Digital Assets Monthly Report | November

Blockchain ETF andMetaverse ETF Macro Outlook | November

MicroStrategy is the world’s largest publicly-listed holder of Bitcoin and holds 11 times as much Bitcoin as the next institutional holder.

The company began aggressively purchasing the digital asset in August 2020. It has spent roughly $4.68 billion on Bitcoin with an average purchase price of $29582 per coin.

Given the size of MicroStrategy’s Bitcoin holdings its stock tends to act as a leveraged Bitcoin play. Its share price has outperformed Bitcoin this year with MicroStrategy up 225% YTD compared to Bitcoin’s gains of 110%.

Upcoming catalysts such as the likely approval of a spot Bitcoin ETF in the US and next year’s Bitcoin halving have propelled the price of Bitcoin and the shares of MicroStrategy that see their value largely tied to it.

MicroStrategy is part of the ETC Group Digital Assets and Blockchain Equity UCITS ETF (KOIN). It represents 5.35% of a diversified basket product that provides investors with exposure to the blockchain sector.

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Sources available upon request. All performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFsyour capital is at risk.

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Blockchain ETF andMetaverse ETF Performance
As of 31.10.2023

ETC Group Digital Assets and Blockchain Equity UCITS ETF0.14%-31.86%1.30%39.64%-1.22%-78.28%
Solactive ETC Group Digital Assets and Blockchain Equity Index0.19%-31.76%1.70%40.65%-0.32%-78.00%
ETC Group Global Metaverse UCITS ETF-1.34%-14.34%8.13%28.68%24.74%1.82%
Solactive ETC Group Global Metaverse Index-1.30%-14.21%8.49%29.44%25.59%2.68%

Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/10/2023

Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs your capital is at risk.

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