Charles-Edouard Bilbault
Global Equities Portfolio Manager
Fund update: R-co Thematic Blockchain Global Equity — October 2025
Fondos en el foco
—
10/10/2025
Klara Sok
R-co Thematic Blockchain Global Equity Co-Portfolio Manager
“Tokenization is like a freight train. It can’t be stopped, and eventually it’s going to eat the entire financial system.” Vlad Tenev, Robinhood’s CEO
In September, US equity markets kept climbing to new record highs, as Federal Reserve cut rates by 25 bps1 amid deteriorating labor market data. In the blockchain and digital assets sector, capital market activity has remained buoyant, with Gemini and Figure IPOs reportedly more than 20x oversubscribed2 . Major corporations kept accelerating adoption of blockchain technologies. A notable example is Nasdaq’s US$50 million investment3 in Gemini, made just prior to its IPO. This strategic move comes along with the planned integration of Gemini’s digital asset custody services into Nasdaq’s existing infrastructure. Nasdaq also filed an application for token trading at the SEC this month. Swift announced collaborating with around 30 financial institutions on a distributed ledger prototype supporting tokenized assets international exchanges3. In Asia, Ant Digital reportedly tokenized US$8.4bn worth of energy assets4. Hong Kong Monetary Authority published guidance on digital assets classification under Basel framework for planned application as soon as January next year.
In this context, portfolio strongly outperformed in September, led by digital assets/fintech, blockchain infrastructure and audit trail/industrial applications categories. Galaxy Digital led outperformance in September, after securing a US$1.4 billion project5 financing to expand its Hélios AI and Cloud HPC campus. Under a long-term agreement with CoreWeave for the site’s full 800 MW approved capacity, the company is projected to generate over US$1 billion in annual revenue for 15 years. Blockchain infrastructure company Cleanspark comes as second contributor to performance this month and announced diversifying income sources towards AI Cloud HPC, capitalizing on its strong operational expertise in data center and power management.
We remained disciplined in September and took marginal profit on outperforming company Bakkt and kept building positions started over the summer on selected companies providing exposure to Ethereum and Bittensor blockchain ecosystems. We kept marginally increasing our Asian exposure by strengthening Cosco Shipping, LianLian Digitech and Cango. At the end of the month, our equity exposure was 96.6%6.
Industry news to watch:
Nasdaq invests US$50m in digital assets platform Gemini and files application at SEC for token trading.
Swift and UBS pilot onchain subscription and redemption workflows for tokenized fund using Chainlink runtime environment.
QNB Group, one of the largest financial institutions in Middle East, adopts JPMorgan’s blockchain platform for US Dollar payments.
[1] Source : Bloomberg, 30/09/2025.
[2] Source : Cointelegraph, september 2025.
[3] Source : Swift Press Release, 29 september 2025.
[4] Source : Coinpaper - Ant Digital, september 2025.
[5] Source : Galaxy Newsroom – Helios Financing, sepember 2025.
[6] Source : Rothschild & Co Asset Management, 30/09/2025.
SRI risk indicator 6/7
The synthetic risk indicator is used to assess the level of risk of this product compared with others. It indicates the probability that this product will incur losses in the event of market movements or our inability to pay you. The risk indicator assumes that you hold the product for 5 years. The real risk may be very different if you opt to exit before maturity, and you may get less in return. We have classified this product in risk class 6 out of 7, which is a high risk class and mainly reflects a discretionary management policy seeking to invest in shares of companies active in blockchain themes. In other words, the potential losses linked to the future performance of the product are high and, if market conditions were to deteriorate, it is very likely that our ability to pay you would be affected. As this product does not provide protection against the vagaries of the market or a capital guarantee, you could lose all or part of your investment. Other materially relevant risks not taken into account by the indicator: credit risk, liquidity risk, impact of techniques such as derivatives: The use of derivatives may amplify the impact of market movements in the portfolio. For more information on risks, please refer to the fund prospectus available on our website: https://am.eu.rothschildandco.com
Past performance is not a reliable indicator of future performance and is not constant over time. The characteristics/objectives/strategies mentioned above are indicative and subject to change without notice. This analysis is only valid at the time of writing. The geographical and sector allocations and distributions are not fixed and may change over time within the limits of the SICAV fund’s prospectus
The information, comments and analyses in this document are provided for information purposes only and should not be construed as an investment or tax advice, or as an investment recommendation from Rothschild & Co Asset Management
[2] Source : Cointelegraph, september 2025.
[3] Source : Swift Press Release, 29 september 2025.
[4] Source : Coinpaper - Ant Digital, september 2025.
[5] Source : Galaxy Newsroom – Helios Financing, sepember 2025.
[6] Source : Rothschild & Co Asset Management, 30/09/2025.
SRI risk indicator 6/7
The synthetic risk indicator is used to assess the level of risk of this product compared with others. It indicates the probability that this product will incur losses in the event of market movements or our inability to pay you. The risk indicator assumes that you hold the product for 5 years. The real risk may be very different if you opt to exit before maturity, and you may get less in return. We have classified this product in risk class 6 out of 7, which is a high risk class and mainly reflects a discretionary management policy seeking to invest in shares of companies active in blockchain themes. In other words, the potential losses linked to the future performance of the product are high and, if market conditions were to deteriorate, it is very likely that our ability to pay you would be affected. As this product does not provide protection against the vagaries of the market or a capital guarantee, you could lose all or part of your investment. Other materially relevant risks not taken into account by the indicator: credit risk, liquidity risk, impact of techniques such as derivatives: The use of derivatives may amplify the impact of market movements in the portfolio. For more information on risks, please refer to the fund prospectus available on our website: https://am.eu.rothschildandco.com
Past performance is not a reliable indicator of future performance and is not constant over time. The characteristics/objectives/strategies mentioned above are indicative and subject to change without notice. This analysis is only valid at the time of writing. The geographical and sector allocations and distributions are not fixed and may change over time within the limits of the SICAV fund’s prospectus
The information, comments and analyses in this document are provided for information purposes only and should not be construed as an investment or tax advice, or as an investment recommendation from Rothschild & Co Asset Management
