Portfolio Update - September 2025

Portfolio Summary

Here is a summary of my portfolio at the top level:

Raiz Aggressive Portfolio – $37,234.57 total return $9,456.25 (50.79% according to app)
VDHG (using VPI platform) – $137,225.64, total return $42,141.39 (11.90% including DRP)
IVV (Selfwealth) – $1,009.65, total return $538.54 (17.15% including DRP)
SYI (Selfwealth) – $2,818.65, total return $1,044.33 (9.37% including DRP)
VISM (Selfwealth) – $726.90, total return $224.74 (7.61% including DRP)
A200 (Selfwealth) – $2,678.40, total return $879.52 (9.35% including DRP)
Cryptocurrency – $165,237.11 (138.55% from principal)
Gold – $0
Property – $740,000.00
Offset – $1,300.00
Mortgage – $505,000.00

A breakdown of my current asset allocation:

Australian Shares – 21.55%
Global Shares – 25.82%
Bonds – 4.68%
Fixed Income Assets – 0.31%
Gold – 0%
Cryptocurrency – 47.63%

Portfolio Total (Stock + Crypto + Gold) – $346,930.92. An increase of 2.2% compared to last month’s value ($339,438.57).

Net worth – $581,930.92

This month’s saving rate is x%. Winter is over, which also means there are bills I have to pay, and a couple of extra expenses:

Gas bill – $311.19
Water bill – $272.19
PAYG Tax – $1,795.00
Rate Notice – $741.83
New heater – $150.29
Extra remittance – $300.00

It’s a bit more than usual, but I was expecting this anyway. One surprise was that I got a tax refund this year, and the amount was just enough for my quarter tax PAYG. I am not gonna lie, this has put me a bit of stress, but this happens every year, so I might get used to it in no time.

My Rate notice has gone up 8.7% this year. Last year, I only had to pay $682.00/quarter, $2,728 annually, but this year it has gone up to $741.83/quarter, $2,967.32 annually. It’s not a lot, but this puts a bit of pressure on my income. My insurance has also gone up by more than 10%. It’s getting harder every year, and this is with me on a good income; I don’t think I am able to afford this.

A quick update to my mortgage refinance. It’s completed, and my monthly payment is $2,785.50, principal + interest. My payment on the previous loans was $2,893.00, which means I have netted $107.5 in repayment. Because there are fees when I refinance, the fees take out my first year reduction in payments, so I only begin to get the benefit from the second year onward. Also, I need to pay for the offset account fee, $395 annually. It’s good to see a small reduction in my repayment, but I still need to pay for another 30 years for the loan. Also, the house value has been assessed at $740,000, so I have updated the value of the house above.

There’s also another problem with my work – I have been asked to take 4 weeks’ leave during December. This is due to the budget cut, and I am glad I was not on the list to be laid off. It’s sad to see that I will not receive income for a month to cover the expenses, but it’s probably best to relax and improve my mental health. I have been experiencing fatigue lately, and I think I should take care of myself more. I am going to save my money a bit more in the next couple of months to cover my December expenses. Hopefully, I won’t get any surprises by then.

Even though I have a lot of expenses this month, I still contribute to my investments whenever I can. Here’s my contribution breakdown:

$400 to Raiz + micro-investing.
$500 to Bitcoin.
1 extra repayment to my redraw account, totaling $1,000.00. The real contribution after excluding the monthly payment of $297.77 is $702.23.
2 extra payments to my offset account, totalling $1,300.00. I have extra cash from the settlement, so I transferred all of it to my offset account.

A total investment of $3,200.00 has been contributed to different accounts. My previous loans have been closed, so from now on, there will be no redraw contribution and will be replaced by offset contributions. The reason for buying Bitcoin is that the price has gone down a bit, and it’s been a while since I last bought Bitcoin.

Note: Please remember that this number is still an estimate only, as my crypto portfolio consists of various assets, including NFTs, staking, and DeFi. I need to utilize other tools to track and maintain the value of my investments and accurately determine the value of my portfolio. NFTs are hard to estimate because of price fluctuation in the crypto market. However, estimation is still good enough in this case.

Events & Porfolio Analysis

General news

On 02/09/2025, Trump called U.S.-India trade “a one-sided disaster,” criticizing New Delhi for high tariffs while benefiting from exports to the U.S. His comments follow Washington’s 50% tariffs on Indian goods over Russian oil purchases, which India called unfair. WTO data shows India’s tariffs on U.S. goods averaged 6.2% in 2024 versus 2.4% the other way. Relations have soured, with Modi meeting Xi at the SCO summit amid closer India-China engagement, though experts say a full partnership is unlikely.
On 03/09/2025, U.S. stocks fell Tuesday as investors weighed trade tensions, rising bond yields, and the start of historically weak September trading. The Dow dropped 249 points (-0.55%), the S&P 500 lost 0.69%, and the Nasdaq slid 0.82%, with Big Tech names like Nvidia (-2%), Amazon, and Apple (-1%) leading declines. Sentiment was hit by a federal appeals court ruling that most of Trump’s tariffs are illegal and a surge in Treasury yields, with the 10-year at 4.27% and the 30-year near 5%, raising fiscal concerns. September has averaged market declines in recent years, and with August’s jobs report due Friday, investors are cautious about the Fed’s next rate move.
On 04/09/2025, U.S. job openings fell to 7.18 million in July, the second-lowest level since late 2020 and below economist expectations of 7.4 million, signaling further cooling in the labor market. The figure, the lowest since September 2024 aside from a brief dip, has fueled concerns of a slowdown, with economists calling it a potential turning point. Upcoming jobless claims and Friday’s jobs report will provide further insight into labor market conditions.
On 05/09/2025, Private-sector hiring slowed sharply in August, with ADP reporting just 54,000 new jobs—well below the 75,000 expected and down from July’s 106,000 gain. Losses in trade, transportation, utilities (–17,000) and education and health (–12,000) were partly offset by strong growth in leisure and hospitality (+50,000). Wage growth held steady at 4.4% for job stayers and 7.1% for job changers. Combined with rising jobless claims and weak job openings, the data signals mounting labor market weakness. Markets now see a 97% chance the Fed will cut rates at its September meeting.
On 06/09/2025, U.S. job growth slowed sharply in August, with nonfarm payrolls rising just 22,000 versus expectations of 75,000, while the unemployment rate ticked up to 4.3%, the highest in over two years. The weak report, along with downward revisions to prior months, reinforces expectations of a Federal Reserve rate cut on Sept. 17, with markets fully pricing in a 25-basis-point move and some odds of a half-point cut. Hiring was dragged by a 15,000 decline in federal government jobs, though health care and social assistance added a combined 47,000 roles. Average hourly earnings rose 0.3% on the month and 3.7% annually, slightly below forecasts. Economists warn that tariffs and persistent manufacturing job losses signal rising risks, even as labor force participation edged up to 62.3%.
The EU fined Google €2.95 billion ($3.45 billion) for abusing its dominance in the adtech market by favoring its own display advertising services over rivals. Regulators ordered Google to end these practices and address conflicts of interest in its adtech supply chain, giving the company 60 days to respond. Google rejected the ruling, calling it “wrong” and pledging to appeal, arguing the changes would harm European businesses. The case, launched in 2021, marks one of the EU’s toughest actions against Big Tech and follows reports that the fine had been delayed pending U.S.–EU trade negotiations.
France faces rising economic risks alongside political instability, with Prime Minister François Bayrou likely to lose a confidence vote over his €44 billion budget savings plan. The country’s deficit stands at 5.8% of GDP and debt at 113%, but efforts at fiscal consolidation remain politically contentious, risking delays until after the 2027 election. While GDP growth has stayed below 1% year-on-year, recent quarterly gains and a rebound in manufacturing show resilience despite U.S. tariffs. Analysts argue strong institutions would limit the economic fallout of political turmoil, though business leaders warn uncertainty could freeze investment, hurt confidence, and increase bankruptcies and job losses.
On 08/09/2025, China’s exports to the U.S. fell 33% in August, while overall export growth slowed to 4.4%—its weakest in six months—amid U.S. tariffs and fading frontloading by businesses. Imports from the U.S. also dropped 16%, with overall imports rising only 1.3%, reflecting sluggish domestic demand from the property slump and job insecurity. Despite seeking alternative markets in Asia, the EU, Africa, and Latin America, the U.S. remains China’s largest single-country trading partner. Trade tensions persist as Washington tightens scrutiny on transshipments and maintains steep tariffs, limiting progress in negotiations. Meanwhile, manufacturing data showed stronger export orders, but inflation gauges due this week are expected to stay weak, with Goldman Sachs projecting negative CPI and PPI readings despite recent policy support.
On 09/09/2025, Japan’s Nikkei 225 jumped 0.9% to a record high after Prime Minister Shigeru Ishiba announced his resignation, with tech stocks leading gains as investors bet on potential fiscal stimulus from the next LDP leader. The Topix rose 0.52%, and analysts expect political shifts to bring longer-term stability, with forecasts for the Nikkei to hit 46,000 within a year. The yen edged up 0.1% against the dollar. Elsewhere in Asia, markets were mostly higher—Hong Kong’s Hang Seng hit its highest since 2021, South Korea and India gained modestly, while Australia and China slipped. Indonesia fell sharply after President Prabowo unexpectedly replaced Finance Minister Sri Mulyani, sending the rupiah down 1.17%.
On 10/09/2025, The U.S. labor market was found to have created 911,000 fewer jobs than initially reported for the year before March 2025, marking the largest downward revision on record and signaling a weaker economy than previously thought. The Bureau of Labor Statistics’ updated figures, based on census and tax data, showed monthly job growth was over 76,000 lower on average, with the biggest losses in leisure and hospitality, business services, and retail. While not a reflection of current conditions, recent months have also shown sluggish hiring, adding to concerns of a weakening labor market and boosting expectations for Fed rate cuts. The revisions have fueled political tensions, with the White House criticizing the BLS’s reliability and using the data to argue that Trump’s predecessor oversaw a failing economy. Final revisions will be released in February 2026.
China’s consumer prices fell 0.4% in August, deeper than expected, while producer prices dropped 2.9%, marking persistent deflation pressures despite some gains in core CPI, which rose 0.9% year-on-year. Falling food prices, especially pork and vegetables, drove the CPI decline, while durable goods deflation worsened to levels exceeding the 2008 crisis. Economists say the uptick in core inflation reflects temporary factors rather than stronger demand, as weak exports and industrial overcapacity continue to weigh on growth. Policymakers have curbed excessive price-cutting, but with trade-in subsidies running out and exports slowing to their weakest pace in six months, calls are growing for Beijing to deliver stronger fiscal support to stabilize the economy.
President Donald Trump has urged the EU to impose tariffs of up to 100% on China and India over their purchases of Russian oil, with Washington ready to mirror such measures, according to reports. The U.S. has already raised tariffs on India to as high as 50%, which New Delhi called “unfair and unjustified,” while China has so far avoided harsher penalties after striking a truce with Washington. Trump’s push comes after his Alaska meeting with Vladimir Putin yielded little progress on ending the Ukraine war, even as Russia deepens ties with China and India. Meanwhile, U.S.-India trade talks have resumed, with Trump expressing confidence in reaching a deal, though negotiations with China remain stalled.
U.S. wholesale prices unexpectedly fell 0.1% in August, easing pressure on the Federal Reserve and bolstering expectations of an imminent interest rate cut at next week’s policy meeting. The producer price index declined despite forecasts for a 0.3% rise, with core PPI also slipping 0.1%. Services prices, particularly trade services, dropped sharply, offsetting modest gains in goods. Markets reacted positively, with futures fully pricing in the Fed’s first rate cut since December 2024, though the size remains uncertain. While inflation remains above the Fed’s 2% target, easing housing and wage pressures, coupled with concerns over a weaker labor market, are reinforcing the case for policy easing despite ongoing tariff impacts.
On 12/09/2025, The U.S. dollar weakened Thursday as hotter August inflation and a sharp rise in jobless claims boosted expectations of a Fed rate cut next week. The dollar index slipped 0.2% to 97.57, with the euro rising to $1.1731 and the yen strengthening to 147.29 per dollar. CPI rose 0.4% in August, lifting the annual rate to 2.9%, the highest since January, while jobless claims surged to 263,000 — the highest in four years. Markets now price in a 91% chance of a 25-basis-point cut and a 9% chance of a 50-basis-point cut, as the Fed shifts focus toward labor market weakness despite lingering inflation pressures.
U.S. consumer prices rose more than expected in August, with CPI up 0.4% for the month and 2.9% year-on-year, while core inflation matched forecasts at 0.3% monthly and 3.1% annually. At the same time, jobless claims surged to 263,000, the highest in nearly four years, signaling labor market weakness. The mixed data gives the Fed a tough backdrop ahead of its Sept. 17 meeting, but markets now widely expect a rate cut, with rising unemployment seen as outweighing slightly hotter inflation. Stocks climbed on expectations that Powell may signal a series of cuts ahead.
On 15/09/2025, U.S. and Chinese officials met in Madrid on Sunday for the fourth round of trade talks in recent months, addressing tariffs, TikTok’s looming divestiture deadline, and U.S. calls for allies to impose tariffs on China over Russian oil purchases. The talks, led by U.S. Treasury Secretary Scott Bessent, USTR Jamieson Greer, Chinese Vice Premier He Lifeng, and top trade negotiator Li Chenggang, are expected to yield limited progress, likely extending TikTok’s U.S. divestiture deadline past Sept. 17. Broader breakthroughs may be reserved for a potential Trump-Xi meeting at the APEC summit in Seoul in October. Discussions also include U.S. pressure on China to cut illicit tech exports to Russia and align with G7 tariffs on Russian oil buyers. Spain, hosting the talks, is positioning itself as a venue for high-level diplomacy while balancing its own ties with both Washington and Beijing.
On 16/09/2025, The U.S. and China have reached a “framework” agreement on TikTok, with Treasury Secretary Scott Bessent confirming that commercial terms between private parties have been set, potentially shifting the platform to U.S.-controlled ownership. Presidents Trump and Xi are set to meet Friday to finalize details, while TikTok’s parent ByteDance faces a Sept. 17 deadline to divest its U.S. business or risk a ban under a 2024 law restricting foreign adversary-controlled apps. Although Trump has previously extended deadlines through executive orders, officials warn there will be no ongoing extensions. The deal comes amid strained U.S.-China trade relations, with speculation over possible buyers ranging from Oracle’s Larry Ellison and Tesla’s Elon Musk to Perplexity AI and Frank McCourt’s Project Liberty group.
President Donald Trump suggested shifting corporate earnings reporting from quarterly to semiannual, arguing it would reduce costs and let managers focus on long-term performance. The SEC confirmed it is prioritizing the proposal at Trump’s request, though the change would require an SEC majority vote rather than congressional approval. Supporters like Warren Buffett and Jamie Dimon have argued quarterly guidance encourages short-termism, while critics warn less frequent reporting could hurt transparency and investor confidence. The U.S. currently mandates quarterly reports, unlike the U.K. and EU where semiannual reporting is standard, though opponents note U.S. markets are larger and more complex. If adopted, the rule change could take six to 12 months.
On 17/09/2025, Sources told CNBC that the TikTok framework deal will bring in both new and existing ByteDance investors, with Oracle retaining its cloud partnership. The agreement is expected to close within 30–45 days, though the investment size will reportedly be modest and not intended for a public listing. The White House declined to confirm details, calling speculation premature. TikTok’s U.S. future has been uncertain since a 2024 law required ByteDance to divest, with President Trump extending deadlines multiple times. Treasury Secretary Scott Bessent said commercial terms have been in place since early 2025, but progress stalled after Trump’s tariff actions. Oracle, long floated as a key investor, was previously tapped to manage TikTok’s U.S. data and software under the proposed arrangement.
On 18/09/2025, The Federal Reserve cut its benchmark interest rate by 0.25% to a range of 4.00%–4.25%, in an 11–1 vote that showed less dissent than expected, with Governor Stephen Miran favoring a larger half-point cut. The Fed signaled two more cuts likely this year, citing slowing job growth and still-elevated inflation, highlighting tensions between its goals of stable prices and full employment. Chair Jerome Powell framed the move as “risk management,” though some analysts argued it was a more direct attempt to steer the economy. Markets reacted with mixed moves in stocks and Treasury yields following the announcement.
Nvidia CEO Jensen Huang expressed disappointment after reports that China banned its RTX Pro 6000D AI chips, despite the company’s long presence in the market. He acknowledged that Nvidia’s China business has become uncertain due to U.S.–China tensions, noting that analysts have been advised to exclude China from forecasts. The latest setback follows prior U.S. export restrictions, an anti-monopoly probe in China, and a recent deal under which Nvidia gained export licenses in exchange for sharing H20 chip sales with the U.S. government. While accompanying President Trump in the U.K., Huang announced a £11 billion AI investment and emphasized that Nvidia remains committed to supporting both U.S. and Chinese markets amid geopolitical challenges.
On 19/09/2025, The Bank of Japan kept its policy rate unchanged at 0.5% on Friday, matching forecasts, as core inflation eased to 2.7% in August, its lowest since November 2024 and the third consecutive monthly decline. Headline inflation also fell to 2.7%, while the “core-core” measure dropped slightly to 3.3%. Rice inflation, though still historically high at 69.7%, eased sharply from July’s 90.7%. The decision, passed by a 7-2 vote, came as officials signaled that food price pressures should fade, though dissenters pushed for a hike to 0.75%. Analysts at HSBC expect the BOJ to raise rates in October, citing stronger-than-expected Q2 GDP growth of 0.3% and reduced tariff risks after Japan struck a trade deal with the U.S. Policymakers and lawmakers alike are facing growing pressure to tighten policy further to curb inflationary pressures.
On 20/09/2025, President Donald Trump and Chinese President Xi Jinping made progress but did not finalize a TikTok deal during a recent call, with Trump later suggesting the agreement is nearly complete and tied to upcoming meetings at the APEC summit. Chinese state media emphasized any deal must comply with Chinese laws and market rules, while urging fair treatment for Chinese firms in the U.S. The talks come as ByteDance faces a divest-or-ban mandate under U.S. law, though Trump has repeatedly extended the deadline, most recently to Dec. 16, reflecting his desire to keep TikTok in the U.S. despite bipartisan national security concerns.
On 23/09/2025, Chinese professionals in the U.S. reacted with anger and uncertainty after President Donald Trump announced a $100,000 fee for new H-1B visa applicants, prompting companies like Microsoft, JPMorgan, and Amazon to advise current visa holders to stay put. The White House later clarified the rule applies only to new applicants, not renewals, but the move fueled fears, disrupted travel plans, and heightened anxiety among Chinese workers and students. Analysts warn the policy could discourage Chinese students from pursuing U.S. education and careers, with many already turning to alternatives like Hong Kong or Singapore. The decision, seen as the administration’s most aggressive immigration measure targeting Chinese talent, comes amid falling numbers of Chinese students in the U.S. and ongoing geopolitical tensions.
On 24/09/2025, Argentine President Javier Milei, once expected to win big in the midterms, is now grappling with mass protests over austerity, clashes with Congress, and renewed economic instability. Ahead of the September 22 U.N. General Assembly, Milei will meet IMF officials and President Donald Trump to seek U.S. support for his economic plan. Treasury Secretary Scott Bessent confirmed talks are underway, outlining options such as swap lines, dollar purchases, and use of the Treasury’s Exchange Stabilization Fund. The announcement lifted local bonds and strengthened the peso, while Milei’s tariff cuts on farm exports further boosted investor sentiment. However, officials dismissed rumors of a $30 billion U.S. loan, saying details of any agreement remain pending.
Australia’s inflation edged up to 3% in August, slightly reducing the likelihood of another near-term rate cut despite trimmed mean inflation easing to 2.6%. While still within the RBA’s 2–3% target range, rising housing and dwelling costs signaled firmer inflationary pressure, though rents showed signs of cooling. Economists at CBA, ANZ, and NAB expect the central bank to hold rates at 3.6% this month before a possible 25 bps cut in November, with the final decision hinging on upcoming jobs, CPI, and housing data. Governor Michele Bullock emphasized caution, noting that stronger consumer spending could delay easing, keeping mortgage holders and investors waiting for relief as cost-of-living pressures persist.
Federal Reserve Chair Jerome Powell said asset prices, including equities, are “fairly highly valued,” though he stressed current conditions do not pose significant financial stability risks. Speaking in Rhode Island, Powell noted the Fed monitors financial conditions to ensure policy goals are met, acknowledging that markets have rallied on expectations of lower rates. Stocks recently hit record highs following last week’s quarter-point rate cut but dipped after his comments.
On 26/09/2025, The U.S. economy grew faster than expected in the second quarter, with GDP revised up to 3.8% annually, compared to earlier estimates of 3.3% and 3%. The rebound, after a first-quarter contraction driven by tariff-related import shifts, was fueled by lower imports and strong consumer spending. While gross domestic income was revised lower to 3.8% from 4.8%, overall output still showed resilience. The Atlanta Fed projects continued strength into the third quarter, though economists warn trade uncertainties may slow growth, keeping full-year expansion near 1.5%.
President Donald Trump announced a 100% tariff on all branded or patented pharmaceutical imports starting Oct. 1, exempting companies that have begun building U.S. manufacturing facilities. The move aims to push drugmakers to shift production to the U.S., as firms like Eli Lilly, Johnson & Johnson, and AbbVie have already started doing. While imports totaled nearly $213 billion in 2024, critics warn the tariffs could raise prescription drug prices, disrupt supply chains, and reduce investment in domestic production. Health experts caution the policy may worsen shortages and increase costs for patients, particularly for certain treatments and generics.
On 27/09/2025, Core inflation stayed nearly unchanged in August, with the Fed’s preferred gauge, the PCE index, showing annual rates of 2.7% headline and 2.9% core, both in line with forecasts. Personal income rose 0.4% and spending 0.6%, signaling consumer strength despite tariffs, which so far have had limited impact on prices. Goods prices edged up 0.1% while services rose 0.3%. With inflation still above the 2% target but stable, the Fed is expected to proceed with two more rate cuts this year, after lowering the benchmark to 4%–4.25% in September. Markets are betting on an October cut, though December remains less certain.
On 30/09/2025, The Reserve Bank of Australia kept interest rates steady at 3.6% after three cuts earlier this year, citing signs of recovering demand, persistent inflation in some areas, and a stable labor market. While mortgage holders should now be paying 5.5% or less on variable loans, inflation rose to 3%, and credit growth hit its fastest pace since the global financial crisis, supporting housing and consumption. The RBA flagged a cautious approach to further cuts, though analysts remain divided—markets expect one more cut, while some economists forecast rates falling to around 3.1%.
The U.S. faces a likely government shutdown after stalled talks between President Donald Trump and lawmakers, which would keep essential services like defense and healthcare running but halt non-essential offices such as the Bureau of Labor Statistics, potentially clouding Fed rate decisions. Despite the uncertainty, markets rose Monday as Nvidia rebounded, Electronic Arts surged on news it will go private, and Etsy jumped after announcing a partnership with OpenAI’s new Instant Checkout feature.

Crypto news

On 02/09/2025, MicroStrategy, rebranded as Strategy (MSTR), posted record Q2 2025 results with $14B in operating income, $10B net income ($32.6 EPS), and $114.5M in revenue, boosted by new fair-value accounting and bitcoin gains as BTC topped $100K. Holding 597,325 BTC with a 19.7% YTD yield, the firm raised full-year guidance to $34B operating income, $24B net income, and $80 EPS at a projected $150K year-end BTC price. Meeting all criteria, Strategy now qualifies for S&P 500 inclusion, with potential entry at the September 2025 rebalance—marking a milestone for bitcoin’s role in U.S. equities.
On 03/09/2025, The SEC and CFTC issued a joint staff statement Tuesday confirming that U.S. and foreign regulated exchanges, including Nasdaq, NYSE, CME, Cboe, and recognized foreign boards of trade, are not barred from listing spot crypto products—even with leverage or margin. The guidance, following the President’s Working Group report, invites exchanges to engage regulators on custody, clearing, and compliance standards. While Coinbase and Kraken already offer spot trading, the move opens the door for traditional finance venues to enter the market. It reflects the Trump administration’s broader push for clearer digital asset rules, including the CLARITY Act passed by the House in July, aiming to keep blockchain innovation in the U.S.
On 04/09/2025, The CFTC has granted Polymarket temporary relief from enforcement by issuing a no-action letter to its affiliates QCX LLC and QC Clearing LLC, allowing the platform to offer event contracts in the U.S. without meeting certain swap reporting and recordkeeping requirements. While not exempting the firms from future compliance, the move effectively gives Polymarket the go-ahead to operate domestically. CEO Shayne Coplan called it a “green light” for a U.S. launch, following Polymarket’s $112M acquisition of CFTC-licensed QCEX in July.
On 05/09/2025, A proposal submitted to the SEC’s Crypto Assets Task Force warns that quantum computing could undermine the cryptographic security of Bitcoin, Ethereum, and other digital assets, risking trillions in losses and systemic instability. The Post-Quantum Financial Infrastructure Framework (PQFIF), authored by Daniel Bruno Corvelo Costa, outlines a roadmap for adopting quantum-resistant standards, citing the “Harvest Now, Decrypt Later” threat where adversaries store encrypted data to break once quantum breakthroughs occur. It recommends automated vulnerability testing, prioritizing institutional wallets and exchanges, and phased migration using NIST’s 2024 post-quantum cryptography standards. Experts caution “Q-Day” could arrive by 2028, potentially triggering chaos across markets. Separately, Bitcoin developers have proposed a phased upgrade to quantum-resistant signature schemes, eventually freezing older, vulnerable addresses.
On 08/09/2025, In Venezuela, stablecoins like Tether’s USDt—often called “Binance dollars”—have become the main currency for daily transactions as inflation hits 229% and the bolívar collapses. Vendors, workers, and households now prefer pricing and payments in USDt, which offers liquidity, stability, and fairer exchange rates compared to the fractured official and parallel dollar markets. From groceries to condo fees, stablecoins are replacing fiat cash, while government entities remain tied to the central bank rate. Capital controls and sanctions have further fueled parallel markets, pushing even some banks toward stablecoins. Venezuela mirrors a broader trend in crisis-hit economies like Argentina, Turkey, and Nigeria, where crypto adoption rises as fiat fails.
On 09/09/2025, A major supply chain hack targeting widely used JavaScript libraries on NPM exposed millions of developer systems and specifically aimed at Ethereum and Solana wallets, but researchers say the attackers only stole about $50 in crypto so far. Security Alliance identified one malicious Ethereum address linked to the attack, noting the hackers failed to exploit their massive access, with one researcher comparing it to “finding the key to Fort Knox and using it as a bookmark.” The malware has largely been neutralized, though the situation is still being monitored as losses initially grew from just a few cents.
A Kremlin adviser claimed the U.S. is leveraging crypto and gold to manage its $37.4 trillion debt by pushing stablecoins as a way to reset the global financial system, while proposals like Senator Cynthia Lummis’ Bitcoin Act highlight this strategy. U.S. officials, however, emphasize stablecoins as a means to preserve dollar dominance and increase demand for Treasuries, supported by Trump’s new GENIUS Act. Meanwhile, Russia is developing a ruble-backed stablecoin to reduce reliance on Tether, already used in oil trade, reflecting its gradual shift toward broader crypto adoption despite earlier restrictions.
On 10/09/2025, US lawmakers introduced a bill requiring the Treasury to assess the feasibility, custody, legal authority, and cybersecurity of President Trump’s planned Strategic Bitcoin Reserve and digital asset stockpile, with a report due within 90 days of enactment. The proposal follows Trump’s March executive order to use confiscated crypto to build reserves, with Treasury Secretary Scott Bessent exploring budget-neutral pathways to support it. The bill also mandates details on interagency transfers, accounting treatment, contractor roles, and potential hurdles. Globally, Kazakhstan and the Philippines are also exploring crypto reserves, while countries collectively hold over 517,000 BTC, or 2.46% of supply.
On 11/09/2025, The U.S. SEC has delayed decisions on several crypto ETF proposals, including BlackRock’s Ethereum staking amendment and Franklin Templeton’s Ethereum, Solana, and XRP products, pushing deadlines into October and November. While the filings don’t signal approval or rejection, the agency cited the need for more review time under its extended deadlines. Despite launching “Project Crypto” to modernize securities rules under Chair Paul Atkins, the SEC continues to postpone rulings, with pending cases also including Bitwise’s Dogecoin ETF, Grayscale’s Hedera ETF, and multiple Solana and XRP funds. As of late August, at least 92 crypto-related ETF applications remain under review.
Binance, the world’s largest crypto exchange, has partnered with U.S. ETF provider Franklin Templeton to develop security tokenization products that aim to enhance settlement, collateral management, and portfolio construction. Franklin Templeton will contribute its expertise in compliant tokenization, while Binance provides global trading infrastructure and investor access, with products expected to launch later this year. The collaboration seeks to bridge traditional and decentralized finance, delivering greater efficiency, transparency, and accessibility to capital markets, as Binance continues to lead the industry with $22 billion in daily trading volume.
On 12/09/2025, Chainlink, UBS, and DigiFT have launched a pilot in Hong Kong to test automated real-world asset tokenization, aiming to cut manual errors in fund management. Under the Cyberport Blockchain & Digital Asset Pilot Subsidy Scheme, the project uses DigiFT smart contracts and Chainlink’s Digital Transfer Agent to process and record investor transactions onchain, with UBS’s tokenized products issued under Swiss CMTA standards. The study explores how automation can streamline fund distribution, settlement, and lifecycle management, potentially lowering costs and improving efficiency. Hong Kong’s clear digital asset regulations make it a testing ground, though Chinese oversight still applies.
On 16/09/2025, The U.S. SEC and Gemini Trust told a New York federal court they had reached a “resolution in principle” to settle a securities case tied to Gemini’s Earn program, requesting that litigation be indefinitely stayed while the agreement undergoes SEC review. The case, launched in January 2023, alleged Gemini and Genesis conducted unregistered securities sales to U.S. retail investors, raising billions in crypto assets; Genesis already settled for $21 million in 2024. The move signals the winding down of the case as Gemini also advances its IPO, which raised $425 million. Meanwhile, the firm’s co-founders, Cameron and Tyler Winklevoss, maintain close political ties with President Trump, having lobbied on regulatory appointments and supported his administration’s crypto agenda.
Polkadot’s DAO approved its first-ever hard cap on DOT, setting the maximum supply at 2.1 billion tokens, replacing the previous inflationary model that minted about 120 million tokens annually with no limit. Without the change, supply could have exceeded 3.4 billion by 2040, but under the new model, issuance will gradually decrease every two years on March 14 (Pi Day). The network currently has about 1.5 billion DOT in circulation. Alongside this shift, Polkadot launched the Polkadot Capital Group on Aug. 19 to connect Wall Street firms with its blockchain infrastructure, aiming to attract institutional investors to opportunities in DeFi, staking, RWA tokenization, and traditional finance sectors like asset management and banking.
SEC Chair Paul Atkins signaled a shift from the agency’s previous enforcement-heavy stance on crypto, saying firms will now receive preliminary notices of technical violations before facing action, instead of abrupt lawsuits. He criticized former Chair Gary Gensler’s approach as unpredictable and lacking precedent, citing costly cases against Ripple, Terraform, Binance, Coinbase, and Kraken. Atkins emphasized that most tokens should not be treated as securities and voiced support for tokenized stocks and bonds carrying the same rights as traditional assets. Since his Senate confirmation in April, the SEC has created a Crypto Task Force to work with industry players and dropped several Gensler-era investigations.
On 17/09/2025, Bitwise has filed with the SEC to launch a “Stablecoin & Tokenization ETF,” designed to track an index split evenly between equities tied to stablecoins/tokenization and crypto assets supporting that infrastructure. The equity sleeve will focus on issuers, payment firms, exchanges, and related companies, while the crypto sleeve will provide exposure to regulated Bitcoin and Ether ETPs and blockchain infrastructure, capped at 22.5% per asset. The move follows the July passage of the GENIUS Act, which boosted the $289.7B stablecoin sector and $76B tokenized asset market. If approved, the ETF could launch in November, adding to Bitwise’s lineup of over 20 US-listed crypto funds.
Two new altcoin ETFs are set to launch in the U.S. this week, giving investors spot exposure to XRP and Dogecoin as regulators show growing openness to crypto funds. The REX-Osprey XRP ETF (XRPR), expected Friday, will be the first U.S. spot XRP ETF and cleared SEC review under the Investment Company Act of 1940, which allows automatic approval after 75 days unless objections are raised. Similarly, the REX-Osprey Dogecoin ETF (DOJE) is slated for Thursday, marking the first U.S. memecoin ETF. Both follow REX-Osprey’s earlier Solana staking ETF, though that product has seen modest inflows. Meanwhile, more than 90 other crypto ETFs are pending SEC decisions, including filings for Litecoin, Avalanche, and BNB products, with several decisions delayed into October and November.
On 18/09/2025, The SEC has approved generic listing standards for spot crypto ETFs, a move that streamlines approvals by removing the need for case-by-case reviews. The rule, applied across exchanges like Nasdaq, NYSE Arca, and Cboe BZX, falls under Rule 6c-11 and is expected to significantly shorten timelines that previously stretched for months. SEC Chair Paul Atkins said the change enhances investor choice and innovation in U.S. capital markets. Eligible ETFs must meet criteria such as being tied to assets with established futures contracts or traded on markets with surveillance-sharing agreements. The decision comes as pending applications for Solana, XRP, Litecoin, Dogecoin, Avalanche, Chainlink, Polkadot, and BNB await rulings. Analysts, including Bloomberg’s James Seyffart, called it a long-awaited framework that could spark a wave of crypto ETF launches. However, Commissioner Caroline Crenshaw cautioned that the standards might allow unproven products to reach market too quickly, raising investor protection risks.
The UK’s Financial Conduct Authority (FCA) has released a consultation paper outlining how existing financial rules should apply to crypto, aiming to balance innovation, competitiveness, consumer protection, and market integrity. The proposals set minimum standards for crypto firms, similar to those for traditional financial institutions, including resilience, anti-financial crime measures, and handling complaints. The FCA is also seeking feedback on whether Consumer Duty rules should extend to crypto, with responses due in October–November and final rules expected in 2026. The move follows draft legislation from His Majesty’s Treasury to align crypto exchanges, dealers, and agents with existing regulations, signaling the UK’s stance of being “open for business” but closed to fraud. Meanwhile, the UK and US are exploring closer cooperation on crypto policy, with recent talks involving major firms like Coinbase, Circle, Ripple, and leading banks.
On 19/09/2025, The first US exchange-traded funds (ETFs) for Dogecoin and XRP saw strong demand on their debut, smashing trading volume expectations with a combined $54.7 million in day-one trades. Bloomberg’s Eric Balchunas noted that most new ETFs average about $1 million in first-day volume, but the REX-Osprey XRP ETF (XRPR) alone recorded $37.7 million, marking the biggest launch of 2025. The Dogecoin ETF (DOJE) also outperformed projections, surpassing $6 million in early trading compared to the $2.5 million analysts expected. The strong debut signals growing investor appetite for crypto-related ETFs, as regulators review dozens of additional filings tied to altcoins and staking products.
The Australian Securities and Investments Commission (ASIC) has introduced a licensing exemption allowing intermediaries to distribute stablecoins issued by licensed entities without needing their own Australian financial services (AFS), market, or clearing licenses. The exemption, set out in the ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631, currently applies only to Catena Digital’s AUDM stablecoin but may expand as more issuers secure AFS licenses. It covers activities such as general advice, market-making, dealing in (but not issuing), and custodial services for eligible stablecoins. ASIC said the measure aims to balance responsible innovation with consumer protection and will remain in effect until June 1, 2028, serving as a bridge until broader reforms, including a dedicated licensing regime for payment stablecoins, are implemented.
On 20/09/2025, The U.S. Treasury has opened a second public comment period on the GENIUS Act, the stablecoin regulation law signed by President Donald Trump in July, giving stakeholders 31 days to provide feedback. The law, part of Republicans’ “Crypto Week,” aims to regulate payment stablecoins and is set to take effect in late 2026 after Treasury and the Federal Reserve finalize rules. Meanwhile, the Senate is preparing to vote on a broader digital asset market structure bill by the end of September, which could also become law by 2026.
On 23/09/2025, Toyota, Yamaha, and BYD have begun accepting Tether (USDT) in Bolivia as the country faces a collapse in U.S. dollar reserves, marking a major step in its crypto adoption. Tether and BitGo confirmed the first USDT-based car purchase at a Toyota dealership, which now promotes stablecoin payments as “easy, fast, and safe.” Bolivia only lifted its long-standing crypto ban in June 2024, and adoption has grown rapidly amid dwindling reserves that dropped 98% in a decade. With fears over the boliviano’s stability, both businesses and banks are turning to crypto, with Bolivia’s top bank even calling it a “viable and reliable alternative” while partnering with El Salvador to advance adoption.
For years, crypto in the U.S. operated in a legal gray zone, but 2025 brought a shift with the SEC dropping its Binance case, the Senate passing the GENIUS Act on stablecoins, and the White House allowing 401(k) allocations into digital assets. While regulation is advancing, most blockchains remain unprepared for compliance with laws like GDPR, HIPAA, and financial disclosure standards, since their transparency clashes with privacy and selective access requirements. This limits institutional adoption, as retail speculation still dominates the market. To bridge the gap, infrastructure must evolve — integrating tools like zero-knowledge proofs and selective disclosure to balance transparency, privacy, and compliance. Just as cloud computing matured to meet enterprise standards, blockchain now faces the same challenge, and if regulation and infrastructure progress together, it could transform from a speculative asset to a trusted foundation for global finance and data systems.
On 24/09/2025, Ripple and tokenization platform Securitize have integrated Ripple’s USD stablecoin (RLUSD) as an off-ramp for tokenized funds managed by BlackRock and VanEck. A new smart contract enables investors in BlackRock’s BUIDL and VanEck’s VBILL funds to instantly redeem tokenized shares for RLUSD, streamlining liquidity and enabling onchain transfers. Launched in early 2025, RLUSD is tailored for institutional use, with regulatory clarity and enterprise adoption already underway, including approval in Dubai’s real estate tokenization program. The move comes as tokenized real-world assets on Securitize hit $4 billion, with BlackRock’s BUIDL surpassing $1 billion AUM within a year and VanEck’s VBILL offering tokenized U.S. Treasury exposure across multiple blockchains.
The U.S. Commodity Futures Trading Commission (CFTC) is exploring a plan to allow tokenized assets, including stablecoins, to be used as collateral in derivatives markets. Acting chair Caroline Pham said the agency will seek public feedback until Oct. 20, noting that stablecoins could serve as a “killer app” for collateral management. If adopted, stablecoins like USDC and USDT would be treated like cash or U.S. Treasurys in regulated trading. The move, supported by Circle, Tether, Ripple, Coinbase, and Crypto.com, follows the passage of the GENIUS Act, which sets a framework for payment stablecoins. Executives argue the change could cut costs, reduce risks, and boost liquidity in global markets.
Tether, the issuer of the world’s largest stablecoin, is exploring a fundraising round of $15–20 billion for about a 3% stake, potentially valuing the company at around $500 billion—on par with SpaceX and OpenAI. CEO Paolo Ardoino confirmed the plan, saying funds would scale Tether’s operations in stablecoins, AI, commodities, energy, and communications. The deal, still in early talks, would involve new equity, not existing shares. Tether has been expanding in the U.S. under the GENIUS Act, recently naming a U.S. CEO, as its USDT stablecoin’s market cap surpassed $172 billion, far ahead of rival Circle’s $74 billion USDC.
On 25/09/2025, The crypto industry often fixates on the U.S. and EU, focusing on regulation, speculation, and institutional adoption, but real growth is happening elsewhere. According to Chainalysis, India leads global crypto adoption, followed closely by Nigeria, Vietnam, and the Philippines, where usage is driven by necessity, not speculation. In Argentina, citizens turn to stablecoins to preserve value amid runaway inflation, while Nigerians use crypto for remittances and trade to avoid high transfer fees. Sub-Saharan Africa is the fastest-growing crypto region, showing how digital assets solve everyday problems for underserved populations. Meanwhile, U.S. and EU debates about ETFs and custody miss the point: mainstream adoption is already underway in emerging markets, where the next billion users will choose crypto for survival and financial utility, not portfolio diversification.
Next week, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will hold a joint roundtable on “regulatory harmonization efforts,” with crypto firms Kraken, Crypto.com, Kalshi, and Polymarket participating in panels. The event comes amid leadership gaps at the CFTC, where only acting Chair Caroline Pham remains, and will be moderated by former officials J. Christopher Giancarlo and Jill Sommers. Discussions align with ongoing congressional efforts to pass digital asset market structure legislation, with the House having approved the CLARITY Act in July while the Senate has yet to act. Since President Donald Trump took office, both regulators have shifted toward more crypto-friendly policies: the SEC has dropped multiple enforcement cases against firms like Coinbase, Ripple, and Kraken, and recently approved generic listing standards expected to speed up ETF approvals.
On 27/09/2025, Vanguard, the world’s second-largest asset manager with $10 trillion under management, is reportedly preparing to let brokerage clients access spot cryptocurrency ETFs, though it has no plans to launch its own crypto products. The move reflects growing client demand and comes amid a friendlier U.S. regulatory climate, with the SEC recently approving a new listing framework for crypto ETFs. Bitcoin spot ETFs, launched in January 2024, have attracted $57 billion in inflows, led by BlackRock’s IBIT with $84 billion in assets, while U.S. Ethereum ETFs have pulled in $13.27 billion, led by BlackRock’s ETHA at $25.59 billion.
On 30/09/2025, The SEC and CFTC held their first joint roundtable in 14 years to discuss regulatory harmonization, including crypto oversight, amid leadership gaps at the CFTC and a looming government shutdown. Acting CFTC Chair Caroline Pham defended the agency’s activity, noting 18 actions and 13 enforcement cases since January, while SEC Chair Paul Atkins emphasized collaboration rather than consolidation. The event featured crypto executives from Kraken and Crypto.com, with former regulators moderating. Meanwhile, uncertainty persists over CFTC leadership as Trump’s nominee, Brian Quintenz, faces delays linked to White House requests reportedly influenced by Gemini founders Cameron and Tyler Winklevoss, raising questions over enforcement priorities and Senate confirmation.

I have a cold when I am writing this blog post, I will skip the news analysis for now. Honestly, the news are just the same every month with the interest rate in the US and more adoptions in the crypto space. There are more positive news this month so the markets have gone up a bit.

A simple breakdown of changes for this month’s portfolio:

Raiz – 49.49% to 50.79% (1.3%).
VDHG – 11.98% to 11.90% (0.08%).
IVV – 17.12% to 17.15% (0.03%).
SYI – 10.21% to 9.37% (0.84%).
VISM – 7.73% to 7.61% (0.12%).
A200 – 9.83% to 9.35% (0.48%).
Crypto –132.24% to 138.55% (6.31%).

Observation:

Mixed results across all ETFs, except IVV. We have been experiencing good returns for the last couple of months; negative returns are to be expected.
September has usually been bad for the crypto market, but this year it has not stopped, and we now see a positive return for this month. Bitcoin is still resilient as always, and the lowest I have seen so far was at $108,000. Altcoins are rallying, but not as much as I had expected.

With the new loan, the redraw account has been removed, and the new offset account will take over from now on. The current amount in my offset account is $1,300.00. The repayment has not started yet, so I leave this section empty for now till next month.

Some of the articles I used for the information above:

Passive Income

This month has produced about 13.145 ADA. The staking reward for AXS for this month is 0.915 AXS. BAT Reward is BAT.

To sum up:

ADA Reward – 13.145 ADA.
AXS Staking – 0.915 AXS.
BAT reward – BAT
Dividend – TBU.

What I have learnt and experienced

I admit that I have not been active lately and have stayed up late quite a bit. I can see the side effects of this as I feel unmotivated most of the time at work. I also find myself tired after half of my working day, and I think this might be due to the lack of exercise and caffeine addiction. It’s been a problem since the start of this month, and it’s getting worse lately. I should stop drinking energy drinks and consume fewer soft drinks next month. My weight has gone up again, and I am at 76kgs. This is really bad for my health, and I should do more exercise next month.

Portfolio Update – September 2025

Portfolio Summary

Events & Porfolio Analysis

Passive Income

What I have learnt and experienced

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