This communication has been prepared and distributed by Tradias GmbH (“Tradias”). Tradias is authorised and regulated in Germany and operates in accordance with applicable provisions of the German Securities Trading Act (WpHG), MiFID II (Directive 2014/65/EU), MiFIR (Regulation (EU) No 600/2014), as well as applicable regulatory requirements under MiCAR and the minimum requirements for risk management (MaRisk) and compliance (MaComp). 

This communication constitutes a marketing communication within the meaning of applicable regulatory requirements. It does not constitute independent investment research within the meaning of MiFID II, WpHG and related delegated acts. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Any views expressed may differ from those of other areas of Tradias. 

This communication is provided for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any financial instrument, crypto-asset or to enter into any transaction. Nothing contained herein constitutes investment advice, a recommendation, or a personal recommendation within the meaning of applicable laws. In particular, it does not take into account the investment objectives, financial situation or particular needs of any recipient. 

This communication is directed exclusively at professional clients and eligible counterparties within the meaning of MiFID II and is not intended for retail clients. Recipients are responsible for ensuring that they have sufficient knowledge, experience and professional advice to make their own evaluation of the merits and risks of any transaction. Tradias does not assess the suitability or appropriateness of any transaction in relation to this communication. 

The information contained herein is based on sources considered reliable; however, Tradias makes no representation or warranty, express or implied, as to the accuracy, completeness or timeliness of such information. All opinions and estimates reflect Tradias’ judgment at the time of publication and are subject to change without notice. Unless otherwise stated, all figures are unaudited. 

Tradias has implemented policies and procedures in accordance with MaComp and MaRisk to identify, manage and, where appropriate, disclose conflicts of interest. Nevertheless, Tradias, its affiliates, directors, officers or employees may have positions in, or may act as principal, market maker, liquidity provider, or counterparty in, the financial instruments or crypto-assets referred to in this communication. Tradias’ trading and sales personnel may be compensated in part based on trading activity, which may create conflicts of interest. 

This communication is not independent of Tradias’ own trading strategies or positions. Accordingly, recipients should assume that Tradias has a material interest in one or more of the instruments or transactions mentioned. 

Where this communication relates to crypto-assets or crypto-asset services, such activities may fall within the scope of Regulation (EU) 2023/1114 on Markets in Crypto-Assets (“MiCAR”). Crypto-assets are highly volatile and carry a high risk of loss, including the potential loss of the entire invested amount. Regulatory protections applicable to traditional financial instruments may not apply. 

This communication may contain forward-looking statements, including projections, forecasts or scenario analyses, which are inherently subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. Past performance, simulated performance or forecasts are not reliable indicators of future performance. 

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