September 2026 

The Digital Fund returned 10.80% for September 2026 and the Alpha Prime Trust returned 0.17%. The two sit at opposite ends of the group’s risk spectrum.  

September was the third consecutive month of recovery in a year that opened badly. US spot Bitcoin ETFs drew US$2.65 billion of net inflows across the month, the second-largest monthly figure since October 2025, and the third quarter closed at US$6.34 billion. Ether ETFs added about US$832 million. The flows were heavily back-weighted. The first half of the month saw net outflows as investors de-risked into the mid-September policy decisions, then the second half added the bulk of the total, including a single US$999 million day on 21 September, the largest of 2026. Two events framed the first half. The Senate failed to invoke cloture on the CLARITY Act on 15 September by 49 votes to 50, leaving the market-structure legislation stalled, and the Federal Reserve raised rates the following day. Bitcoin dipped below US$75,000 across those two days, then turned and ran to an eight-month high near US$87,400 on 21 September. The market capitalisation of the asset class rose about 9% over the month, from roughly US$2.66 trillion to US$2.89 trillion. 

Digital Fund 

The Digital Fund returned 10.80% for September. Bitcoin closed the month at US$84,104, up 7.07%, and Ethereum closed at US$2,682.04, up 8.72%. The strength was broad rather than carried by one or two names, and every material holding finished the month positive.  

The catalysts were concentrated in the second half. Hedera, the strongest holding, listed its IDTrust identity platform in the IBM Cloud Catalog on 23 September, contributed the CLPR cross-ledger protocol to the Linux Foundation Decentralized Trust on 24 September, and appeared in NVIDIA’s Open Agent Safety Platform announcement on 28 September, lifting the token about 30% in a single day. Litecoin had its best month since late 2024 after Grayscale filed Amendment No. 1 to its Form S-3 on 11 September to convert the Grayscale Litecoin Trust into a spot ETF on NYSE Arca, a conversion that remains unapproved. Stellar activated Protocol 28, named Adapter, on 16 September. Sky completed its first buy-and-burn on 14 September, removing 2.86 million SKY from circulation. Cardano went live in the official x402 SDK on 21 September, though its facilitator is proven on the preprod test network only. TRON passed US$30 trillion of settled volume on 23 September, but its average fee fell to about US$0.07, so record usage did not convert into token demand. Monero, BNB and NEO closed positive without a decisive company-specific catalyst. 

Alpha Prime Trust 

The Alpha Prime Trust returned 0.17% for September. The Trust runs market-neutral, relative-value and yield strategies rather than directional exposure, and it targets small, steady positive returns with low volatility. A month that rewarded spot direction and compressed the carry available to basis and funding trades is close to the worst case for this book, so a small positive is a defensible outcome rather than a weak one. 

The drivers that decide a market-neutral result are funding rates, futures basis premia, FX swap yields and DeFi protocol yields rather than spot price. Through September the basis trade stayed attractive, with the CoinShares research desk putting the Bitcoin basis yield at about 6% in its late-September update, which supports the carry-oriented sleeves even while spot direction dominated the headline. That is consistent with a modest positive for the Trust in a month where the long-only book ran hard, and the two results are not comparable and should not be read as competing.