Dear Clients and Partners,

Now that we’re halfway through 2025, we’d like to share an update with you on the first half marked by steady progress and important milestones. While we’re encouraged by the results achieved so far, we remain mindful that true success is measured over time. Across the business, we’ve seen solid momentum – in client engagement, product development, and the way our teams are delivering with focus and discipline. We’re grateful for the trust you place in us and continue to building Maverix as a dynamic platform in finance — agile, bold, and always focused on what truly matters to our clients.

Record Growth Across All Metrics
H1 2025 was the most successful revenue period in Maverix’s history. We recorded our highest-ever half-year revenues – a testament to your confidence and the energy of our growing team. Our total assets rose to CHF 770 million by the end of June, marking an 18% increase year-on-year. Assets under management (AUM) surged by 170% to CHF 325 million, while assets under administration (AUA) climbed to over CHF 445 million. 
Growth in the first half of 2025 was particularly driven by AMCs focused on US technology equities and fixed-income portfolios — both on the Maverix issuance platform and via off-balance sheet issuance vehicles. Thematic AMCs made a strong contribution, especially products centered around artificial intelligence, emerging market equities (such as India), and the securitization of hedge fund portfolios. Notably, Maverix is the one of the first Swiss issuer able to trade Indian and Turkish equities onshore, allowing us to offer AMCs on Indian stocks and bonds denominated in Indian Rupee — a theme increasingly capturing investor interest.
We also continue to see strong demand for crypto AMCs. By mid-2025, we successfully launched over 65 AMCs on crypto assets, further strengthening our position as an innovation leader in this space.
These figures reflect not only great demand for our proprietary offerings but also the strength of our open-architecture model and the quality of the relationships we continue to build. In the crypto space, for example, we have built a 100% Swiss-based solution that allows clients to launch crypto AMCs with no setup fee and a significantly low minimum investment threshold — making access easier, faster, and more cost-efficient.

Strategic Expansion in Europe and Asia
Our presence in Asia continues to expand. In Singapore, our collaboration with SBI Digital Markets has enabled over 120 primary market launches and a growing pipeline of AMC issuances. In Europe, we’re taking bold steps forward. With the launch of Maverix Securities (Europe) SA and the opening of our new office on Avenue Kléber in Paris, we’ve established a strategic hub in one of the most sophisticated financial markets in the EU. Backed by a full PSI license from the AMF and ACPR, our Paris entity allows us to serve clients directly under local supervision – offering tailor-made structured solutions aligned with French regulatory requirements and investor preferences. Our ambition goes beyond market entry: we’re here to offer a differentiated proposition. The French structured product market has doubled in size since 2021, and clients are increasingly seeking bespoke alternatives to standardised yield instruments. Our focus will be on tailor-made notes for life insurance wrappers, ESG-linked strategies, and index-based structures – all supported by our proprietary issuance technology and deep structuring expertise. By combining Swiss precision with local insight and end-to-end lifecycle control, we aim to offer a smarter, more transparent way to access structured solutions in the MiFID area.

Digital Asset Innovation Through GSR Partnership
A key milestone in the first half was our partnership with GSR, one of the most established and regulated digital asset firms globally. Through an equity investment in Maverix Securities AG, GSR has joined us as a strategic partner with a shared vision: to bridge the gap between traditional finance and the digital asset universe. Together, we are developing a new generation of investment products for professional investors – including crypto-linked structured notes, index strategies, and ETPs. GSR brings deep expertise in liquidity and risk management of digital assets, while Maverix contributes its proven track record in structuring and launching regulated solutions on exchanges like SIX Swiss Exchange. This partnership creates the foundation for a suite of risk-managed, compliant, and forward-looking offerings – tailored to a new wave of demand from professional investors.

Looking Ahead – Always Ahead
With a record first half behind us, we look ahead with focus and momentum. Our expanding footprint – from Zurich to Paris, from Singapore to Geneva – reflects a clear strategic direction: to build meaningful client partnerships, launch differentiated products, and lead with precision in every market we serve. Our platform, people, and partners are aligned to capture the next wave of opportunity — in Europe, Asia, and beyond. 

Thank you very much for your continued trust and support. We look forward to what comes next — always ahead.

Best regards,
David & Giuliano