Please find below the update of the active portfolio. On the second page, you will find the list of expired transactions. The main changes are: - Purchase of Booking, OKLO, Uber, Interparfums, and ServiceNow - I am still waiting for the right moment to buy the SP Funds S&P 500 Sharia ETF (SPUS) - I may soon purchase Xiaomi (“1810”); please ensure that your broker allows you to trade Chinese securities. Note: I include the exchange rate effect (Currency/CHF) in the portfolio. I track the rate at the purchase date for the initial cost and re-calculate it over the life of the position to get the final value. French: Veuillez retrouver ci-dessous la mise à jour de portefeuille actif, en 2ème page la liste des transactions échues. Les changements majeurs: - Achat de Booking, OKLO, Uber, Interparfums et ServiceNow - J'attends toujours le bon moment pour acheter le SP Funds S&P 500 Charia (SPUS) - Je risque d'acheter Xiaomi ("1810") prochainement, assurez-vous que votre broker vous assure l'achat de titres chinoises. Note: je prends en compte l'impact du taux de change (Devise/CHF) dans le portefeuille. Je relève le taux au moment de l'achat pour le montant initial, puis je le réévalue durant toute la durée de détention pour calculer la valeur finale.

Please find below an update on the evolution of our passive portfolio. Major changes: - Removing Nike - Reducing UPS to 2% - Adding Booking to 2% - Adding Microsoft to 2% - Adding Oklo 1% - Increasing Uber to 2% - Increasing Oracle to 2% - Increasing ServiceNow to 2% - Removing all the Oil Positions - Increasing Gold to 3% - Increasing all the ETFs I am fully invested now in this portfolio, same will be soon in the Active Portfolio, waiting for the right moment. French: Veuillez trouver ci-dessous une mise à jour sur l’évolution de notre portefeuille passif. Principaux changements : - Suppression de Nike - Réduction de UPS à 2 % - Ajout de Booking à 2 % - Ajout de Microsoft à 2 % - Ajout d’Oklo à 1 % - Augmentation d’Uber à 2 % - Augmentation d’Oracle à 2 % - Augmentation de ServiceNow à 2 % - Suppression de toutes les positions pétrolières - Augmentation de l’or à 3 % - Augmentation de tous les ETF Je suis désormais entièrement investi dans ce portefeuille. Ce sera bientôt aussi le cas pour le portefeuille actif, en attendant le bon moment.

The crypto market lost $2 trillion in market cap. Fear & Greed Index at 18 = extreme fear. Most people are panicking. I see an accumulation window that doesn't come often. This is not investment advice. This is how I think about the current setup and where I have skin in the game: Render (RNDR) — $1.78 | +28% this week — Decentralised GPU compute for AI and 3D applications. Every AI model needs compute power, and that compute is becoming a bottleneck. This is the picks-and-shovels layer of a multi-trillion dollar transformation. Bittensor (TAO) — $268 | +29% this week — If Render is the hardware layer, Bittensor is the intelligence layer. A decentralised machine learning network with no direct competitor at this scale. Leading all Layer 1s in weekly performance. The volatility is real, but so is the asymmetry. Aerodrome (AERO) — $0.33 | -2% this week — The dominant DEX on Base, the Coinbase-backed Layer 2. Real fees from real trading volume. As Base grows, Aerodrome grows. The current dip is noise — the relationship between Base adoption and AERO revenue is direct and measurable. Virtuals (VIRTUAL) — $0.71 | -6% this week — The AI agent economy on Base. Autonomous AI agents that transact on-chain need an economic layer. This is early, which means the upside is large and the conviction required is equally large. Hyperliquid (HYPE) — $37.90 | +26% this week — Decentralised perpetuals exchange processing over $200 billion in monthly volume. 97% of platform fees go to HYPE buybacks. Let's be clear — real product, real users, real revenue, deflationary mechanics. One of the strongest fundamentals-backed tokens in the entire market. Sui (SUI) — $0.99 | +10% this week — The most undervalued Layer 1 based on fundamentals. 400ms finality, 297K TPS, $600M+ TVL, developer activity growing 219% year-on-year — outpacing Solana. The price at sub-$1 does not reflect what is already live. Token unlocks create short-term pressure, which is precisely what creates the entry.