Nexo-2026数字财富：投资者行为与新兴结构性顺风财富积累新阶段将走向数字化 The Future of Digital Wealth 2026

NEXO

TheFutureof

DigitalWealth2026

Investors'behaviorandemerging

structuraltailwindssignalthenext

phaseofwealthbuildingwillbedigital

ThisdocumentandtheinformationcontainedhereinisnotintendedforusebyresidentsoftheUnitedKingdom.

TheFutureofDigitalWealthReport2026

Tableofcontents

AboutNexo01

Aboutthedata02

Welcome03

Executivesummary04

WhatistheCryptoIntegrationIndex(CII)?05

KeyCllnumbersataglance06

Part1—p.08

1.1.Riskybutnolongerabarrier

11

1.2.Integrationfollowsalifecyclepattern

13

Wherethemarketstandstoday:investorarchetypes

1.3.Demandisstructurallydifferentbymarkets

18

—Argentina:cashdisplacement

19

—U.S.:competingwithequities

22

—U.K.:fragmentedreallocation

23

1.4.Whatconstrainsadoptionandwhatcandriveitforward?

25

Part2—p.26

2.1.Globalmacrooutlook

28

2.2.Bitcoinasastoreofvalue

32

Structuraltailwindsfordigitalassetadoption

2.3.Ethereumbecomesprogrammablemoney

34

2.4.Real-worldassetsmeetblockchain

36

2.5.Stablecoins

37

Part3—p.40

HowNexobuildsthefutureofwealth

3.1.Fromarchetypetoaction:whatdoestheplatformunlockateachstage?

—Pre-entry

—TheWatcher—TheConvert

—TheConvictionInvestor

—TheStructurallyIntegrated

3.2.Thecaseforanintegratedplatform

3.3.Whatliesahead?

42

43

45

47

50

52

55

56

Concusion59

Methodologynote61

Importantinformation65

TheFutureofDigitalWealthReport2026

AboutNexo

Nexoisapremierdigitalassetswealthplatformdesignedtoempowerclientstogrow,manage,andpreservetheircryptoholdings.Ourmissionistoleadthenextgenerationofwealthcreationbyfocusingoncustomersuccess

anddeliveringtailoredsolutionsthatbuildenduringvalue,supportedby24/7clientcare.

Since2018,Nexohasprovidedunmatchedopportunitiestoforward-thinkingclientsinover200jurisdictions.Withover$7billioninclientassetsandover$430billionprocessed,webringlastingvaluetomillionsworldwide.Ourall-in-oneplatformcombinesadvancedtechnologywithaclient-firstapproach,offeringhigh-yieldflexibleand

fixed-termsavings,crypto-backedloans,sophisticatedtradingtools,andliquiditysolutions,includingthefirstcryptodebit/creditcard.Builtondeepindustryexpertise,asustainablebusinessmodel,robustinfrastructure,stringentsecurity,andgloballicensing,Nexochampionsinnovationandlong-lastingprosperity.

Officialwebsite:

O1

TheFutureofDigitalWealthReport2026

Executivesummary

Mostaffluentinvestorsnowown

crypto.TheNexoDigitalWealth

Survey2026²showsthattwoin

threeholdit,andnearlyoneinfivesayitwillbethesinglebiggest

driveroftheirpersonalwealthoverthenextdecade,morethantheir

salary,theirstocks,ortheirproperty.

Butowningcrypto

andbuildingwealth

withitarenotthe

samething.

Formostinvestors,thepositionisstillsmall,thetimehorizonisshort,anditsitsoutsidetheirretirementplan.TheFutureofDigitalWealthmeasuresthegapbetweenownershipandintegration.

OurproprietaryCryptoIntegrationIndex(CII)isa

1-to-10scoreacrossfivedimensions:allocationsize,holdinghorizon,whethercryptoplaysaretirementrole,whetherithasreplacedtraditionalassets,andperceivedrisk.Theaverageis4.83,nearthemiddleofthecurve.

Nearly43%ofinvestorsclusterbetween4and5.Theyarealreadyinthemarket,allocatingdeliberatelyto

cryptobut,forthemostpart,notyetbuildingwealthwithit.

Theforcespushingthemforwardaregettingstronger.Inflationissticky,governmentdebtisatmulti-decadehighs,andtheglobaltradeorderisfracturing,the

conditionsthathavehistoricallydrivendemandfor

assetsgovernmentscannotcontrol.BitcoinnowsitsintheU.S.StrategicBitcoinReserve,andover$58billionhasflowedintospotBitcoinETFs.Ethereumis

becomingtherailsfortokenizedreal-worldassets,a

marketthathasgrownmorethan400%inthelastfifteenmonths.Thedirectionoftravelisdeeper,

notshallower.

Whatstandsbetweenmostinvestorsandthatnext

stepisnotconviction—thedatashowstheyhaveit.Itisinfrastructure,thetoolstoholddigitalassets

withoutsellingunderpressure,toearnonaposition

whilekeepingit,toborrowagainstitwhenliquidity

isneeded,andtoplanwithitthewaytheyplanwith

everyotherpartoftheirwealth.Fortheinvestors

alreadyonNexo'splatform,thatinfrastructureexists

today.Forthe43%inthemiddleofthecurve,itiswhatthenextphaseofthismarketisbeingbuiltaround.

²Thesamplereflectsfinanciallyactive,digitallyengagedinvestors.Ownershipratesindicatecohortbehavior,notpopulation-leveladoption.Seemethodologyandimportantinformationat04

theendofthisreport

TheFutureofDigitalWealthReport2026

WhatistheCrypto

IntegrationIndex(CII)?

Entryisnotintegration:manypeopleowncryptotoday,butfewerhavemadeitpartofhowtheyplanforthefuture,andplanningwithitiswherewealth-buildingstarts.TheCryptoIntegrationIndex(CII),developedby

Nexoresearchanalysts,measuresthatdifference.Ratherthanaskinginvestorswhattheythinkaboutcrypto,itlooksatwhattheyactuallydowithit,measuringbehaviorratherthansentiment.Theindexrunsfrom1to10andcombinesfiveequal-weightdimensions:

Allocationsize—theshareoftheportfolioallocatedtocrypto.

Holdinghorizon—whetherthepositionis

short-termorlong-term.

Retirementintegration—whethercryptois

includedinlong-termfinancial

planning.

Riskperception-howcryptoriskcomparestotraditionalassets(lowerperceivedrelativeriskscoreshigher).

Substitution—whethercryptohasreplacedtraditionalassets.

Thehigherthescore,thedeepertheintegration.

Theaveragescoreacrossaffluentinvestorsis4.83.Countryaveragesrangefrom4.62inArgentinato5.07intheUnitedStates,withtheUnitedKingdomat4.75.Section1.3unpackswhy.

Cllintegrationbands

Affluentinvestorsaveragescore

Low

integration

High

integration

Pre-entryWatcherConvertCnStructurallyIntegrated

2345678910

BroadCrypto-engaged

investorsinvestors

Wegroupedtheinvestorsintofivestagesofintegration³,fromnoexposuretodeepcommitment.Partoneofthisreportwalksthrougheachgroup.

³TheCllboundariesareanalyticalconventions,notempiricalthresholds.Theyprovideacommonlanguageforcomparingintegrationdepthacrosscohortsandmarkets,notpreciseclasifications.05

TheFutureofDigitalWealthReport2026

Deepintegrationremainselusiveacrossallmarkets

Bythemeasureoftheindex,mostinvestorshaveenteredthemarketbuthavenotyetcommiteddeeply.

Therunwayfromhereisclosingthatdistance,fortheplatformsbuildingtheinfrastructureandfortheinvestorsreadytodeepentheirpositionasthetoolsarrive.

MeanCllbymarket

ir-5.63

UnitedStates5.07

UnitedKingdom4.75

Argentina4.62

DistributionofCllscoresacrossholders

TheClldistributionclustersbetween4.0and6.0,wherethelargestgroupofholderssitsat4.0.

TheWatcher—-TheConvert—

-TheConviction

Investor

Integrated

TheStructurally

4

Barsshowthenumberofholdersineach0.5-pointCllinterval.Eachbarcoversarangeof0.5points-forexample,the“4.0”barincludesallinvestorsscoringbetween4.0and4.49.

Source:NexoDigitalWealthSurvey2026,Attestrawdata06

TheFutureofDigitalWealthReport2026

Source:NexoDigitalWealthSurvey2026,Attestrawdata07

KeyCllnumbersataglance

01OWNERSHIP

Cryptosecuresitsplaceintheportfolio

66.7%

ofsurveyedinvestorsholdsomeamountofcryptocurrency

Ownershipratesvarysignificantlyacrossmarkets,74.3%inArgentina,65.0%intheU.K.,and62.3%in

theU.S.

03AGE&LIFECYCLE

Cryptobecomespartofretirementstrategy

28%

of35-44-year-oldholderstreatcryptoasacorepartoftheirretirementstrategy.

02WEALTHDRIVER

The#1expectedwealthgeneratorofthefuture

19.2%

ofthosesurveyednamecryptoastheirexpected#1personalwealthdriveroverthenextdecade

Cryptoisseenasabiggerwealthdriverthansalary

(17.3%),equities(16%)andrealestate(11.8%).

04MARKETSTRUCTURE

Demandisstructurallydifferentacrossmarkets

4.62→5.07

Cllrangeacrossmarkets(ArgentinatotheU.S.),outof10.

Thesearepeakearningandactiveretirement

planningyears,wherecapitalissufficientandthe

investmenthorizonislongenoughtojustifystructuralcommitment.By55+,thatsharefallsto7.9%.

Thesameassetisdoingdifferentworkineach

market.IntheU.S.,cryptoisfundedprimarilyfromequities.InArgentina,ithasdisplacedcash,adirectresponsetocurrencyerosion.

Wherethemarketstandstoday:

investor

archetypes

Thereportidentifiesfiveinvestorarchetypes⁴,

spanningthefullspectrumfromnoexposuretodeepintegration,eachfacingdistinctbarriersforreachingthenextstep.

TheStructurallyIntegrated

TheConvlotion

TheConvert

TheWatcher

ThePre-entry

TheFutureofDigitalWealthReport2026

Shareofaffluentinvestorsateachstageofcryptointegration

Together,WatchersandConvertsaccountfor42.6%ofallinvestorssurveyed,thelargestaddressablecohort.

ThePre-entry

33.8%

Oneinthreeinvestorshasyettoallocateatall.ForthisPre-entrysegment,thebarrieriscognitiveratherthanoperational.Cryptofeelsunfamiliar,andthefirststephasnotyetbeentaken.

TheWatcher

18.3%

TheConvert

24.3%

TheWatcherispresentinthe

marketbutnotyetmeaningfullycommitted,heldbackbyvolatilityandentryfriction.

TheConvertisthelargestholder

archetype,havingenteredthemarketdeliberatelybutstillallocatingtacticallyratherthansystematically.

42.6%

TheConvictionInvestor

TheConvictionInvestorhasmadecryptoacorepositionwithlong-duration

horizons.Taxtreatment,security,andfeestoptheirconcerns—thekindsofissuesthatsurfaceonlyonceapositionislargeenoughthatefficiencymatters.

TheStructurally

Integrated

TheStructurallyIntegratedhaveembeddedcryptoacrossallportfoliodimensons.Theirconcernsnarrowfurther:securityandfees

4.7%

dominate,whilemajorworriesatearlierstages,suchastaxandvolatility,recedemeaningfully.Thepositionisbuiltandthequestionishowharditworks.

Source:NexoDigitalWealthSurvey202609

TheFutureofDigitalWealthReport2026

Source:NexoDigitalWealthSurvey202610

Samearchetypes,differentdistributionbymarket

Howthesearchetypesaredistributedacrossmarketsrevealssomethingtheglobalaveragecannotshow.Thesameassetisdoingdifferentworkineachcountry.

TheU.S.hasthehighestshareofPre-entryandthehighestshareofStructurallyIntegratedinvestors.

SpotETFs,regulatedcustody,andretirementvehiclesgivecommittedinvestorsthearchitecturetoscale.

Argentinahasthehighestownershipbutmostlyatearlystages.Cryptoenteredasahedgeagainstcurrencyerosion,whiledeeperintegrationisstillahead.

TheU.K.sitsinbetween.U.K.investorsholdcryptowithbroadretirementawareness—mostassignitsomeroleinlong-termplanning-butpositionsaresmallerandreallocationsfromtraditionalassets

shallowerthanintheU.S.WithoutArgentina'sinflationpressuretodriveownership,orthedepthofregulatedcrypto-investmentvehiclestheU.S.hasbuilt,integrationplateausinthemoderateband.

Archetypes,%ofsamplebymarket

TheU.S.isthemostpolarizedwithhighestshareofbothPre-entryandStructurallyIntegrated.

■Argentina■UnitedKingdom■UnitedStates

Pre-entryTheWatcherTheConvertTheConvictionInvestorTheStructurallyIntegrated

Thearchetypedistribution:broadatentry,deepintegrationatapproximatelyoneintwenty

Archetype,%of

sample

Cllrange

n

%ofholders

33.8%

Pre-entry

NoCll

338

18.3%

TheWatcher

<4

183

27.6%

24.3%

TheConvert

4-5.5

243

36.7%

18.9%

TheConvictionInvestor

5.5-7

189

28.5%

4.7%

TheStructurallyIntegrated

7+

47

7.1%

Archetypeboundaries:Pre-entry=respondentswithoutacompleteCllscore(nocryptoallocationorincompleteCllinputs).WatcherCllk4;ConvertCII4-5.5;ConvictionInvestorCII5.5-7;StructurallyIntegratedCII7+.Sharesareoffulsample(n=1,000).

TheFutureofDigitalWealthReport2026

Riskybutnolongerabarrier

Bitcoin'srealizedvolatilityhasdeclinedastheassetmatures.By2024,Glassnodedatashowsitrunningatroughlyhalfthe2020-2021cyclelevels.The

driversaregrowingliquidity,deeperinstitutional

participation,andBitcoin'snormalizationasaheldassetratherthanaspeculativeone.Ifvolatilitywerethemainconstraintonadoption,thisshouldbethemomentintegrationdeepens.

Thesurveydatatellsamorenuancedstory.Volatilityremainsaprominentconcernacrosstheintegrationcurve,butitisnotwhatseparatesintegrated

investorsfromlessintegratedones.

Cllvariancecontributionbydimension

WithintheCll,riskperceptionaccountsforonly13.6%ofthatdifference,whilesubstitutionbehaviorandretirementembeddingtogetheraccountfor54.2%.

Substitution

Retirement

30.6%

4.2%

23.6%

5

Crypto

allocation

22.8%

Risk

perception

13.6%

Timehorizon9.5%

Variancecontributionusesacovariance-baseddecomposition,capturingeachcomponent'scorrelationwiththeotherfour.

Riskperceptionfallsasallocationrises.Causationcouldruntwoways:deeperholdingsmaynormalizehowinvestorsperceivecrypto'srisk,orbroadermarketadoptionmaybereshapingperceptionsandpullingmoreinvestorsin.

TheFutureofDigitalWealthReport2026

13

Integrationfollowsalifecyclepattern

MeanCllscorebyagegroup

Integrationpeaksat35-44,theonlypointwherecapital,retirementplanning,andinvestmenthorizonalign.ItisalsowheremostinvestorsreachTheConvictionInvestorstage.

CIllscore5.2

Peakintegration

5.01

5.04

5.0

4.9

4.8

4.6

4.62

Agegroup

4.4

18-25

Highconviction;Lowcapital

26-34

Allocatingactively;Buildingpositions

35-44

Capital,retirement

planningandhorizonalign

45+

Declining;

Shorterhorizons

Constrainedby:CapitalExperienceInfrastructureunlocksPlanninghorizon

thealignmentshortens

Pastpeak,thealignmentbreaks.After45,allocationsizeandretirementembeddingbothdecline—capitalmaystillbepresent,buttheplanninghorizonshortensandcrypto'sroleinretirementstrategyrecedes.

Theinvestmenthorizon,counterintuitively,continuestolengthenwithage.Olderinvestorsholdsmaller

positions,buttheyintendtokeepwhattheyhaveforlonger.Theyarealsoconsistentlymorecautiousaboutcryptothanyoungerinvestors,regardlessofhowmuchtheyhold.

TheFutureofDigitalWealthReport2026

Shareratingcrypto“muchriskier”andmeanCllscore,byagegroup

Ageandcryptoriskperceptionmoveinoppositedirections.Investorsaged18-25arealsotheleastlikelytoseecryptoasdramaticallyriskierthantraditionalassets.Only7.7%rateitas“muchriskier”,comparedto54.8%amonginvestorsaged55andabove.

CII

18-25

7.7%

4.90

26-34

17.7%

5.01

35-44

5.04

45-54

30%

55+

54.8%

Yet,despitethehighestownershipandconvictionmetricsofanyagesegment,twostructuralconstraintslimithowthatconvictiontranslatesintoportfoliodepth.

Source:NexoDigitalWealthSurvey202615

TheFutureofDigitalWealthReport2026

Twostructuralconstraints

01:Timehorizon

Holdinghorizonbyagegroup,%ofholders

Only2%of18-25holdersmaintaina10-year-plusholdingperiod—thelowestshareacrossallagegroups.Atthisage,capitalisstillacumulatingandplanninghorizonsarecompressedbycompetingfinancialpressures.

Age

group

<1Y

1-3Y

3-10Y10+Yrfii

18-25

10

49

31

28

26-34

7

39

41

67

35-44

8

35

45

85

45-54

12

37

30

911

55+

11

40

24

1114

02:Capital

GenZentersthewealth-buildingphaseoflife

againstastructurallymoredemandingbackdropthanpriorgenerations:retirementsavings

requirementsprojectedatapproximately$3million(WealthcareFinancial),lifetimehealthcarecostsofapproximately$172,500perindividualaged65

(Fidelity,2025),andSocialSecuritytrustfunddepletionprojectedby2033.

Addingtothatload,outstandingU.S.studentloandebtstandsat$1.66trillion,disproportionately

concentratedinyoungercohorts;the90+day

delinquencyrateroseto10.3%inQ12026asfederaldefaultsresumedafterthepandemic-erapaymentpause(NYFedQuarterlyReportonHouseholdDebtandCredit,Q12026).

Theresultisacohortmoremotivatedthananyothertofindalternativewealth-buildinginstrumentsand,intheshortterm,lessabletofundthem.

TheFutureofDigitalWealthReport2026

17

Thestructuralweight

pressingdownonGenZ

+48%vs+22%Homepricesvsmedianincome2019-2024

Medianhomepricessurged48%whilemedianincomegrew22%overthesameperiod.

HarvardJCHS,2019-2024

$3M

Retirementsavingsneeded

$1.66T

OutstandingU.S.studentloandebt

AdragdisproportionatelycarriedbyGenZandMillennialborrowers

enteringthewealth-buildingstage

NYFedQuarterlyReportonHouseholdDebtandCredit,Q12026

2033

SocialSecuritytrustfunddepletion

EstimatedamountGenZneedstoretirecomfortablyatprojectedcostlevels.

Projecteddepletionyear,whentoday'syoungestGenZworkersaresillintheirmid-30s.

WealthcareFinancial,2025SocialSecurityTrusteesReport,2025

Asyoungercohortsmovethroughtheirpeakearningyearsand$83trilliontransfersbetweengenerations(UBSGlobalWealthReport2025),existingconvictioncouldpotentiallytranslateintolargerabsolute

positionsanddeeperstructuralembedding.

TheFutureofDigitalWealthReport2026

Demandisstructurallydifferentbymarket

Crypto'sfootprintininvestmentportfoliosisdeepening,butthedepthofintegrationvariesbymarket.

Argentinarecordsthehighestownershiprateofthethree,yetitsCllof4.62sitsbelowboththeUnitedStates(5.07)andtheUnitedKingdom(4.75).

AllthreemarketssitwithintheConvertarchetyperange(CIl:4to5.5),butatdifferentpoints,andfor

structurallydifferentreasons.Thesameassetisdoingdiferentworkineachcountry-astoreofvalueinArgentina,agrowthinstrumentintheU.S.,andadiversificationtoolstillfindingitsplaceintheU.K.

Cryptoownershipandintegrationdepthbymarket

MeanClIHolders

4.62

Argentina

74.3%

65%

U.S.

5.07

62.3%

U.K

4.75

Source:NexoDigitalWealthSurvey2026

Argentina:

cashdisplacement

OneexplanationliesinArgentina'sinflationhistory.Inflationaveragedmorethan80%annuallyoverthepastsevenyears-comparedtobelow4%inboththeU.S.andtheU.K.—andaccesstodollar-denominated

instrumentshashistoricallybeenrestrictedbycapitalcontrols.Inthisenvironment,holdingcashmeant

watchingsavingserode,andconventionalalternativesofferedlittleprotection.Cryptometaclearneedandenteredportfoliosasthemostaccessiblestoreofvalueavailable.Thisisalsoevidentinsubstitutionbehavior.

Argentina:InflationaveragedannuallywithapeakinApril

■Argentina

300%

morethan80%2024

U.S.andU.K.inflationstayedbelow4%

■U.K.■U.S.

12%

200%

100%

0%

2018

r24.2%

202320242026

8%

4%

0%

201820202026

Theright-handchart(U.K.andU.S.inflation)usesanindependenty-axisscale.Theleft-handchart(Argentina)peaksat292.2%;applyingacommonaxiswouldcompresstheU.K.andU.S.linestonear-zeroandobscuremeaningfulvariation.

Argentineinvestorsaremorelikelytofundcryptobyreallocatingfromcash

Cash

Stocks

Bonds

RealEstate

45.8%

26.8%

16.2%

11.3%

Source:Nexo;InstitutoNacionaldeEstadísticayCensos(INDEC);FRED,FederalReserveBankofSt.Louis;OfficeforNationalStatistics,fortheUK2015=100,yoychange,%19

TheFutureofDigitalWealthReport2026

Argentina:DistributionofCllscoresacrossholders

TheClldistributionconfirmsthebroaderpicture—mostArgentineholdersclusterbetween4.0and5.5.

Barsshowthenumberofholdersineach0.5-pointCllinterval.Eachbarcoversarangeof0.5points-forexample,the“4.0”barincludesallinvestorsscoringbetween4.0and4.49.Source:NexoDigitalWealthSurvey2026,Attestrawdata(Argentina,n=171scoredholders).

Presentinthemarket,allocatingdeliberately,butnotyetstructurallycommitted.Thenextthresholdisclose.Arelativelysmallimprovementininfrastructure—recurringallocationtools,retirementvehicles,yield

products—couldmovealargeshareofinvestorsforward.

NexoinArgentina:

servingthenecessitycase.

AcrossAfrica,AsiaPacific,LatinAmerica,andtheMiddleEast,Nexousersborrowagainstcryptoat53-78%oftheratetheysell,twotothreetimesthedeveloped-marketaverage.Macrostressopensthedoor.Theinfrastructurethatletsinvestorsholdwithconvictionwhilemeetingday-to-dayliquidityneedsiswhatkeepsthedooropenafterthestresseases.

TheArgentinacaseshowswhatthatlookslikeinpractice.AfterestablishingitsLatinAmericanhubinBuenosAiresinDecember2025,Nexo'suserbaseintheregiongrew34%,withthestrongesttake-upininterest-earningcryptoproducts(yieldondollar-basedvirtualassets),trading,andcrypto-backedloans(liquiditywithoutselling).Eachoftheseproductsfitsoneoftheusersneedstheregionalpatterndescribes.

TheUnitedStates:

competingwithequities

Thosewhocommitgofurthest,andthosewhohavenot,stayoutentirely.Thechartbelowshowswhatthislookslikeinpractice.Therighttailofthedistributionislongerandheavierthaninanyothermarket,withavisiblec