Please find below an update on the evolution of our passive portfolio. Major changes: - Removing Nike - Reducing UPS to 2% - Adding Booking to 2% - Adding Microsoft to 2% - Adding Oklo 1% - Increasing Uber to 2% - Increasing Oracle to 2% - Increasing ServiceNow to 2% - Removing all the Oil Positions - Increasing Gold to 3% - Increasing all the ETFs I am fully invested now in this portfolio, same will be soon in the Active Portfolio, waiting for the right moment. French: Veuillez trouver ci-dessous une mise à jour sur l’évolution de notre portefeuille passif. Principaux changements : - Suppression de Nike - Réduction de UPS à 2 % - Ajout de Booking à 2 % - Ajout de Microsoft à 2 % - Ajout d’Oklo à 1 % - Augmentation d’Uber à 2 % - Augmentation d’Oracle à 2 % - Augmentation de ServiceNow à 2 % - Suppression de toutes les positions pétrolières - Augmentation de l’or à 3 % - Augmentation de tous les ETF Je suis désormais entièrement investi dans ce portefeuille. Ce sera bientôt aussi le cas pour le portefeuille actif, en attendant le bon moment.

• The markets this week have been particularly difficult. • I have a position in oil that was stopped at break-even. • I have a second position still ongoing, which hedges my portfolio. • Several positions were stopped at break-even, and several were stopped at a loss, notably Sika, Interparfums, and Lululemon. • Last week, I tried a purchase on the SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS), but it was a loss of 791 CHF, and I plan to retry this move later. • I think the markets will drop a bit more, and I am waiting for a low point to buy back in. • Despite this, the portfolio is slightly down, but it remains okay. French: • Les marchés cette semaine ont été particulièrement difficiles. • J’ai une position sur le pétrole qui a été stoppée au break-even. • J’ai une deuxième position toujours en cours, qui hedge mon portefeuille. • Plusieurs positions ont été stoppées au break-even, et plusieurs stoppées en perte, notamment Sika, Interparfums, et Lululemon. • La semaine passée, j’ai tenté un achat sur le SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS), mais cela a été une perte de 791 CHF, et je compte retenter ce coup plus tard. • Je pense que les marchés vont baisser encore un peu, et j’attends un point bas pour racheter. • Malgré cela, le portefeuille est légèrement en perte, mais ça reste correct.

The crypto market lost $2 trillion in market cap. Fear & Greed Index at 18 = extreme fear. Most people are panicking. I see an accumulation window that doesn't come often. This is not investment advice. This is how I think about the current setup and where I have skin in the game: Render (RNDR) — $1.78 | +28% this week — Decentralised GPU compute for AI and 3D applications. Every AI model needs compute power, and that compute is becoming a bottleneck. This is the picks-and-shovels layer of a multi-trillion dollar transformation. Bittensor (TAO) — $268 | +29% this week — If Render is the hardware layer, Bittensor is the intelligence layer. A decentralised machine learning network with no direct competitor at this scale. Leading all Layer 1s in weekly performance. The volatility is real, but so is the asymmetry. Aerodrome (AERO) — $0.33 | -2% this week — The dominant DEX on Base, the Coinbase-backed Layer 2. Real fees from real trading volume. As Base grows, Aerodrome grows. The current dip is noise — the relationship between Base adoption and AERO revenue is direct and measurable. Virtuals (VIRTUAL) — $0.71 | -6% this week — The AI agent economy on Base. Autonomous AI agents that transact on-chain need an economic layer. This is early, which means the upside is large and the conviction required is equally large. Hyperliquid (HYPE) — $37.90 | +26% this week — Decentralised perpetuals exchange processing over $200 billion in monthly volume. 97% of platform fees go to HYPE buybacks. Let's be clear — real product, real users, real revenue, deflationary mechanics. One of the strongest fundamentals-backed tokens in the entire market. Sui (SUI) — $0.99 | +10% this week — The most undervalued Layer 1 based on fundamentals. 400ms finality, 297K TPS, $600M+ TVL, developer activity growing 219% year-on-year — outpacing Solana. The price at sub-$1 does not reflect what is already live. Token unlocks create short-term pressure, which is precisely what creates the entry.