Funds Reports
Global Crypto Fund: May 2026 Report
Welcome to the 3CC Global Crypto Fund May 2026 Report, available for download below.
Hi all,
May was a month of contrasts. While global equities continued to reach new highs, supported by strong AI-related earnings and easing geopolitical tensions, digital assets struggled under the weight of a more hawkish Federal Reserve and renewed inflation concerns. Against this backdrop, the Fund delivered a return of -3.39%, as Bitcoin and Ethereum gave back part of April's strong recovery despite underlying fundamentals continuing to improve.
May Highlights
Performance: Fund -3.39%, with Bitcoin (-2.26 p.p.) and Ethereum (-0.92 p.p.) the main detractors.
Bitcoin: Declined -2.7%, despite oil prices falling below $90 and improving geopolitical sentiment.
Ethereum: Fell -9.6%, continuing to lag despite strengthening network activity and adoption metrics.
Flows: Digital asset funds recorded nearly $3 billion in net outflows, the largest redemption wave of 2026.
Portfolio Activity: The Fund selectively increased Bitcoin exposure by approximately 2% of NAV, taking advantage of weaker prices.
Long-Term Theme: We continue to see significant upside in the convergence between AI and blockchain, a trend that remains largely underappreciated by markets.
Looking ahead, digital assets remain caught between short-term macro headwinds and increasingly constructive long-term fundamentals. Stablecoin balances continue to reach record levels, institutional participation remains strong, and on-chain activity is proving resilient. While monetary policy and geopolitics may continue to drive near-term volatility, we believe the gap between current valuations and underlying adoption trends will narrow over time.
Best regards,
Nuno Serafim
Month Report GCF - May 2026
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Nuno Serafim
Managing Partner
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Nuno is an experienced financial executive with broad experience in the Asset Management industry, being board member of IMGA, where he served as Chief investment Officer, overseeing €3.4B of AuM before he founded 3 Comma Capital, together with Robert and Patrick Hable in 2022.
