
Managing Directors' Report 2025
George McDonaugh and Keld van Schreven on 2025. Infrastructure income, portfolio performance and the year ahead. From the Annual Report and audited financial statements for the year ended 31 December 2025.
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George McDonaugh and Keld van Schreven on 2025. Infrastructure income, portfolio performance and the year ahead. From the Annual Report and audited financial statements for the year ended 31 December 2025.

A monthly snapshot of the KR1 onchain infrastructure landscape.

A monthly snapshot of the KR1 onchain infrastructure landscape.

How it Started and How it’s Going

The first half of 2025 marked a decisive phase of structural consolidation and regulatory advancement across the digital asset industry, underscored by two landmark developments in the United States: the passage of the Genius Act, which establishes a formal regulatory framework for dollar-backed stablecoins and the issuance of an executive order enabling a path towards crypto allocations within…

“Since the first quarter of 2024 we have witnessed a relatively sustained bullish phase for Bitcoin, initially kicked off by the U.S.

Since Bitcoins’ all-time high this Spring, the crypto markets have entered a period of consolidation, once again offering both seasoned and new investors valuable lessons in resilience and long-term thinking.

“It has been another momentous period for digital assets and it would be hard to summarise all the activities, but one thing is clear: the digital asset economy is thriving.

“The start of 2023 saw a resurgence in interest in digital assets after the previous period of chaos and destruction precipitated by the aftermaths of the collapses of various entities in the industry.

“The cyclical nature of the digital asset economy is once again fully evident: Throughout the financial year, the crypto ecosystem saw the unravelling of multiple crises, starting with the Luna and Terra implosion earlier in the year, the subsequent blowups of formerly major entities in the space and, ultimately, the demise of FTX and Alameda Research and their affiliated operations.