Often viewed as esoteric and offbeat, crypto assets were once eschewed by traditional capital market participants. But last year’s regulatory approval and launch of spot Bitcoin and Ethereum ETFs signaled a period of broader adoption, and the U.S. in particular could be on the cusp of a regulatory regime change that could open crypto markets up to more institutional investors. Where do crypto assets fit into portfolio allocations? How do they correlate with traditional asset classes? Join Lucy Baldwin, Head of Citi Research, and Alex Saunders, Head of Quantitative Global Macro and Decentralized Finance (DeFi) Research, as they discuss the latest developments in this fast-evolving space. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

 281      4