Triton Liquid Fund | Q1 2026 Update

For Professional Clients only. This communication is provided for information purposes only and does not constitute investment advice, or an offer or solicitation to invest.

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Friends of Triton Liquid,

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Please find our Q1 2026 update here (pwd: triton).

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While the crowd waits for safety and certainty, we are deploying capital into one of the most asymmetric entry points for crypto since 2020-2021. The data is unambiguous: macro headwinds are easing, institutional absorption is strengthening, fundamentals are intact and improving, valuations have reset, and sentiment is at peak fear.

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This is precisely the environment where long-horizon capital earns its best returns.

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Over the past quarter, we published three pieces that explain exactly why a fundamentals-driven fund like Triton is positioned to capture significant upside:

• Delineating Amongst Crypto Verticals - Many market participants still approach crypto as a single asset class. We don't. We segment 27 distinct verticals, each with specific KPIs and valuation frameworks. This vertical-first approach is how we identify systematic mispricing that others miss.
• Why Now, Parts I & II - We laid out the case for asymmetric entry. Fear has collapsed sentiment to multi-year lows. Trading volumes have reset. Bitcoin is completing its distribution from early holders to institutions. High-quality assets are trading at suppressed valuations despite sustained revenue growth, user expansion, and on-chain activity. When macro releases the brake—which is happening now—these fundamentals will reassert themselves violently.

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Here's what separates Triton from others: Our proprietary LLM tool, Agatha, ingests over 330 rigorous investment reports and pairs them with real-time quantitative, on-chain, and project-specific metrics. This infrastructure allows us to systematically identify mispriced opportunities and monitor portfolio companies with venture-level depth in liquid markets.

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The greatest compounding belongs to those willing to allocate early when the data supports it - not those who chase momentum when sentiment flips. By then, the opportunity has been repriced.

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As always, we are headquartered in Abu Dhabi and welcome the opportunity to discuss how Triton can fit into your portfolio. Please reach out to charles@tritonliquid.com.

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Best regards,
Christopher Keshian
Founder, CIO

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For Professional Clients only. This communication is for information purposes only and does not constitute investment advice or an offer or solicitation to invest. The views expressed are subject to change and should not be relied upon. References to assets are illustrative only and do not constitute recommendations. Triton may hold positions. Digital assets are highly volatile and may result in loss of capital. Triton Limited is authorised and regulated by the FSRA (FSP 240017).