOWChip stocks rally: US semiconductor stocks extended gains as the Philadelphia Semiconductor Index gained as much as 3% Monday, extending its climb to more than 30% from a two-year low in mid-October. Semiconductors have outperformed the Nasdaq 100 in the same period, which increased 10%. |
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| Source: Bloomberg, January 2023 |
| Microsoft announced a further multibillion dollar investment in OpenAI, expanding ties with the startup behind the chatbot ChatGPT. Microsoft is building on an investment it made in OpenAI nearly four years ago when it dedicated $1 billion for the startup. |
| Upcoming SMA WebinarWe invite you to join our SMA Webinar on Wednesday, February 15 at 1 pm EST. Our investment team will walk through the product suite and portfolio integration, with a Q&A session to follow. |
| Past performance is not indicative of future results. Investments may be speculative, illiquid and there is a risk of total loss. There is no guarantee that any specific outcome will be achieved. This is not an offer to buy or sell securities. We do not offer legal, tax or financial advice. Information is purported to be as of the time period provided therein. Charts/graphs are for illustrative purposes only.Cautionary Statement Concerning Forward-Looking Statements:This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur. |
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