The service is provided by Belayer OOD, a crypto-asset service provider licensed by the Bulgarian Financial Supervision Commission under Licence No. 001-DUKA/07.05.2026. The results shown are before the management fee. Returns vary and are not guaranteed.

Historical performance · 05.10.2017–31.12.2025 · NOT A FORECAST

+31,1%

Compound annual growth rate

+832,6%

Total return for the period

6 out of 7

Relative risk indicator

Belayer Apex is an actively managed, diversified strategy investing in liquid crypto-assets. It is applied as a component of an individual client portfolio by a licensed provider.

BAX does not mechanically track a market index. Our team decides which assets to include, how much weight to give each one, and when a position should be changed or closed.

Discuss an investment

Investor information document

An introductory conversation about your objectives, experience, investment horizon and tolerance for risk. It does not commit you to investing.

Belayer APEX (BAX)

Long-term growth through selective exposure to the blockchain economy

Active management does not guarantee a higher return than the market.

BAX may underperform CCi30 for one or more consecutive years. Outperforming the benchmark is not guaranteed.

ПРОФИЛ

Primary benchmark

CCi30

Recommended horizon

At least 5 years

Direct leverage

Not used

Initial investment

5,000 EUR

BAX is

an actively managed component of an individual portfolio;

selective exposure to liquid crypto-assets;

a strategy based on fundamental and quantitative analysis;

a long-term approach with active management of position weights;

a high-risk strategy that may experience substantial declines.

BAX is NOT

a standalone token or a stake in a fund;

a passive copy of a market index;

a short-term or day-trading strategy;

a product with guaranteed returns or protected capital;

a promise to outperform the market in every period.

Active management, rather than a passive basket

The primary objective of BAX is long-term capital growth through the active selection and management of crypto-assets based on fundamental analysis.

The strategy aims to add value relative to the broad crypto market, represented by the CCi30 index. This objective is assessed over a full market cycle and an investment horizon of at least five years, rather than in each individual calendar year.

Asset selection

BAX selectively invests in crypto-assets for which Belayer has identified a sustainable investment thesis, adequate liquidity and potential for long-term appreciation.

Active allocation

Position weights are not determined solely by market capitalisation. They reflect Belayer’s assessment of each asset’s expected return, fundamental quality, current price and risk.

Sector positioning

The strategy may increase or reduce exposure to different parts of the crypto market based on their development, relative valuations and position in the market cycle.

Valuation discipline

Even a crypto-asset with strong fundamentals may be excluded or given a limited weight if its market valuation already reflects overly optimistic expectations.

Additional yield

Where appropriate and consistent with the risk limits, some assets held in the portfolio may be used for staking or other permitted mechanisms that generate additional yield.

Staking may involve technical risks, slashing, waiting periods before withdrawal, dependence on a provider and changes in reward rates.

Five mechanisms, each requiring a decision by the team rather than automatic replication of market-capitalisation weights.

How active management aims to add value

77,8%

Blockchain infrastructure

77.8%

Crypto and artificial intelligence

11,3%

Consumer applications

5,4%

Decentralized finance

3,8%

Web3 Gaming

1,4%

Other

0,3%

This allocation is a snapshot for the stated period. The portfolio’s composition and weights may change as a result of Belayer’s investment decisions and are not predetermined permanent limits.

Diversification across key sectors of the blockchain economy

BAX may invest in different parts of the blockchain economy. The allocation reflects current investment theses, relative valuations and assessment of each sector’s potential and risk.

COMPOSITION AS AT Q3 2026

A structured investment process

From defining the investment universe to maintaining discipline when exiting a position.

Active management does not mean day trading. BAX aims to capture medium- and long-term fundamental opportunities, rather than predict every short-term market move.

Where BAX seeks long-term value

Core monetary and settlement networks

Crypto-assets serving as digital reserve assets, means of transferring value or foundational settlement layers of the crypto economy.

Decentralized AI and computing infrastructure

Networks providing access to computing resources, data, models and agents, or mechanisms for coordination and verification in AI applications.

Smart contract platforms and scaling

Networks on which decentralised applications are built, and technologies improving their performance, cost, security and interoperability.

Consumer applications and Web3 gaming

Protocols and applications for end users, digital ownership, entertainment, social interaction and new models for creating and distributing value.

Data, connectivity and infrastructure

Protocols for oracle services, cross-chain communication, indexing, data storage, validation and other infrastructure supporting blockchain applications.

Decentralized finance

Protocols for trading, lending, liquidity management, staking, derivatives and other financial services delivered through blockchain infrastructure and smart contracts.

The initial screening focuses on crypto-assets with sufficient market liquidity, reliable trading and custody infrastructure, and available information about their technology, governance and economic model. Assets may be excluded because of insufficient liquidity, unreliable execution venues, unsuitable custody infrastructure or a lack of information needed for a reasoned analysis.
Each potential asset is assessed using a combination of qualitative and quantitative factors:

the problem the protocol addresses;

user and developer activity;

its competitive position and the durability of its advantages;

the link between network growth and the asset’s value;

its security record and technological dependencies;

market valuation relative to expected growth and comparable projects;

actual usage and product-market fit;

fees, revenue and economic activity generated;

supply structure, issuance and token unlocks;

the quality of the team and governance;

liquidity and the ability to build or close a position.
An investment thesis is defined for each significant position: why the asset is included, which factors could increase its value, its main risks, which developments would confirm or invalidate the thesis, and when the position should be reduced or closed.
The size of each position reflects conviction in the thesis, liquidity, expected volatility, correlation with other positions, technological and regulatory risk, and concentration by asset, sector, network and provider.
The allocation may change when the fundamental thesis, market valuation, liquidity, security, tokenomics, governance, stage of the market cycle, or regulatory or operational risk changes.

Historical returns compared with the broad crypto market

The data represents an actual implemented BAX reference portfolio denominated in euros, not a backtest.

METHODOLOGY

Period: 5 October 2017 to 31 December 2025. The index starts at 100 on 5 October 2017 and is displayed on a logarithmic scale. Returns are time-weighted (TWR). The results include execution costs, staking rewards and airdrops received, but are before management and performance fees.

Historical performance data is current as of 31 December 2025. The page was last updated on 19 September 2026.

Results and methodology

PERFORMANCE QUALIFICATIONS

These are historical results and are neither a guarantee nor a reliable indicator of future performance. A client’s actual return after fees will be lower and will depend on the date and amount invested, subsequent contributions and withdrawals, and the individual high-water mark.

BAX

CCi30

Logarithmic scale · starting value of 100 on 5 October 2017

Key metrics · 05.10.2017–31.12.2025

Metric

Compound annual growth rate (CAGR)

Total return

Indexed value

Annual volatility

BAX

+31,1%

+832,6%

932,6

102,6%

CCi30

+17,6%

+279,9%

379,9

96.0%

Year
2017, from 5 October
2018
2019
2020
2021
2022
2023
2024
2025
BAX
+284,0%
-83,9%
+40.3%
+289.7%
+571.1%
-72.4%
+60.9%
+41.8%
-34.9%
CCi30
+305,0%
-85.7%
+13.8%
+204.5%
+183.9%
-72.8%
+106.2%
+78.3%
-33.4%

RELATIVE RISK INDICATOR

out of 7

high risk

1 · lower risk

7 · higher risk

-86.7%

Maximum historical drawdown based on monthly data for the period 5 October 2017 – 31 December 2025.

This is a relative risk classification, not a guarantee. BAX carries a risk of partial or substantial loss of invested capital and, in an extremely adverse scenario, total loss.

The potential for high returns comes with the possibility of substantial losses

BAX invests in crypto-assets whose prices can change sharply and substantially. Active management, fundamental analysis and diversification seek to manage risk, but cannot eliminate adverse moves across the market or risks specific to individual positions.

Risk categories in detail

Crypto-asset prices may fall substantially over a short period. Diversification, active position sizing and a long-term investment approach are used to manage this risk, but cannot eliminate it.
An individual position may underperform the market, or its investment thesis may fail to materialise. Belayer applies research before investing, ongoing monitoring and discipline when a thesis changes or no longer holds.
Excessive exposure to an asset, sector or ecosystem may increase losses. Concentration is monitored and managed by position, sector and investment theme.
A position may not be sold promptly or at the expected price. BAX prioritises liquid assets and assesses market depth before building a position.
An error, attack or failure affecting a network or protocol may reduce a crypto-asset’s value. We analyse architecture, security history and critical technological dependencies.
Issuance, token unlocks or concentrated ownership may put pressure on the price. We analyse supply, unlock schedules and economic incentives.
Changes in rules may restrict the trading, custody or use of an asset. Eligible assets, providers and execution venues are reviewed on an ongoing basis.
Loss of access, a security breach, a provider’s insolvency or failure to perform may affect assets. Access controls, approved infrastructure and limits on exposure to providers are used.
Slashing, withdrawal waiting periods, technical problems and changes in rewards are possible. Eligible networks and providers are used, and the size and duration of exposure are limited.

Whether this risk profile and investment horizon are appropriate for you depends on your objectives and the structure of your portfolio.

Discuss an investment ↗

Is BAX suitable for your portfolio?

BAX may be suitable if you

seek actively managed, diversified exposure to crypto-assets;

have a medium- or long-term investment horizon;

accept the possibility of substantial temporary or permanent losses;

have the capacity to bear high volatility;

want professional asset selection and management instead of building a crypto-asset portfolio yourself;

understand that active management does not necessarily outperform the market.

BAX is unlikely to be suitable if you

seek guaranteed returns;

cannot bear a substantial decline in your investment;

need access to the invested funds in the short term;

view crypto-assets as equivalent to a bank deposit;

do not accept technology, market, liquidity and regulatory risks;

have a horizon materially shorter than the recommended one.

Completing the questionnaire does not commit you to investing. It helps us assess whether the service is appropriate and suitable for you.

Complete the questionnaire

Crypto-asset management by a licensed provider

Licence No. 001-DUKA/07.05.2026

Bulgarian Financial Supervision Commission Decision No. 276-DUKA/28.04.2026 · Belayer OOD

Verify the licence in the FSC register ↗

This information can be verified in the public register of the Bulgarian Financial Supervision Commission.

What it means

Belayer OOD is a crypto-asset service provider licensed by the Bulgarian Financial Supervision Commission under the EU Markets in Crypto-Assets Regulation (MiCA). The services are provided within the applicable organisational, capital and regulatory requirements.

What THE LICENSE covers

Portfolio management of crypto-assets.

Custody and administration of crypto-assets on behalf of clients.

Execution of orders for crypto-assets on behalf of clients.

What it does NOT mean

The licence does not guarantee invested capital or future returns. It is neither insurance nor a guarantee fund.

Frequently asked questions

No. BAX invests in highly volatile crypto-assets and may incur substantial losses. Historical performance does not guarantee future returns.
CCi30 is an index representing the broad and liquid crypto market. BAX uses it as its primary benchmark but does not mechanically replicate its constituents or weights.
No. BAX aims to add value relative to the broad crypto market over a full market cycle. The strategy may lag behind CCi30 for one or more consecutive years.
BAX does not use borrowed capital to increase market exposure and does not seek returns through short-term trading.
The number and weights of positions are not fixed. They depend on available investment theses, liquidity, valuation, correlations and permitted concentration.
A position may be reduced or closed if its investment thesis no longer holds, its market valuation becomes excessive, liquidity or security deteriorates, tokenomics change unfavourably, or a better opportunity emerges.
At least five years. A longer horizon does not remove the risk of loss, but provides more time for fundamental theses to develop and for the portfolio to pass through different phases of the market cycle.
Yes. A partial or full withdrawal may be requested after the first month. The ability to request an earlier withdrawal does not make BAX a short-term or low-risk strategy.
Yes. The two strategies may be combined within an individual portfolio. Their exact weights depend on the client’s investment objectives, financial circumstances, knowledge, experience and ability to bear losses.
Clients receive a monthly report showing net asset value (NAV), return for the period and return since the start of their investment.
BAX is subject to an annual management fee of between 1% and 2%, depending on portfolio value. The fee is calculated progressively across the tiers in the current fee schedule.

An 18% performance fee also applies to the portfolio’s realised positive result after the management fee, subject to an individual high-water mark (HWM).

Separate banking, exchange, blockchain and other transaction-related costs may apply. The applicable fees and costs are determined by the current fee schedule and the individual agreement.
Client crypto-assets are held and administered as part of Belayer’s licensed custody service. They are segregated from the company’s own assets, and a record of each client’s rights to the assets held is maintained. Hot and cold wallets, as well as licensed subcustodians, may be used. Access and transactions are managed through controlled authorisation procedures, multiple levels of approval and access-rights management.
The minimum investment to open an individually managed crypto-asset portfolio is EUR 5,000. The strategy is applied as part of an individually managed portfolio following an assessment of the client’s investment objectives, financial circumstances, knowledge, experience and ability to bear losses.

Find out whether BAX has a place in your portfolio

BAX is not offered as a one-size-fits-all product. The strategy may be included in an individual portfolio after an assessment of your knowledge, experience, objectives, financial circumstances and ability to bear losses.

We will contact you within the day to arrange a convenient time.

During the conversation, we will discuss your objectives, experience, investment horizon and tolerance for risk.

If you decide to proceed, an appropriateness and suitability assessment follows. The conversation does not commit you to investing.

Investing in crypto-assets involves high risk and may result in partial or total loss. Returns and capital are not guaranteed. The information on this page is for informational purposes and does not constitute investment advice.