BIT Capital Quarterly Report Equity Q4 2025

The fourth quarter of 2025 marked the volatile end to an eventful year. Geopolitical tensions, a temporary liquidity drain following the US government shutdown, and a Federal Reserve policy stance that remained unclear for an extended period led to repeated risk-off movements. At the same time, the debate over the sustainability and capital discipline of the ongoing AI investment cycles intensified noticeably.

The Quarterly Report Equity discusses why the current debate around a supposed AI bubble overlooks central structural bottlenecks in energy, chips, and computing power, how we have positioned our funds amid high volatility, geopolitical and trade tensions, and long-term technology momentum, and which technological developments were of particular relevance.

Note: The full quarterly report is available in German only.