FICH Crypto is a systematic, long-only algorithmic strategy trading exclusively within the top 150 altcoins by market capitalization. Every Friday, our algorithm evaluates relative strength across the universe and automatically rotates capital into the most dominant digital assets — maximizing exposure to structural crypto trends while completely removing human bias.

If you have invested $1,000 with Fich Crypto on Jan 2020 you would now have $107,101

1. Market overview

• Crypto markets saw sharp volatility, with Bitcoin trading around $58,000–$61,000 amid bearish sentiment, elevated ETF outflows, and cautious institutional positioning.

• Ethereum and several altcoins faced continued downward pressure tied to broader risk aversion and macroeconomic uncertainty, while total market capitalization hovered near $2.2 trillion.

• Despite price weakness, Bitcoin on-chain activity remained resilient, and derivatives markets showed crowded short positioning that briefly supported relief bounces.

• Invesco filed for a tokenized fund targeting the stablecoin reserve sector, following its acquisition of tokenized money market fund manager Superstate.

• Kraken held talks to acquire a significant stake in DeFi protocol Aave, reflecting continued interest in DeFi infrastructure despite sector challenges and ongoing regulatory scrutiny (including stablecoin customer identification proposals).

• The Ethereum Foundation made notable budget realignments within the ecosystem.

• Coinbase’s Base layer-2 network experienced a temporary outage that disrupted transaction processing before recovering.

Fich Monthly returns %

2. This week overview: Fich Crypto vs the market

Through 25 June 2026, Fich investment strategy returned −22.74% in June so far, against −18.84% for Bitcoin and −21.88% for Ethereum.

Stepping back to the year-to-date picture:

3. The portfolio this week: bought, sold, and held

On 25 June 2026 the system opened 3 new positions and held 5 from the previous week, with no closes, leaving the portfolio at roughly 6.8% cash.

Current portfolio:

New Portfolio update

Jupiter (JUP) led Solana-linked momentum, supported by tangible supply-and-revenue catalysts. Over the past 90 days the protocol executed more than $5.7 million in JUP buybacks, while weekly revenue distributions have been running around $580,000—placing Jupiter among the top on-chain applications by revenue. A community-approved pause in token emissions further reduces near-term sell pressure, and the continued rollout of new products (including JupUSD integration and additional trading primitives) has helped JUP outperform the broader market with strong recent gains.

Algorand (ALGO) saw a credibility boost from regulation and a longer-dated security narrative. Its inclusion on Japan’s JVCEA Green List is a meaningful gating event that can accelerate compliant exchange listings in a highly regulated market and has already coincided with a sharp weekly move higher. In parallel, the Foundation published a roadmap targeting network-wide quantum resilience by 2027, with initial post-quantum account and tooling milestones slated for 2026—positioning Algorand as proactive on next-generation security while it continues to court institutional and real-world asset activity.

Quant (QNT) strengthened its institutional thesis with both product delivery and enterprise alignment. The launch of Fusion Rollup on mainnet—a multi-ledger rollup designed to connect multiple networks—adds a concrete interoperability milestone, while ongoing bank-facing initiatives in the UK around tokenized deposits and settlement infrastructure keep Quant close to regulated “programmable money” use cases. Technically, QNT has shown signs of a higher-conviction move with an above-average breakout and improving relative strength, reinforcing the view that enterprise-driven catalysts could remain a key tailwind into the second half of 2026.

4. Multi-year track record

By the end of last week, that hypothetical $1,000 was worth $107,101 in the strategy, versus $8,306 in spot Bitcoin and $11,990 in spot Ethereum.

Fich Crypto Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).

Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.

FICH Crypto is a systematic, long-only algorithmic strategy trading exclusively within the top 150 altcoins by market capitalization. Every Friday, our algorithm evaluates relative strength across the universe and automatically rotates capital into the most dominant digital assets — maximizing exposure to structural crypto trends while completely removing human bias.

If you have invested $1,000 with Fich Crypto on Jan 2020 you would now have $109,111

1. Market overview

• The crypto market stabilized modestly amid macroeconomic pressures and cautious sentiment; Bitcoin traded around $62,000–$65,000 and Ethereum hovered near $1,700, with total market cap near $2.3 trillion and Bitcoin dominance above 55 percent.

• Spot Bitcoin and Ethereum ETFs had mixed flows, including weekly net outflows earlier in the period, suggesting profit-taking and rotation, while institutional holdings remain a substantial portion of Bitcoin supply.

• Institutional and regulatory developments continued, with markets watching U.S. Federal Reserve signals; tokenized finance advanced through initiatives in real-world asset securitization, tokenized deposit networks, and on-chain settlement.

• DeFi and select altcoins showed pockets of momentum; real-world asset tokenization gained traction via fund launches on high-performance chains, while some DeFi and prediction market platforms drew regulatory and market attention.

• Despite liquidations and macro headwinds, crypto infrastructure (custody, stablecoins, institutional-grade products) showed resilience and growing legitimacy as a strategic asset class.

Fich Monthly returns %

2. This week overview: Fich Crypto vs the market

Through 18 June 2026, Fich investment strategy returned −21.29% in June so far, against −14.55% for Bitcoin and −14.74% for Ethereum.

Stepping back to the year-to-date picture:

3. The portfolio this week: bought, sold, and held

On 18 June 2026 the system opened 4 new positions and held 1 from the previous week, with no closes, leaving the portfolio at roughly 40.3% cash.

Current portfolio:

New Portfolio update

DeFi markets saw renewed momentum across major tokens as institutional interest, product expansion, and incentives converged around Uniswap (UNI), Aave (AAVE), Morpho (MORPHO), and WLFI.

Uniswap drew strong bullish attention after Standard Chartered initiated coverage with a $100 price target by 2030, catalyzing a sharp price move and a surge in trading activity alongside a spike in whale participation and on-chain usage. The narrative is increasingly centered on Uniswap’s ability to capture growth from tokenized real-world assets and forthcoming v4 enhancements, with broader discussion also focusing on fee and supply mechanics that could strengthen value accrual as protocol volumes expand.

Aave continued to benefit from an “undervalued” positioning narrative in institutional research, supported by expectations for meaningful protocol earnings and a pipeline of product and collateral expansions. Market focus remains on the V4 architecture’s risk isolation and capital efficiency, alongside efforts to grow institutional-facing RWAs and improve distribution through a consumer app strategy—signals that Aave is pushing simultaneously for stronger fundamentals and wider adoption.

Morpho reinforced its institutional credibility with a major $175 million funding round at a $2 billion valuation led by top-tier investors. Near-term attention is on the planned launch of a confidential USDC yield vault, a product designed to make on-chain yield more palatable for larger allocators by adding privacy features, potentially accelerating inflows on top of an already sizable deposit base.

WLFI’s momentum has been driven primarily by ecosystem growth around its USD1 stablecoin, which has climbed into the top tier by market capitalization, alongside aggressive rewards programs that incentivize holding, staking, and liquidity provision. In parallel, reports pointing to progress toward a national trust bank charter have elevated the regulatory upside narrative, which—if realized—could materially expand institutional operating capabilities and adoption pathways.

4. Multi-year track record

By the end of last week, that hypothetical $1,000 was worth $109,111 in the strategy, versus $8,745 in spot Bitcoin and $13,086 in spot Ethereum.

Fich Crypto Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).

Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.

FICH Crypto is a systematic, long-only algorithmic strategy trading exclusively within the top 150 altcoins by market capitalization. Every Friday, our algorithm evaluates relative strength across the universe and automatically rotates capital into the most dominant digital assets — maximizing exposure to structural crypto trends while completely removing human bias.

If you have invested $1,000 with Fich Crypto on Jan 2020 you would now have $109,000

1. Market overview

• Crypto markets were volatile: Bitcoin rebounded from intraday lows near $59,000 to trade around $63,000–$64,000 by mid-June, while Ethereum and other major assets faced downward pressure amid macroeconomic headwinds (elevated inflation and shifting expectations for Federal Reserve policy).

• Record outflows from U.S. spot Bitcoin ETFs, totaling billions over recent weeks and including more than a dozen consecutive redemption sessions earlier in the period, weighed on sentiment, though flows showed tentative signs of stabilizing toward week’s end.

• Geopolitical developments tied to U.S.-Iran tensions contributed to risk-off conditions before de-escalation signals supported a modest rebound in asset prices.

• Coinbase launched “Coinbase for Agents,” enabling AI systems (e.g., ChatGPT and Claude) to connect to user accounts for autonomous trading, data access, payments, and purchases within predefined limits.

• U.S. lawmakers introduced bipartisan legislation to create a Federal Cryptocurrency Theft Task Force led by the Attorney General to improve coordination against crypto theft, fraud, and cybercrime.

• Markets will continue to watch upcoming Federal Reserve decisions and legislative progress, alongside ongoing institutional activity and security-focused initiatives.

Fich Monthly returns %

2. This week overview: Fich Crypto vs the market

Through 11 June 2026, Fich investment strategy returned −21.37% in June so far, against −13.64% for Bitcoin and −16.62% for Ethereum.

Stepping back to the year-to-date picture:

3. The portfolio this week: bought, sold, and held

On 11 June 2026 the system closed 5 positions and opened no new positions, holding 1 position from the previous week, leaving the portfolio at roughly 86.5% cash.

The algorithm systematically closes underperforming assets while holding positions with strong momentum.

Closed trades, return on each closed position:

Average closed-trade return: −14.59%. Hit rate: 0/5 (0% winners).

Today, we are letting patience be our most active position, preserving 86.46% of our portfolio in cash.

Current portfolio:

4. Multi-year track record

By the end of last week, that hypothetical $1,000 was worth $109,000 in the strategy, versus $8,838 in spot Bitcoin and $12,798 in spot Ethereum.

Fich Crypto Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).

Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.

FICH Crypto is a systematic, long-only algorithmic strategy trading exclusively within the top 150 altcoins by market capitalization. Every Friday, our algorithm evaluates relative strength across the universe and automatically rotates capital into the most dominant digital assets — maximizing exposure to structural crypto trends while completely removing human bias.

If you have invested $1,000 with Fich Crypto on Jan 2020 you would now have $120,146

1. Market overview

• The crypto market saw heavy volatility: Bitcoin fell from above $73,000 to around $62,000 amid Middle East geopolitical tensions, rising oil prices, and a broader selloff in AI-related equities; Ethereum traded near $1,700 and underperformed Bitcoin, while total crypto market capitalization contracted.

• Spot Bitcoin ETFs recorded continued outflows exceeding $1.4 billion; analysts noted short-heavy positioning that could support a technical rebound. MicroStrategy sold 32 BTC, a shift from its long-standing accumulation approach.

• Regulatory momentum improved sentiment: the Digital Asset Market Clarity Act advanced in the Senate amid debates over bad actors and SEC vs. CFTC jurisdiction; Coinbase received CFTC approval to offer global crypto perpetual futures.

• Industry-specific developments included a long-undetected Zcash bug that could have enabled supply inflation (triggering a sharp price drop before partial recovery), growth in a peptide trading ecosystem using crypto payments, and the unlocking/spending of a rare 2011 physical Bitcoin holding 25 BTC during the downturn.

Fich Monthly returns %

2. This week overview: Fich Crypto vs the market

June has opened with a broad-based pullback across crypto, and the strategy has not been spared. The relative picture, however, is more constructive than the headline week suggests: while our strategy is tracking roughly in line with Bitcoin and Ethereum month-to-date, the year-to-date gap remains meaningful and is the figure subscribers should focus on.

Through 4 June 2026, Fich investment strategy returned −13.33% in June so far, against −13.29% for Bitcoin and −11.77% for Ethereum.

Stepping back to the year-to-date picture:

3. The portfolio this week: bought, sold, and held

On 4 June 2026 the system closed 4 positions, opened 3 new positions, and held 3 from the previous week, leaving the portfolio at roughly 25.0% cash.

The algorithm systematically closes underperforming assets while holding positions with strong momentum.

Closed trades, return on each closed position:

Average closed-trade return: −12.17%. Hit rate: 0/4 (0% winners).

Roughly a quarter of the portfolio is in cash this week. That is a direct consequence of the rotation: when the universe-wide momentum signal weakens, fewer names clear the screen and capital sits on the sidelines rather than being forced into deteriorating trends.

Current portfolio:

New Portfolio update

Across key crypto infrastructure names, the dominant theme is accelerating real-world usage paired with supply-tightening mechanics that can amplify price sensitivity.

Render (RENDER) is benefiting from a tangible capacity and demand catalyst: the RNP-023 rollout integrating Salad Network’s large consumer-GPU base as an exclusive subnet. Early 2026 processing activity has been strong, with rising daily active addresses and a faster token burn rate as RENDER remains required for payments and rewards. The market is treating this as a “real utilization” inflection, with AI-infrastructure tokens showing relative strength and RENDER holding key technical support as buyers step in on dips.

Polygon (POL) continues to gain credibility as a stablecoin payments rail. Institutional adoption signals strengthened with expanded settlement availability via major partners and increasing integration-driven volume. Stablecoin supply growth has recently accelerated, and ongoing network and payments-focused initiatives reinforce the narrative of Polygon positioning for enterprise and cross-border payment flows—an on-chain activity tailwind that can translate into renewed investor attention.

Aster (ASTER) stands out on the trading-venue side, driven by a mix of sentiment and improved tokenomics. High-profile commentary has boosted visibility alongside rising perp-DEX activity, while a shift to staking-only distribution cut emissions dramatically, reducing structural sell pressure. Expanded perpetuals offerings and fee-linked buybacks add to the “tighter supply + higher throughput” setup, increasing the potential for sharp moves when volume returns.

4. Multi-year track record

By the end of last week, that hypothetical $1,000 was worth $120,146 in the strategy, versus $8,873 in spot Bitcoin and $13,542 in spot Ethereum.

Fich Crypto Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).

Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.

FICH Public Equities is a systematic, long-only investment strategy that trades exclusively within the S&P 500 universe. The algorithm evaluates relative strength every month and automatically rotates capital into the 10 most dominant stocks, maximizing exposure to leading macro trends while completely removing human bias.

Annual Returns - Fich Strategy vs SPY

1. Macro Overview

U.S. equities extended strong gains into early June 2026: S&P 500 rose about 5.7% over the past month, Nasdaq led with tech-driven momentum near record highs, and the Dow posted more modest advances.

Market leadership remained highly concentrated in technology, especially semiconductors and AI infrastructure, which rose roughly 16–17%, while most other S&P 500 sectors were flat to down.

The 10-year Treasury yield stayed elevated around 4.4%, reflecting steady rate expectations amid geopolitical oil-price volatility; energy stocks were pressured as crude moderated from earlier spikes following ceasefire and supply developments.

Fich Monthly Returns (2012 – present)

2. The Portfolio: Current Holdings (June 2026)

The dominant theme across our technology pillars is a structural, multi-year hardware upcycle driven by the simultaneous acceleration of AI adoption, exponential data creation, and the urgent modernization of cloud and telecommunications infrastructure. Capital is being pulled toward the foundational layers of the digital economy—advanced semiconductor manufacturing, high-bandwidth memory, optical networking, and enterprise data storage—as hyperscalers and network operators race to build AI training and inference capacity that demands unprecedented compute density, ultra-low latency interconnects, and massively scalable, reliable storage. In this environment, the key signal is not incremental software innovation but the expanding physical requirements of AI and cloud workloads, which elevate the strategic importance of the “picks-and-shovels” suppliers that provide silicon, memory bandwidth, optical transport, and storage architecture. We view these components as indispensable infrastructure for the modern cloud and global data transport, positioning the portfolio for continued demand as the industry invests in the materials, fabrication, and server-grade systems that enable the next wave of software breakthroughs.

Portfolio Breakdown

STX (Seagate Technology Holdings plc) — Weight: 13.90% delivered fiscal Q3 2026 revenue of $3.11 billion with non-GAAP gross margin of 47.0% and non-GAAP diluted EPS of $4.10, exceeding forecasts on robust demand for mass-capacity storage in AI and cloud environments. Operating cash flow was $1.1 billion, supporting $641 million in debt retirement and shareholder returns. The results highlight Seagate’s successful positioning in enterprise and data center HDD solutions amid the ongoing AI infrastructure expansion.

CIEN (Ciena Corporation) — Weight: 13.85% posted strong fiscal Q1 2026 results with revenue of $1.43 billion, up 33.1% year-over-year, supported by accelerated AI-driven demand for optical networking, WaveLogic 5 and 6 Extreme platforms in subsea and data center interconnects. Adjusted EPS of $1.35 beat estimates, with notable wins in cloud and subsea projects contributing to significant share price appreciation. Analysts have responded with substantial price target increases reflecting confidence in continued optical networking expansion tied to AI infrastructure buildout; fiscal Q2 2026 results are scheduled for release on June 4, 2026.

WDC (Western Digital Corporation) — Weight: 13.10% reported robust fiscal Q3 2026 results with revenue of $3.34 billion, up 45% year-over-year, driven by AI-driven demand for high-capacity storage solutions. GAAP gross margin reached 50.2% (non-GAAP 50.5%), with non-GAAP diluted EPS of $2.72, exceeding consensus. The company highlighted multi-year agreements extending into 2028–2029, launched industry-first post-quantum cryptography hard drives for AI data security, appointed an AI-focused executive to its board, and guided for approximately 40% year-over-year revenue growth in fiscal Q4, reflecting sustained momentum in cloud and enterprise storage.

COHR (Coherent Corp.) — Weight: 11.73% reported fiscal Q3 2026 revenue of $1.81 billion, up 21% year-over-year (27% pro forma), with continued strength in lasers and photonics for industrial, communications, and AI-related applications. GAAP gross margin improved to 37.7% and non-GAAP EPS reached $1.41, beating expectations. The company provided Q4 guidance of $1.91–$2.05 billion in revenue and non-GAAP EPS of $1.52–$1.72, reflecting solid execution amid broader optoelectronics tailwinds.

GLW (Corning Incorporated) — Weight: 10.65% announced strong Q1 2026 results with core sales of $4.35 billion (up 18% year-over-year) and core EPS of $0.70 (up 30%), propelled by robust Gen AI product demand and the ramp of new solar offerings. GAAP sales were $4.14 billion. While Q2 guidance incorporates a planned maintenance shutdown, the underlying momentum in optical communications, specialty materials, and AI-related glass applications remains positive, reinforcing Corning’s diversified growth profile.

LITE (Lumentum Holdings Inc.) — Weight: 9.04% delivered exceptional fiscal Q3 2026 results ended March 28, 2026, with net revenue reaching $808.4 million, representing 90.1% year-over-year growth and 21.5% sequential increase, fueled by surging demand for optical components in AI infrastructure and data centers. GAAP gross margin stood at 44.2% with non-GAAP at 47.9%, while non-GAAP operating margin expanded to 32.2% and non-GAAP diluted EPS hit $2.37, beating estimates. The company joined the Nasdaq-100 Index, saw multiple analyst price target upgrades (often exceeding $1,000), and provided strong Q4 guidance of $960 million–$1.01 billion in revenue with non-GAAP EPS of $2.85–$3.05, underscoring its pivotal role in photonics for AI networking.

INTC (Intel Corporation) — Weight: 8.20% reported Q1 2026 revenue of $13.6 billion, up 7% year-over-year, with non-GAAP EPS of $0.29. While facing ongoing competitive pressures in foundry and client segments, the company is advancing its process technology roadmap and benefiting from broader AI ecosystem tailwinds, with shares showing substantial year-to-date appreciation. Guidance for Q2 2026 projects revenue of $13.8–$14.8 billion, as management continues restructuring and strategic initiatives to restore competitiveness in semiconductors and AI acceleration.

SNDK (SanDisk Corporation) — Weight: 7.62% achieved record fiscal Q3 2026 performance with revenue of $5.95 billion and non-GAAP diluted EPS of $23.41, significantly surpassing estimates amid explosive AI memory demand. The data center segment grew 233% sequentially, gross margins expanded dramatically to 78.4%, and the company secured over $42 billion in future revenue commitments. Shares have delivered extraordinary gains exceeding 4,000% over the past year, with analysts raising price targets substantially (up to $3,250) and upgrading ratings, while management initiated a $6 billion share repurchase, affirming strong positioning in high-bandwidth memory and storage for AI.

MU (Micron Technology, Inc.) — Weight: 7.33% reported record fiscal Q2 2026 results (ended February 2026) with revenue of $23.86 billion—nearly tripling year-over-year—driven by unprecedented AI memory demand across DRAM and NAND. GAAP net income reached $13.79 billion ($12.07 per diluted share) and non-GAAP EPS $12.20, with gross margins approaching 75%. The company guided for even stronger sequential performance and continues to benefit from supply constraints and high-value AI infrastructure spending, positioning it as a core beneficiary of the memory supercycle.

DELL (Dell Technologies Inc.) — Weight: 5.05% exhibited explosive AI server growth in its fiscal Q1 2027 results (reported May 2026), with overall revenue surging to $43.84 billion (up ~88% year-over-year) and non-GAAP EPS reaching $4.86. AI-optimized server revenue alone jumped 757% to $16.1 billion, driving the company’s fastest revenue growth pace since its 2018 relisting. Full-year fiscal 2027 guidance was raised materially, underscoring Dell’s leadership in AI infrastructure hardware and services, with shares reacting strongly to the accelerated outlook.

3. Performance and Statistics

Since January 2012, Fich Public Equities investment strategy has systematically compounded a simulated $100,000 starting portfolio into over $11.29 Million, achieving an annualized return (CAGR) of 39.58% while strictly capping the historical maximum drawdown at −33.50%.

Current Portfolio Performance

Equity Curve - Fich vs SPY

DrawDown Curve - Fich vs SPY

Disclaimer: Past performance is not indicative of future results. All strategy performance metrics and stated returns are net of a 0.10% commission fee per trade. For comprehensive historical data and complete execution logs, visit fich.ai.

FICH Crypto is a systematic, long-only algorithmic strategy trading exclusively within the top 150 altcoins by market capitalization. Every Friday, our algorithm evaluates relative strength across the universe and automatically rotates capital into the most dominant digital assets — maximizing exposure to structural crypto trends while completely removing human bias.

If you have invested $1,000 with Fich Crypto on Jan 2020 you would now have $130,676

1. Market overview

• Geopolitical tensions between the U.S. and Iran drove a risk-off move, pushing Bitcoin from above $77,000 to below $73,000 and triggering over $1 billion in liquidations; Ethereum underperformed while XRP rebounded above $1.30 on strong volume.

• Spot Bitcoin ETFs saw persistent outflows, and decentralized finance total value locked fell by more than $20 billion amid elevated funding rates and fragile liquidity.

• Institutional activity continued despite the pullback, including FalconX’s confidential IPO filing, OKX Ventures’ $53 million investment in South Korea’s Coinone exchange, and rapid growth of Tether’s U.S.-focused stablecoin (up more than 500% over the prior month).

• Prediction markets faced increased regulatory scrutiny, and European banking leaders warned about the region’s ability to handle crypto-related shocks under MiCA; sector challenges included tokenization/RWA developments and network outages on Sui.

• The industry continued moving toward clearer regulation and product innovation (including protected Bitcoin ETF strategies), with markets watching upcoming inflation data and policy signals for direction.

Fich Crypto Monthly returns %

2. This week overview: Fich Crypto vs the market

Through 28 May 2026, Fich Crypto strategy returned −0.20% in May so far, against −3.57% for Bitcoin and −10.97% for Ethereum.

Stepping back to the year-to-date picture:

3. The portfolio this week: bought, sold, and held

On 28 May 2026 the system closed 5 positions, opened 5 new positions, and held 2 coins from previous weeks, leaving the portfolio at roughly 5.3% cash.

The algorithm systematically closes underperforming assets while holding positions with strong momentum.

Closed trades, return on each closed position:

Average closed-trade return: +4.27%. Hit rate: 2/5 (40% winners).

Current portfolio:

New Portfolio update

Institutional and enterprise adoption narratives are driving the strongest signals across several altcoins, with multiple networks posting breakouts on high volume as catalysts shift from speculation to infrastructure and distribution.

Stellar (XLM) led on a major real‑world asset tokenization headline after DTCC outlined plans to connect its tokenized securities platform to Stellar by 1H 2027, supporting on-chain representation of U.S. assets under an SEC no‑action framework. The news sparked a sharp, market‑decoupling rally and reinforces Stellar’s positioning in compliant settlement rails. Additional momentum is building from growing stablecoin interoperability (Circle CCTP), tokenized cash and yield products, and increased institutional experimentation on the network.

Sei (SEI) is seeing clear risk‑on rotation into high‑performance Layer‑1s, with reported whale accumulation and a strong price/volume surge. Attention is centered on the upcoming “Giga” scalability push (parallelized EVM execution and faster finality targets), while a smartphone distribution agreement to preinstall Sei-powered wallets on millions of Xiaomi devices starting in 2026 stands out as a potential step-change in user onboarding.

Internet Computer (ICP) is being repriced around unusually strong on-chain activity and an AI/sovereign cloud narrative. DFINITY’s “Cloud Engines” launch aims to bring serverless enterprise tooling on-chain with revenue-linked buyback/burn mechanics, directly tying usage to token demand. A recent short squeeze accelerated the move, but the more durable signal is sustained throughput and product commercialization aimed at regulated enterprise workloads.

Filecoin (FIL) continues to lean into the “verifiable data for AI” theme. The NV28 upgrade improved mainnet capabilities for real workloads, and the 2026 strategy prioritizes scaling paid storage deals via programmable, on-chain storage and payment rails. Market focus is also turning to token-economics tightening as vesting overhangs diminish, alongside improving technical structure.

Midnight (NIGHT) is gaining visibility as a privacy-first platform within the Cardano orbit, supported by leadership focus and a federated mainnet rollout featuring notable enterprise node operators. While still early, the combination of governance/treasury initiatives and early application experimentation is supporting relative strength and improving sentiment.

Overall, the dominant cross-market theme is “institutional-grade infrastructure”: compliant tokenization, high-throughput execution, enterprise cloud tooling, and AI-driven data/storage demand—now increasingly paired with concrete distribution channels and usage-linked token mechanics.

4. Multi-year track record

By the end of last week, that hypothetical $1,000 was worth $130,676 in the Crypto strategy, versus $10,226 in spot Bitcoin and $15,371 in spot Ethereum.

Fich Crypto Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).

Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.

FICH Public Equities is a systematic, long-only investment strategy that trades exclusively within the S&P 500 universe. The algorithm evaluates relative strength every month and automatically rotates capital into the 10 most dominant stocks, maximizing exposure to leading macro trends while completely removing human bias.

Annual Returns - Fich Strategy vs SPY

1. Macro Overview

Over the past 30 days, major U.S. equity indexes advanced modestly, with the S&P 500 up roughly 5% amid resilient corporate earnings and continued strength in artificial intelligence-driven spending. Treasury yields rose noticeably, with the 10-year note climbing toward 4.6% and the 30-year exceeding 5.1% at points, pressuring longer-duration assets.

Capital flows concentrated in technology, supported by strong results from leaders like NVIDIA that reinforced ongoing AI momentum, alongside solid gains in industrials and materials tied to infrastructure and data-center demand. Energy was mixed amid elevated but volatile oil prices linked to geopolitical tensions, while defensive areas such as healthcare and consumer staples lagged.

Momentum-driven positioning favored information technology and industrials, where positive earnings surprises and AI/infrastructure tailwinds reinforced trends, extending sector leadership even as the broader market consolidated after April’s sharp rally.

Weaker momentum and relative underperformance led to trims or avoidance in areas such as financials and some healthcare names. Higher yields weighed on rate-sensitive sectors like real estate and utilities, contributing to outflows as capital rotated toward higher-conviction growth and cyclical themes.

Fich Monthly Returns (2012 – present)

2. The Portfolio: Current Holdings (May 2026)

This curated portfolio is positioned at the intersection of three powerful secular tailwinds—accelerating AI compute demand, a global telecom infrastructure overhaul, and the rise of programmable molecular medicine—anchored by market leaders that supply the essential “picks and shovels” of the modern digital economy. The most important signal across the technology complex is the continued surge in data creation and model training requirements, which is intensifying investment in high-performance semiconductor design, advanced materials, and the hardware stack needed to move, store, and process information at scale. As hyperscale cloud providers expand capacity, the portfolio’s exposure to high-bandwidth optical networking, specialty glass substrates, and next-generation storage (both solid-state and hard-disk) is geared to benefit from sustained capex cycles focused on throughput, energy efficiency, and reliability. Supporting this buildout are critical enablers of advanced manufacturing—automated semiconductor testing and precision laser instrumentation—which tend to see demand as chip complexity rises and production tolerances tighten. Complementing the digital infrastructure theme, the healthcare allocation targets asymmetric upside from the maturation of mRNA platform therapeutics, where progress in programmable medicines continues to expand beyond initial applications and could reshape development timelines and therapeutic breadth over time.

Portfolio Breakdown

WDC (Western Digital) — Weight: 14.49% delivered strong Q3 FY2026 performance with revenue of $3.34 billion, up 45% year-over-year, and non-GAAP EPS of $2.72, beating estimates. Gross margins approached 50–51%, supported by robust demand for HDDs and SSDs in AI infrastructure and data centers. The company highlighted increasing focus on scale, economics, reliability, and sustainability in AI planning, while advancing post-quantum cryptography hard drives for secure AI data. Recent customer surveys and recognition in sustainable AI indices underscore its positioning; Q4 guidance points to continued double-digit growth and margin expansion.

MRNA (Moderna) — Weight: 13.75% reported Q1 2026 revenue of approximately $389–400 million, up substantially year-over-year, with a GAAP net loss that included a significant one-time litigation settlement charge; adjusted performance beat expectations on the top line. The majority of revenue is now from international markets, particularly the UK, as the company diversifies beyond COVID-19 vaccines. Management reiterated expectations for approximately 10% revenue growth in 2026, driven by its broader mRNA pipeline in respiratory and other therapeutic areas, while maintaining a strong cash position exceeding $7 billion. Pipeline progress in oncology and other programs remains a key focus.

MU (Micron Technology) — Weight: 13.12% recorded exceptional results in FY2026, with Q2 revenue reaching a record $23.86 billion (nearly tripling year-over-year) and non-GAAP EPS of $12.20, substantially ahead of estimates. Strong execution in high-bandwidth memory (HBM) and DRAM, coupled with tight industry supply and surging AI demand, drove record gross margins, EPS, and free cash flow. Management highlighted memory as a strategic asset in the AI era, with significant investments in manufacturing capacity. Guidance remains robust, expecting further records in subsequent quarters amid a rapidly expanding HBM total addressable market.

STX (Seagate Technology) — Weight: 11.00% generated robust FY2026 results, with Q3 revenue of $3.11 billion (up 44% year-over-year) and non-GAAP EPS of $4.10, exceeding expectations. Strong demand for mass-capacity storage in AI and cloud environments drove record exabyte shipments and gross margins exceeding 40%. The company has transformed its financial profile through disciplined execution, with ongoing capital returns via dividends. Management anticipates sustained momentum in data storage solutions as AI workloads scale, with Q4 guidance supporting continued growth.

COHR (Coherent) — Weight: 9.67% reported Q3 FY2026 revenue of $1.81 billion, up 21% year-over-year (27% on a pro forma basis), with non-GAAP gross margin of 39.6% and non-GAAP EPS of $1.41. Growth was propelled by scaling AI datacenter infrastructure and communications demand, which now accounts for the majority of revenue. Margin expansion reflects improved product mix and operational leverage in photonics and laser solutions critical for optical networking and high-performance computing. The company continues to see extended demand visibility into 2028, supporting further upside in datacom and industrial applications.

GLW (Corning) — Weight: 9.65% delivered strong Q1 2026 core sales of $4.35 billion (up 18% year-over-year) and core EPS of $0.70 (up 30%), driven by robust demand for Gen AI-related optical products and the ramp of new solar offerings. Optical Communications and Solar segments led growth, supporting gross margin expansion to 37%. The company upgraded its Springboard growth plan, targeting significantly higher annualized sales run rates by 2028–2030 through AI fiber optics, advanced glass, and solar. Q2 guidance projects core sales of approximately $4.6 billion and core EPS of $0.73–$0.77, despite temporary production impacts from solar facility upgrades.

CIEN (Ciena) — Weight: 8.86% achieved record Q1 FY2026 revenue of $1.43 billion, up 33% year-over-year, with adjusted EPS of $1.35, significantly beating consensus. Performance was driven by strong networking demand, with adjusted gross margin at 44.7%. The company raised full-year FY2026 revenue guidance to $5.9–$6.3 billion, reflecting confidence in sustained growth across its portfolio amid expanding bandwidth needs. Q2 revenue is expected around $1.5 billion, with ongoing margin stability.

SNDK (SanDisk) — Weight: 7.90% has experienced dramatic share price appreciation, up over 500% year-to-date and thousands of percent over the trailing year, fueled by explosive AI-driven demand for memory and storage solutions in data centers. The company reported solid sequential revenue growth in recent quarters, with strong performance in NAND and related products benefiting from industry-wide memory shortages and high-bandwidth memory dynamics. Analyst price targets have been repeatedly raised (e.g., to $2,000+ levels by multiple firms), citing its central role in the AI infrastructure buildout. Recent earnings showed continued momentum, though volatility remains elevated given the rapid run-up.

LITE (Lumentum Holdings) — Weight: 6.57% reported robust Q3 FY2026 results with net revenue of $808.4 million, up 90% year-over-year, driven by strong demand in AI and cloud datacenters. Non-GAAP gross margin expanded to 47.9% and non-GAAP EPS reached $2.37, reflecting favorable product mix, operational efficiency, and pricing discipline. Components represented 66% of revenue while Systems grew over 121% year-over-year, with laser chips, pump lasers, and scale-across products leading gains. Momentum in co-packaged optics and optical circuit switches supports further earnings power, with Q4 guidance calling for revenue of $960 million to $1.01 billion and non-GAAP EPS of $2.85–$3.05.

TER (Teradyne) — Weight: 5.45% posted record Q1 2026 revenue of $1.282 billion, up 87% year-over-year, with non-GAAP EPS of $2.56. Semiconductor Test, the primary driver, contributed $1.111 billion, reflecting approximately 70% of total revenue tied to AI-related demand in compute and memory. All business groups benefited from AI momentum, resulting in outsized growth across the portfolio. Q2 guidance calls for revenue of $1.15–$1.25 billion and non-GAAP EPS of $1.86–$2.15, with management expecting continued AI-driven strength.

3. Performance and Statistics

Since January 2012, Fich Public Equities investment strategy has systematically compounded a simulated $100,000 starting portfolio into over $9.93 Million, achieving an annualized return (CAGR) of 37.79% while strictly capping the historical maximum drawdown at −33.50%.

Current Portfolio Performance

Equity Curve - Fich vs SPY

DrawDown Curve - Fich vs SPY

Disclaimer: Past performance is not indicative of future results. All strategy performance metrics and stated returns are net of a 0.10% commission fee per trade. For comprehensive historical data and complete execution logs, visit fich.ai.

If you have invested $1,000 with Fich in Jan 2020 you would now have $130,689

1. Market overview

• The Senate Banking Committee advanced the Clarity Act in a bipartisan 15-9 vote on May 14, a key step toward comprehensive U.S. digital asset market structure legislation, supporting industry confidence amid broader macroeconomic pressures.

• Bitcoin traded roughly between $76,000 and $81,000, ending the week near $77,400 after intraday highs above $81,000. Bitcoin showed relative resilience versus altcoins, with elevated Bitcoin dominance as Ethereum and many layer-one tokens faced more pressure.

• Spot Bitcoin ETFs saw net outflows of about $1 billion, ending a prior inflow streak, while Ethereum ETFs had continued redemptions around $255 million, though overall institutional holdings remain substantial.

• DeFi and privacy narratives gained attention, including strong performance and positioning for Hyperliquid and renewed interest in Zcash tied to privacy features and development funding. Market participants are watching potential Senate floor consideration of the Clarity Act, possible updates on the Strategic Bitcoin Reserve, and macroeconomic catalysts affecting risk appetite.

Fich Monthly returns %

2. This week overview: the Fich strategy vs the market

Through 21 May 2026, Fich investment strategy returned −0.19% in May so far, against +1.66% for Bitcoin and −5.48% for Ethereum.

Stepping back to the year-to-date picture:

3. The portfolio this week: bought, sold, and held

On 21 May 2026 the system closed 4 positions and opened 4 new positions and held 3 from the previous week, leaving the portfolio at roughly 11.3% cash.

The algorithm systematically closes underperforming assets while holding positions with strong momentum.

Closed trades, return on each closed position:

Average closed-trade return: −5.25%. Hit rate: 2/4 (50% winners).

Current portfolio:

What's driving the new portfolio

Fich Strategy continues to hold JST, NEAR, and ZEC while rebalancing its portfolio with new coins showing strong momentum.

Dash is benefiting from renewed interest in privacy coins and tangible ecosystem expansion. A new integration into NEAR’s Intents Widget improves Dash’s cross-chain swap access across dozens of blockchains, while futures open interest has surged alongside a trendline break that supports a near-term bullish reversal narrative. Visibility efforts in Southeast Asia and upcoming roadmap items (including Thorchain integration and Evolution upgrades) add supportive medium-term catalysts, with attention on whether price can sustain support and challenge the next major resistance zone.

DoubleZero (2Z) is showing high-beta momentum driven by strong volume and on-chain accumulation signals. The token has posted a sharp daily gain alongside a major spike in trading activity, growing holder counts, and notable large-value transactions, while token burns add a scarcity tailwind. Technically, a breakout through the prior resistance band has improved the setup, but follow-through will depend on holding the new support level after the rapid move.

Morpho stands out as a DeFi infrastructure winner as institutional-facing integrations accelerate. The protocol has pushed to new records in deposits and activity, supported by expanding vault/curation ecosystems and partnerships that increase addressable enterprise lending and trading capacity. Speculation around strategic accumulation by a large asset manager has further boosted sentiment, and the market is watching whether the token can continue to defend key supports and extend toward the next upside targets as adoption-driven flows build.

Algorand’s narrative is being reinforced by distribution and credibility catalysts. Robinhood’s relisting meaningfully expands U.S. retail access and liquidity, while recognition for post-quantum cryptography strengthens its security-led positioning for institutional use cases. With ongoing developer tooling and stablecoin integrations progressing, ALGO is approaching a constructive technical inflection point that could support a push higher if resistance levels break amid broader rotation into scalable Layer-1s.

4. Multi-year track record

By the end of last week, that hypothetical $1,000 was worth $130,689 in the strategy, versus $10,781 in spot Bitcoin and $16,319 in spot Ethereum.

Fich Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).

Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.

If you have invested $1,000 with Fich in Jan 2020 you would now have $122,571

1. Market overview

The past week in the cryptocurrency markets was defined by regulatory progress, institutional integration, and measured price action amid shifting macro expectations.

• Bitcoin consolidated in the $79,000–$82,000 range after brief tests above $82,000, supported by recovering spot ETF volumes that reached approximately $2.5 billion on May 14.

• Ethereum faced resistance near $2,400, reflecting subdued network activity and profit-taking among longer-term holders, while Bitcoin dominance climbed above 61 percent.

• Tokenized U.S. Treasuries surpassed $15 billion in total value locked, highlighting the accelerating convergence of traditional fixed-income products with blockchain infrastructure.

Regulatory developments provided the clearest positive catalyst.

• The Senate Banking Committee advanced the Clarity Act with a bipartisan 15-9 vote, moving toward a comprehensive U.S. framework that delineates oversight between the SEC and CFTC, addresses stablecoin remuneration rules, strengthens anti-money laundering requirements, and facilitates tokenized securities while offering fundraising exemptions for digital asset issuers.

• This legislative momentum boosted market sentiment, with Bitcoin’s bullish-to-bearish comment ratio briefly exceeding 2.6, though analysts cautioned about potential buy-the-rumor dynamics ahead of further hurdles.

Sector-specific momentum highlighted both enthusiasm and selectivity.

• Hyperliquid’s native token surged into the top 20 by market capitalization amid intense retail interest and ecosystem expansions, including Coinbase’s integration as a USDC treasury deployer.

• Selective altcoins such as XRP and Uniswap posted solid weekly gains.

• On-chain data showed retail addresses continuing steady Bitcoin accumulation, while larger holders remained flat, suggesting limited institutional confirmation at current levels.

• The industry showed resilience and growing mainstream relevance, though compressed volatility and macro uncertainties (including Federal Reserve leadership transition and inflation signals) tempered expectations for an immediate breakout.

Fich Monthly returns %

2. This week overview: the Fich strategy vs the market

Through 14 May 2026, Fich investment strategy returned −6.39% in May so far, against +2.36% for Bitcoin and −3.40% for Ethereum.

Stepping back to the year-to-date picture:

3. The portfolio this week: bought, sold, and held

On 14 May 2026 the system closed 5 positions and opened 5 new positions and held 2 from the previous week, leaving the portfolio at roughly 1.2% cash.

The algorithm systematically closes underperforming assets while holding positions with strong momentum.

Closed trades, return on each closed position:

Average closed-trade return: −9.37%. Hit rate: 1/5 (20% winners).

Current portfolio:

What's driving the new portfolio

Across several altcoin ecosystems, the dominant theme this week is accelerating “real-world” utility—through regulated market access, tokenized assets, and protocol-driven deflation—showing up alongside clear technical breakouts and rising activity.

Injective (INJ) led on catalysts: a community buyback program rapidly filling its revenue pool supports ongoing burns and a tighter supply narrative, while native USDC and Circle’s cross-chain transfer rails strengthen stablecoin liquidity and interoperability across Cosmos-linked venues. The launch of U.S. CFTC-regulated INJ futures marks a notable institutional milestone, reinforcing momentum that has already translated into a decisive price breakout.

JUST (JST) reinforced its deflationary thesis after completing a large, revenue-funded token burn that removed a meaningful portion of supply. In parallel, governance progress to expand JustLend markets is aimed at growing TVL and fee generation, improving the fundamental backdrop as sentiment turns more constructive.

Conflux (CFX) saw renewed interest following a breakout accompanied by higher volume and improving on-chain metrics, including stronger stablecoin presence, rising transactions, and expanding user activity. Its push into compliant, cross-border initiatives and tokenized assets—highlighted by omnichain tokenized gold—continues to position the network for Asia-focused real-world asset liquidity growth.

Quant (QNT) is being driven by enterprise and financial-market integration momentum, supported by a technical move above key resistance on heavier volume. Ongoing tokenized deposit pilots with major banks, Overledger-related developments, and broader institutional testing narratives underpin expectations for continued demand tied to licensing and network usage.

Finally, Kite (KITE) is drawing attention after its mainnet launch on Avalanche and the rollout of agent-focused identity and programmable wallet infrastructure, targeting autonomous AI-agent commerce. Post-launch activity and elevated volume suggest the market is increasingly pricing the project around adoption potential in agent-driven transactions.

4. Multi-year track record

By the end of last week, that hypothetical $1,000 was worth $122,571 in the strategy, versus $10,855 in spot Bitcoin and $16,678 in spot Ethereum.

Fich Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).

Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.

1. Market overview

• Bitcoin held above $80,000 as crypto markets showed renewed resilience; total market capitalization hovered near $2.7 trillion and Bitcoin dominance rose to about 61%, the highest since late 2025.

• Spot Bitcoin ETFs saw consistent net inflows totaling over $1.6 billion across several days, signaling continued institutional demand.

• Ethereum traded in a narrow range around $2,300–$2,400, while select alt sectors (DeFi and meme coins on Solana and Ethereum) showed relative strength.

• U.S. regulatory progress continued as the Senate Banking Committee advanced preparations to mark up the Digital Asset Market Clarity Act, focusing on SEC/CFTC jurisdiction, developer protections, and frameworks for tokenized assets and stablecoins; sentiment improved toward neutral.

• Altcoin activity rotated into meme coins and Uniswap v4-related tokens, lifting UNI and ecosystem projects; SUI gained from staking inflows, and institutions showed interest in tokenized real-world assets including new money market fund launches.

Fich Monthly returns %

2. This week overview: the Fich strategy vs the market

Through 7 May 2026, Fich investment strategy returned +4.46% in May so far, against +7.07% for Bitcoin and +3.65% for Ethereum.

Stepping back to the year-to-date picture:

3. The portfolio this week: bought, sold, and held

On 7 May 2026 the system closed 5 positions and opened 7 new ones, leaving the portfolio at roughly 6.9% cash.

Closed trades, profit on each closed position:

Average closed-trade return: +4.41%. Hit rate: 5/5 (100% winners).

Current portfolio:

What's driving the new portfolio

Altcoins saw a broad risk-on bid, with several names breaking out on major catalysts spanning tokenomics upgrades, AI-agent infrastructure, and renewed privacy demand.

TON rallied sharply after Pavel Durov unveiled a “Make TON Great Again” roadmap centered on deeper Telegram integration, including Telegram stepping up as the network’s largest validator, staking significant tokens and pushing fees toward near-zero. The shift sparked a notable short squeeze and record volumes, reinforcing a momentum regime as traders position for follow-on network upgrades and payments/stablecoin expansion.

ICP surged on DFINITY’s launch of “Cloud Engines,” positioning Internet Computer as sovereign, tamper-proof cloud infrastructure designed for AI workloads with multi-cloud portability. Markets also reacted to improved token economics: a revenue mechanism earmarking 20% for buybacks/burns alongside inflation reductions from recent upgrades, supporting a more structurally bullish narrative as enterprise and developer demonstrations gain traction.

ZEC ripped to fresh 2026 highs amid heavy short liquidations, with additional credibility from a major investor publicly disclosing accumulation and emphasizing the growing relevance of shielded transactions. A record share of supply moving into shielded pools has tightened liquid availability, while recent security work, fresh funding, and upcoming quantum-recoverable wallet initiatives strengthened the long-term privacy thesis.

In DeFi, ENA drew incremental institutional attention after a major index-style product rebalance gave it a sizable weight, while Ethena’s efforts to broaden USDe collateral sources and expand yield strategies sustained demand for the ecosystem. Technical setups improved as price action responded to the institutional catalyst.

Utility and AI-agent themes also advanced: FIL broke key resistance levels on rising volume as Filecoin’s onchain cloud strategy and institutional-grade data preservation use cases continue to mature. VIRTUAL benefited from expanded distribution via a major retail trading platform and accelerating adoption as infrastructure for AI agents on Base. NEAR rallied on the launch of an AI agent marketplace and confidential compute initiatives, with added support from visible whale accumulation and progress toward post-quantum cryptography—reinforcing its positioning at the intersection of AI commerce, security, and next-gen L1 functionality.

4. Multi-year track record

By the end of last week, that hypothetical $1,000 was worth $136,778 in the strategy, versus $11,354 in spot Bitcoin and $17,895 in spot Ethereum.

Fich Strategy vs. BTC and ETH — growth of $1,000 since inception (log scale).

Disclosure: All performance metrics account for a 0.10% commission per trade side. Execution is strictly limited to the Top 150 altcoins by market capitalization, rebalanced every Friday. Full historical performance data is available at Fich.ai. This letter is for informational purposes only and does not constitute investment advice.