Welcoming Berglinde to the Fulgur portfolio. Founded in 2024 by Phil Lojacono and Paolo Guarnerio, Berglinde is the Swiss Bitcoin specialist building investment solutions and Bitcoin-collateralised lending products for qualified investors, family offices and financial institutions. The team brings deep experience from Swiss private banking, digital-asset infrastructure and fintech into a single Bitcoin-native shop.

Most of the AUM in Switzerland still sits with banks that treat Bitcoin as an exotic, custodial-only sleeve. Berglinde takes the opposite stance: Bitcoin is the core asset, and the firm engineers around it with proper segregated custody, transparent fee structures and lending products that let clients borrow against BTC without selling it. That is exactly the institutional plumbing the asset has been missing in continental Europe.

Our thesis is that the next leg of Bitcoin adoption runs through wealth managers and balance sheets, not retail apps. To make that real, qualified investors need professional counterparties who can structure mandates, handle reporting, and offer credit lines collateralised by Bitcoin under a recognised regulatory framework. Switzerland, with its FINMA regime and existing private-banking infrastructure, is the natural launchpad, and Berglinde is purpose-built to plug into it.

We backed Phil and Paolo because they combine a true Bitcoin-first conviction with the operational seriousness of veteran financial-services builders. They are not retrofitting a legacy product to fit Bitcoin; they are designing services from the asset out. We are excited to welcome Berglinde to the portfolio and to support the team as it scales its offering across Switzerland and beyond.