Crypto Investment Update – September 2025

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/10/01/crypto-investment-update-september-2025/

This is a performance update to my crypto portfolio posted here:
https://pwlcm.wordpress.com/2025/09/01/crypto-investment-update-august-2025/

Disclaimer: This post is just for educational sharing purposes. Please do your own due diligence on any products mentioned in this post.

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Tokenize Exchange Update

Since Tokenize Exchange was placed under KordaMentha as the Interim Judicial Managers (IJMs), there were a series of email updates on the progress by the IJMs:

• Tokenize Exchange Interim Judicial Managers Update
• Tokenize Exchange IJMs Update on 15 September 2025
• Tokenize Exchange IJMs Update on 17 September 2025
• Tokenize Exchange IJMs Update on 18 September 2025
• Tokenize Exchange IJMs Update on 22 September 2025
• Tokenize Exchange IJMs Update on 24 September 2025
• Tokenize Exchange IJMs Update on 26 September 2025

The IJMs came to a conclusion that the company was insolvent and couldn't be rescued. So they proceeded to file a liquidation application. The IJM and liquidation hearings were scheduled to happen on 29 September 2025 at 10am.

During this period, another legal party Dauntless came into the picture presenting another group of investors. They joined in the liquidation application.

The hearings were conducted as scheduled, the Court noted that there were no objections to liquidation, but the issue turned into deciding which solicitors should be appointed as joint and several liquidators of Tokenize Exchange:

• Tokenize Exchange IJMs Update on 29 September 2025

The decision to appoint liquidators was adjourned to a hearing on 30 September 2025 at 2:30pm, in which the Court had decided to appoint the IJMs from KordaMentha as the joint and several liquidators:

• Tokenize Exchange IJMs Update on 30 September 2025

Market Update

Here are the charts of the 6 crypto coins in my portfolio as of 30 September 2025:

The 2 main coins went different ways in September 2025, where BTC went higher but ETH went lower than their August 2025 prices, both stayed within their respective Ichimoku Clouds.

Among the alt coins, SOL remained above its Ichimoku Cloud, ADA broke below its Ichimoku Cloud, and XRP remained below its Ichimoku Cloud.

TKX stayed flat at around SGD5.90.

Performance Update

My crypto portfolio performance as of 30 September 2025:

The above performance is based on my crypto holdings in Tokenize Exchange, and it remained about the same as that of August 2025.

However, due to the insolvent state of Tokenize Exchange and the upcoming liquidation process, it is highly unlikely to realize the full values of my crypto portfolio.

Hence, I would write off my crypto holdings, i.e. valued at zero, moving forward. My crypto portfolio performance would become:

BTC/LUNA/TKX remained in the positive territory because they were partially liquidated with profits prior to the cease operation. ETH was partially liquidated but not enough to recover its capital. The rest (SOL/ADA/XRP) were never sold at all, so they were -100% loss. The XIRR formula on these losing coins couldn't calculate a meaningful number.