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Tuesday, September 8, 2026 · Global Edition
Horison
STRATEGY · ALLOCATION · CRYPTO
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Crypto

Crypto treats digital assets as a portfolio decision rather than a separate universe. Coverage measures correlation with equities and rates, sets volatility budgets, weighs custody and counterparty exposure, and considers the argument for a zero weight. Aimed at investors deciding what percentage, if any, belongs beside existing holdings.

Digital assets sized as a portfolio position: correlation history, volatility budget, custody exposure, and the honest case for holding none of it.

Infographic chart of the crypto custody spectrum from hot wallets to cold storage
Crypto

Crypto Custody: Cold Wallets vs. Hot Wallets

Crypto custody spans a spectrum from internet-connected hot wallets to offline cold storage, and the placement decides who controls the keys and who bears each…