1、1Into themainstream2025 Crypto InvestmentOutlook32Tableof ContentsCryptos shotA note from our CEOMarcelo Sampaio An ocean of opportunityPedro Lapenta,Head of ResearchThe winding roads of 2025Joo Marco Cunha,Head of Portfolio ManagementGlossaryThe next frontier:Our 2025 investment themesSamir Kerbage

2、,CIOBitcoin crosses the chasmLucas Santana,Research AnalystFinding the next“killer app”Yuri Alter,Research Analyst0410282406141854This line from the Broadway play Hamilton has been on my mind as I reflect on 2024.Just as Hamiltons ambition drove him to seize his moment during the independence of the

3、 United States,we believe cryptos moment has arrived.Since 2018,our team has been dedicated to helping investors understand how this crypto“spark”has transformed into a powerful flame of innovation and investment opportunity.And 2024 might be remembered as the year that flame burned the brightest.Th

4、e year was marked by two pivotal milestones for our industry:the approval of bit-coin ETFs at the start of the year and the election of a pro-crypto US president and Congress.In between,we witnessed other critical developments.Large public pension plans allocated to crypto ETFs,major financial insti

5、tutions advanced tokenization initiatives,and governments across the globe moved toward more fully embracing blockchain technologies.2024 was also a landmark year for Hashdex.From launching the Hash-dex Bitcoin ETF in the US,to seeing our Hashdex Nasdaq Crypto Index Europe ETP become the largest mul

6、ti-asset crypto ETP in Europe1,to expanding institutional channels across Latin Americas traditional finance sector,our achievements have solidified our position and prepared us to navigate the current bull market that is taking shape.Bitcoin and other crypto assets are closing out 2024 with a uniqu