The document discusses the case for including digital assets in institutional investment portfolios. It notes that digital assets have low correlations to traditional assets, making them effective diversifiers. While volatile, certain cryptocurrencies like Bitcoin performed well during the COVID-19 crisis, indicating their potential as a hedge. The document also outlines the growth of the digital asset class and increasing acceptance by institutional investors. It argues that due to their unique properties and performance, a small allocation to digital assets could decrease portfolio risk for institutional investors.
1. The Case for Digital Assets
in Institutional Investors’
Portfolios
How Digital Assets are becoming essential to
institutional investors looking to diversify their portfolios
WWW.TRAKX.IO November 2020
3. 2
Scope of Work
This report aims to explain why digital assets cannot be ignored by institutional investors when they are
constructing their investment portfolios in today’s financial world. We will first provide a background on digital
assets and detail why they are poised to become a major part of the financial industry in the near future.
Then, we will compare investment portfolio statistics with and without the inclusion of the most prominent
crypto-currency: Bitcoin (BTC). In the final part, we will assess the impact of various other types of digital
assets, including Trakx’s Crypto Traded Indices (“CTIs”), on a traditional portfolio (“60/40”) and will suggest
what we believe are the best digital assets to invest in and how to maximise investor returns using these
crypto-assets.
4. 3
Table of Contents
Scope of Work 2
Table of Contents 3
I- Introduction
A. What are digital assets and blockchain technology?
B. Bitcoin: the first application of blockchain technology
C. The birth of a new asset class
D. The institutionalisation of digital assets
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II- Diversification Power
A. Correlation to traditional assets
B. Non-traditional asset class
C. Bitcoin in times of crisis: Could Bitcoin become a hedge?
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III- Adding digital assets to a traditional portfolio
A. Considering Bitcoin
B. Considering alternate digital assets
C. Considering TRAKX CTIs in a portfolio
D. Other factors to consider
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IV- Conclusion 15
About TRAKX 16
Contact Us 17
5. 4
I- Introduction
In the last few years, digital assets have sparked intense interest within the general investing public. They have also
become increasingly accessible by institutional investors looking to diversify their portfolios. Today’s consideration to
include digital assets can be compared to hedge funds appearing in the pension funds’ allocation in the 90s or, more
recently, to Emerging Markets BRIC (Brasil, Russia, India, China) investments in the early 2000s.
A. What are digital assets and blockchain technology?
According to the International Monetary Fund (“IMF”), digital assets are “digital representations of value, made possible
by advances in cryptography and distributed ledger technology. They are denominated in their own units of account and
can be transferred peer-to-peer without an intermediary.” Initially, when the term was first used in the mid-1990s, it
referred to items such as videos, images, audio, and documentation. However, since then, there have been a number of
technological advances, with one of the most significant being the creation of “blockchain.”
What is a blockchain? It is a distributed and decentralised public ledger in which a record of all transactions made in a
digital asset is maintained across several computers that are linked in a peer-to-peer network. It is, in simple terms, a
chain of blocks, with digital information (the "block") being stored in a public database (the "chain”). Blockchain has
enabled the creation of new types of digital assets. It is these new digital assets that are disrupting the traditional markets
and leading the digital asset revolution.
B. Bitcoin: the first application of Blockchain technology
Blockchain technology created many new opportunities as a tool to store and verify un-altered data within a giant
network, without involving a single central authority. It is this specifically that has enabled the creation of new digital
assets, such as cryptocurrencies, with Bitcoin (BTC) being the first of its kind. After the 2008 financial crisis, there was a
need for a new, open, and borderless currency market - this created a pathway for the creation of Bitcoin in 2009. Being
the first payment method to use cryptographic principles (specific and secure techniques of identifying, messaging, and
transferring data of the individual asset) to send transactions via a decentralized platform, without a financial
intermediary, made it truly revolutionary.
C. The birth of a new asset class: Crypto-Assets
Crypto-assets have become, arguably, one of the most promising and important investment opportunities in today’s
financial market.
Commonly defined as a type of private assets that depend primarily on cryptography and distributed ledger technology
as part of their inherent value, crypto-assets are one of the major applications of blockchain for finance. Thousands of
crypto-assets, with different features and serving different functions, have been issued since Bitcoin was launched. There
are many ways to classify the different types of crypto assets.
6. 5
A basic taxonomy of crypto-assets comprises three main categories:
●“Payment Tokens” that may serve as a means of exchange or payment. Some famous payment tokens are Bitcoin
(BTC), Ripple (XRP), or Litecoin (LTC). However, “Stablecoins” are the most sought-after payment coins. They are a
relatively new form of tokens whose price is meant to remain stable through time. As Stablecoins are typically less volatile,
they have the potential to bridge certain gaps in the traditional payment systems and can allow for more efficient and
cheaper transactions. Stablecoins are typically asset-backed by real assets (i.e USDt or USDc both backed by USD). In
this category also, we find the high profile Libra project which would constitute an advancement as a means of exchange
and would be backed by a basket of currencies and US Treasury securities.
●“Security Tokens”, also called investment tokens, that may have profit-rights attached to it. They have the characteristics
of a financial instrument and confer one or more rights (right to shares in the capital of the issuing company, right to vote
at a general meeting, right to dividends, etc.). They fall under the same regulatory oversight as other investment products.
The most popular examples of security tokens include Yearn.Finance (YFI) and Melon (MLN). The “Tokenization” of
traditional financial instruments is expected to open up huge opportunities for efficiency improvements across the entire
trade and post-trade value chain.
●“Utility tokens” that may enable access to a specific product or service. Most of the recent utility tokens have been
issued through ICOs* (Initial Coin Offerings), which give holders a right to use their network. Many popular utility tokens
may fall under the ERC20 Ethereum standard (i.e. BNB from Binance or Kucoin). However, not all ERC20 tokens qualify
as utility tokens (i.e. WBTC or Wrapped Bitcoin is a converted version of Bitcoin, a payment cryptocurrency, which can be
traded on the Ethereum blockchain).
Crypto-assets have the potential to bring significant benefits to both market participants and consumers. For instance,
initial coin offerings (ICOs*) and security token offerings (STOs*) allow for a cheaper, less burdensome, and more
inclusive way of financing for small and medium-sized companies (SMEs) by streamlining capital-raising processes and
enhancing competition. Cryptocurrencies do entail, however, significant risks. Therefore institutional investors may need
to use hedging instruments, such as derivatives.
Over the last few years, traditional exchanges (CME, BAAKT by Intercontinental Exchange) as well as digital asset
marketplaces (such as Binance, Huobi) have developed a wide range of derivative instruments, with increasing volumes
in futures and options. All of this, is leading to more standardisation and thus less volatile Crypto markets with wider
acceptance.
* ICO (Initial Coin Offering) and STO (Security Token Offering) are digital issuance processes similar to IPO in traditional financial markets
7. D. The institutionalisation of digital assets
Since their introduction, digital assets have been attracting more and more attention from both retail and institutional
investors around the world, especially cryptocurrencies (see graph below) thanks to a much improved regulatory
environment. Among prominent regulatory organizations, the European Commission, fully endorsed that Digitalisation
and new technologies are significantly transforming the European financial system and the way it provides financial
services to Europe’s businesses and citizens. And, with that in mind, the Commission is establishing an EU framework
for markets in crypto-assets.
Daily volume of cryptocurrencies has been growing since 2017 and has been consistently above $50billion.
Data source Coinmarketcap: 31 Jul 2017 - 05 Nov 2020
As a result of Bitcoin’s success, other developers have released their own blockchain-related tokens, with some of the
most successful being Litecoin (LTC) and Ethereum (ETH). Most importantly, and greatly influenced by Bitcoin, many of
them use their own customised but similar blockchain technology which has not only increased the visibility of digital
assets but has confirmed the strong appeal of this new technology. There are currently about 6,000 different coins/tokens
available in the market with a total market capitalisation of just over $300 billion (according to CoinMarketCap as of the
end of Q2, 2020). In addition to independent developers taking an interest into the crypto market, there have been
extensive investments in the digital asset arena from technology firms and major global banks, such as Facebook,
Paypal, Microstrategy, and JP Morgan. Most of these entities are looking to create their own digital assets or digital
versions of their existing traditional assets. More surprisingly, over 70% of the world’s central banks, such as the Central
Bank of France, have been exploring the digital asset market through the Central Bank Digital Currency (CDBC) projects
which aim to launch digital versions of their own fiat currency, according to the Bank for International Settlements (BIS).
As we look into the future, more and more Millennials will be taking C-level roles in the corporate world, which is bound to
bring more change and a greater move towards digitalisation. According to a poll by YouGov (Sept 2019), among
American adults familiar with cryptocurrencies, they are more widely accepted by the Millennial generation: 35% of
Millenials had bought a digital asset within the year before the poll publication, against only 15% for GenX, and 5% for
baby boomers. It seems inevitable that digitalisation is the future of finance. For this reason alone, it is important for
institutional investors to consider digital assets when composing their investment portfolios.
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8. II- Diversification Power
A. Low correlation to traditional assets
According to Investopedia, “Modern portfolio theory (MPT) asserts that an investor can achieve diversification and reduce
the risk of losses by reducing the correlation between the returns of the assets selected in the portfolio. The goal is to
optimize the expected return against a certain level of risk.” This makes digital assets especially attractive since their
correlation with traditional asset classes is low. While digital assets have a reputation of being highly volatile, their weak
correlation with other asset classes makes them excellent diversifiers. A small allocation in digital assets could
significantly decrease the risk of a broader portfolio.
From the table below, we see digital assets have little correlation to traditional assets over the long run.
All correlations are calculated using the daily performances from 31 Dec 2016 to 31 Aug 2020. Data are labelled in USD,
sourced from CryptoCompare for digital assets and Alpha-Vantage for other market data.
List of assets: iShares MSCI World Index ETF, SPDR S&P 500 ETF, SPDR EURO STOXX 50 ETF, iShares MSCI
Emerging Markets Index, Xtrackers Harvest CSI 300 China A-Shares ETF, SPDR Gold Trust, United States Oil Fund,
iShares 20+ Year Treasury Bond ETF, iShares Core U.S. Aggregate Bond ETF, Bitcoin (BTC), Ether (ETH), Ethereum
Classic (ETC), Litecoin (LTC), Monero (XMR), Ripple (XRP), Euro, UK Pound Sterling, Swiss Franc, Chinese Yuan,
Japanese Yen, Russian Ruble.
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9. B. A non-traditional asset class
Very rarely does a new asset class not conform to traditional behaviours. One can attempt to make predictions on how
equity and debt markets will react to different market events and influences such as geopolitical and credit risks,
corporate earnings, GDP reports, monetary and fiscal policies, etc... With digital assets, values are derived from a wide
panel of drivers. Those drivers ultimately affect crypto-asset correlations to traditional assets and can strategically be
used to help diversify an investment portfolio. We examine some of these influences below.
●Intrinsic drivers: Cryptocurrencies are materially different from traditional fiat currencies in that fiat are subject to
predefined monetary policy. However, we notice cryptos, such as Bitcoin (BTC), are being priced more according to their
utility as well as their capped supply and growing demand. Demand is directly linked to an asset’s utility function: the
higher the utility, the greater the demand. And, unlike fiat currencies, there is only a predefined supply of Bitcoin. At the
other end of the spectrum, other types of tokens (often called Altcoins - or alternative coins) performance may vary
according to the adoption of the blockchain / protocol itself. As an example, some investors might be keen to get
exposed to Ether on the basis that the adoption of the Ethereum blockchain would increase. Similarly, others might want
to get exposed to the COMP token, a recently created altcoin, hoping that the adoption of the Compound protocol (a
margin trading application) would surge. These diversified factors have created demand and thus increased prices for
altcoins.
●External drivers: After a generally negative global response from policymakers, regulators’ acceptance of crypto-assets
is increasing. Many jurisdictions have begun building regulatory frameworks for the issuance and trading of such assets.
In addition, this growing acceptance has fueled a boom in digital infrastructure developments. Major financial institutions
have launched offerings including cryptocurrency trading and custody platforms, making such assets a more secure
investment. As we know with traditional banking and investments, the security of trading platforms and the custody of
assets (referred to as “wallets” in the digital asset space) is as important as the value of the asset itself; the asset
cannot exist and be widely accepted without a safe and secure infrastructure and a clear regulatory framework.
Source: Wealth Monaco - Institutional Investors: new entrants in the digital asset ecosystem - 20 Jul 2020
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10. C. Bitcoin in times of crisis: could Bitcoin become a hedge?
During the recent Covid-19 crisis, Bitcoin showed great resilience as it quickly recovered from the initial market shock
while stocks were struggling to find ground. If we look closely at Bitcoin’s performance, we can see that there were three
main phases, all taking place between 9 March and 23 March 2020, which the following graph rebased to 100
demonstrates.
Due to its positive response, Bitcoin attracted a more
diverse base of institutional investors who didn’t typically
take positions in digital assets. The Covid-19 crisis
validated the robustness of digital assets overall and
made them much more difficult for institutional investors to
ignore, especially given the devastating losses being
incurred by many traditional assets.
Over the crisis, Bitcoin beat both S&P 500 ETF and Gold
in the first half of 2020.
Data source as of 30/06/2020: CryptoCompare, Alpha-vantage
As we can see on the right-hand graph, Bitcoin (BTC)
managed to perform significantly better YTD than other
major indices (equity, bonds, gold).
Source: CryptoCompare data for Bitcoin, AlphaVantage for other data
Due to the spread and negative impacts of Covid-19, most economies are set to contract through to 2021 and to continue
to suffer extraordinarily high rates of unemployment, business closures, and bankruptcies. This situation has led to some
traditional cyclical assets, such as oil, to hit new lows and other safe haven assets, such as gold, to experience crisis-
related spikes. Due to all these unforeseen circumstances and consequences, investors are looking for new investment
alternatives.
Many governments around the world have printed money in response to the Covid-19
crisis. This could lead to inflation and debasing of the fiat currencies. However, due to the
positive performance of digital assets, such as Bitcoin, during the crisis, it would not be
unreasonable to see digital assets being used as a potential hedge against inflation and
systemic risks in times of geopolitical crises. With that argument in mind, Trakx has
developed a unique Inflation Hedge strategy made of a Digital Gold token and Bitcoin.
9
11. III- Adding Digital Assets to a Traditional Portfolio
A. Considering Bitcoin
In this section, we will be looking in more detail at how
digital assets can improve an institutional investor’s
portfolio risk profile. We will compare the expected
returns of a traditional 60% S&P 500 index and 40%
Treasury Bonds investment portfolio (“60/40”) against a
portfolio containing an allocation of Bitcoin. We will first
include Bitcoin over other digital assets as it holds a
major market share in the digital asset ecosystem; it also
has the highest liquidity of all cryptocurrencies and is the
most used by the majority of institutional investors. Source: CryptoCompare as of 31 Aug 2020
Table 1: Adding Bitcoin to a benchmark portfolio
Data sources as of 30 Oct 2020: CryptoCompare data for Bitcoin and
AlphaVantage for Equities (S&P 500 ETF) and Bonds data (TLT
Treasury Bill ETF). All portfolios are simulated with a daily rebalancing to
maintain fixed weights of Bitcoin, Equities and Bonds. The benchmark
portfolio (Bm) includes 60% Equities (S&P 500 ETF) and 40% Bonds
(TLT Treasury Bill ETF).
The Sharpe ratio is the average return of an asset in
excess of the risk-free rate per unit of volatility. It is
essentially used to help investors understand the return
of an investment compared to its risk (i.e. volatility). The
higher the Sharpe ratio, the more significant the
expected returns over risk free securities, T-bills in
particular. As we can see in Table 1, the allocation of
Bitcoin in a traditional “60/40” portfolio can certainly
increase the expected return of that portfolio.
Given Bitcoin’s often uncorrelated and independent
behaviour compared to more traditional assets,
particularly in times of crisis, including an allocation of
Bitcoin in a portfolio helps diversify the portfolio
immensely. We can witness that even a small allocation
of Bitcoin (1% of the assets under management) can
have a disproportionately positive impact on the
portfolio’s return.
As a result of the low correlation between Bitcoin and
Equities specifically, in most cases allocating up to 3%
of Bitcoin to a “60/40” portfolio can noticeably increase
the returns while having a low or no impact on the
volatility of the portfolio (see resulting Sharpe Ratio in
Table 1). This is not to say there is no risk, but the risk
taken is lower than the expected returns.
10
12. Asymmetric Profile of Portfolios enhanced with Bitcoin
From portfolios, in the table below, we have calculated the performance contribution of each asset. We can see that 1% of
Bitcoin contributed to 10% of the overall performance, and a 5% allocation would have contributed to over a third of the
portfolio’s return if included since 2016. Keep in mind that this period included both an historic rally in 2017 followed by a
sharp correction in 2018.
Sources: CryptoCompare data for Bitcoin and AlphaVantage for Equities (S&P 500 ETF) and Bonds data (TLT Treasury Bill ETF). All portfolios are
simulated with a daily rebalancing to maintain fixed weights of Bitcoin, Equities and Bonds. The Benchmark portfolio (Bm) includes 60% Equities (S&P
500 ETF) and 40% Bonds (TLT Treasury Bill ETF)
B. Considering alternate digital assets
First, let us look at crypto-assets, other than Bitcoin, that are available to investors. These may include altcoins such as
Ethereum (ETH), Litecoin (LTC), and Monero (XMR), to name a few. As shown in the below chart, some of these tokens
have attracted high interest from investors which translated into impressive year-to-date performance.
Some of the above mentioned crypto-assets have not only enjoyed high returns but also outperformed most traditional
asset categories so far in 2020 despite macroeconomic uncertainties.
Specifically, the high performance levels of Ether and Stellar continue to demonstrate the independent and uncorrelated
nature of digital assets between them. Like many financial instruments, there are differences amongst crypto-assets that
affect their demand and performance (a characteristic crypto-assets actually share with traditional securities).
Data source as of 30/10/2020: CryptoCompare
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13. So far, we have examined the return contribution of Bitcoin on a traditional portfolio’s performance and briefly looked at the
stand-alone performances of other digital currencies. Let’s review below the market capitalisations of these assets.
Data source as of 04/11/2020: Coinmarketcap
The significantly higher market capitalisation of Bitcoin is one of its biggest advantages against other crypto-assets -
investors will benefit from Bitcoin high liquidity levels for as long as it dominates the market (between 60% - 65% share).
To continue our analysis, we have taken the same “60/40” benchmark portfolio and substituted 3% with an allocation to
various Altcoins.
Simulated performances are calculated from CryptoCompare data for Bitcoin and Alpha-Vantage for SP500
(SP500 ETF) and TLT (treasury bond ETF) data. The Benchmark portfolio (Bm) is calculated from daily
performances, including 60% Equities (S&P 500 ETF) and 40% of Bonds (TLT Treasury Bills).
12
14. Despite the above great risk/reward of some Altcoins, we cannot ignore Bitcoin’s market capitalisation, high liquidity, and
its overall performance which makes it valuable to investors. These Bitcoin features, therefore, beg the following question:
“What if one could structure a digital asset product that offers high market capitalisation, and deep liquidity in a risk
controlled environment with the integrity of an end-to-end investment platform?”
C. Considering Trakx’s CTIs in a portfolio
Trakx.io combines the highest market capitalisations and most liquid digital assets into Crypto Traded Indices (“CTIs”) and
offers investors the opportunity to partake in this growing asset class. So far, Trakx has launched 8 strategic products,
which we believe, would suit investors’ needs to offer portfolio performance enhancement in a risk controlled environment.
Below, we compare year-to-date performances of Bitcoin and Trakx CTIs.
All calculations are done with simulated performances prior to the launch and with CTIs daily prices from then on.
Sources: CryptoCompare for cryptocurrencies data and Trakx for CTIs.
And in the following table we compare simulated performances of diversified portfolios invested in Trakx CTIs, compared
to the traditional portfolio composed of 60% S&P 500 ETF and 40% US Treasury Bills (TLT)
All calculations are done with simulated performances prior to the launch of CTIs and with CTIs daily prices from then on. The Benchmark portfolio
(Bm) is calculated including 60% Equities (S&P 500 ETF) and 40% of Bonds TLT Treasury Bills.
Sources: CryptoCompare for cryptocurrencies data, Alpha-Vantage for S&P 500 ETF and TLT Treasury Bonds, and Trakx for CTIs.
In sum, investors looking to capture the diversification of digital assets and wanting to avoid the volatility spikes of an
outright single coin can benefit significantly from Trakx’s products: adding Trakx’s CTIs to a basket would diversify the
Year to date
as of
30 Oct 2020
Bitcoin
Trakx
Bitcoin
Ether 50/50
Trakx
Decentralised
Exchange
Trakx
Lending
Trakx
Top 10
DeFi
Trakx
Diversifier
Trakx
Top 10
Crypto
Trakx
Inflation
Hedge
Trakx
Bitcoin Ether
Control20
Trakx
Bitcoin
Control15
Diversified portfolios
Year to date
as of 30 Oct 2020
●Bm
60%SP500
40% TLT
● 97% Bm
● 3% Trakx
Bitcoin Ether
50/50
● 97% Bm
● 3% Trakx
Decentralised
Exchange
● 97% Bm
● 3% Trakx
Lending
● 97% Bm
● 3% Trakx
Top10
DeFi
● 97% Bm
● 3% Trakx
Diversifier
● 97% Bm
● 3% Trakx
Top10
Crypto
● 97% Bm
● 3% Trakx
Inflation
Hedge
● 97% Bm
● 3% Trakx
BitcoinEther
Control20
● 97% Bm
● 3% Trakx
Bitcoin
Control15
13
15. portfolio and reduce the risk of losses, while investing in a disruptive technology.
D. Digital Assets drivers to consider
We have examined a traditional “60/40” investment portfolio’s performance with the addition of low-correlated digital
assets. Initially, choosing digital assets with high market cap (Bitcoin) and notable high performance (Ether), we
demonstrated how crypto-assets centric features affect the overall performance of the “60/40” portfolio, given specific
allocation levels (1%, 3%, 5%).
From the above analysis, investors should consider specific drivers. Most of these, some independently and some jointly,
ultimately drive the performance of a portfolio that includes digital assets. Specifically:
Utility: has the token/asset been widely accepted as a holder of value
and medium of exchange?
Issuance: part of Bitcoin’s main feature is the capped issuance, making
its value highly linked to demand.
Demand: very much a product of utility and issuance features.
Market Cap: limited issuance, broad utility, and high demand may
rapidly increase market cap.
Volatility: typically high in the early stage of a digital asset life and
resulting in skepticism surrounding the quality of the asset or its issuing
entity/parties. However, as a token enters into a maturing market place,
these concerns become contained.
Holding Period: over longer holding periods, volatility and trends
become averaged and reflected in performance and contributions to
overall portfolio.
Correlation: digital assets, since their inception, have been used as
alternative investment vehicles in times of crisis. This, and their inherent
differences from traditional assets, have made them perform
independently and less linked to systemic risks.
Considering these factors, we truly believe digital assets are excellent and exciting portfolio diversifiers for all the reasons
mentioned in this report. We also suggest finding the digital asset that is right for you - Trakx offers strategic quantitative
and innovative investments, specifically our Crypto Traded Indices (CTIs), which help minimising risk and add stability to
your portfolio while seeking enhanced return.
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16. 15
Conclusion
This paper has shown that digital assets should become more of an indispensable part of an institutional investor’s
portfolio. By observing market interest from an ever increasingly diverse group of investors, even including sovereign
entities, we can conclude digital assets will play a large role in the future of financial markets. Indeed, Trakx is not the only
institution with such beliefs. Bitwise Asset Management and Fidelity Digital Assets have consistently argued for an
increase in adoption to digital assets by institutional investors. Their reports demonstrate that trend and validate and
confirm our convictions.
We have endeavoured to prove that adding a digital allocation, such as Bitcoin, in an investment portfolio can potentially
result in significantly increased returns. This addition does present some risks associated with added volatility which can
be mitigated through diversification and the use of the Sharpe Ratio to guide and construct a portfolio that fits individual
risk/rewards requirements.
Including Trakx Crypto Traded Indices - CTI investment products - in a portfolio at specific quantities offers a potentially
more favourable Sharpe Ratio than direct BTC investment, and thus a potentially higher portfolio return and greater
diversification.
Please contact olivier@trakx.io for more information on how to participate in portfolio diversification with Trakx.
17. 16
About TRAKX
Trakx.io is a global fintech company creating new standards for digital asset investments.
Digital assets provide alternative solutions to portfolio investing and Trakx is exceeding the market standard by
assembling a sophisticated platform to exchange a diverse selection of Crypto Traded Indices (CTIs) while ensuring the
highest level of compliance, ultra-secure custody, and deep liquidity demanded by the largest investors.
CTIs enhance portfolio diversification and also significantly reduce the complexity and fees associated with the setting and
reach of positions on many digital and cryptocurrency assets. To date, Trakx offers 11 long basket CTIs and will be
including (upon regulatory approvals) levered CTIs, inverse CTIs, and other smart products to its offerings.
Trakx is rapidly expanding its global footprint and intends to become the market's preferred end-to-end digital asset
investment platform.
