Bifu RWA Musk Unicorn Opportunities Fund Interim Operation Report

This Bifu RWA interim operation report reviews the Musk Unicorn Opportunities Fund and its performance since launch. The report focuses on the fund?s strategic subscription to the Xmax Inc. (NASDAQ: XMAX) third private placement, the valuation re-rating of scarce underlying exposure, and Bifu?s continuing RWA allocation roadmap.

As of June 9, 2026, the fund recorded strong book performance based on a 30-day moving average valuation framework. The figures below are presented for reporting and review purposes and should not be read as a promise of future results.

Core Fund Performance Metrics

The entry benchmark includes the 15% institutional private-placement discount obtained through Bifu?s exclusive access channel.

Operation Review and Return Drivers

Valuation premium from scarce asset exposure

XMAX is positioned as one of the few listed-market platforms that can provide indirect exposure to high-profile private technology assets connected to the broader Musk ecosystem, including SpaceX and xAI. During the reporting period, global capital continued to focus on artificial intelligence and commercial space infrastructure, supporting higher attention and valuation levels for related assets.

Early positioning before broader market recognition

The Bifu RWA team identified a stage-specific mismatch between market recognition and asset value in late 2025. Before market sentiment became fully reflected, the team completed project screening, capital raising, and position-building arrangements. The interim result reflects execution efficiency in accessing and structuring pre-IPO and private-placement opportunities.

Why Asset Access Matters in RWA Allocation

In traditional finance, equity exposure to high-valuation private companies such as SpaceX is usually reserved for a limited group of large institutions or long-duration capital providers. Retail investors generally face high thresholds, limited channels, and opaque access conditions.

The Musk Unicorn Opportunities Fund gives investors a structured path to participate in a selected global frontier technology allocation. More importantly, it demonstrates Bifu?s ability to screen, access, and connect scarce assets across global markets through a professional RWA framework.

RWA Ecosystem and Partnership Outlook

This project is an important practice case for Bifu?s RWA and global alternative-asset allocation strategy. Going forward, Bifu will continue to strengthen global asset screening, risk control, compliance collaboration, and allocation capabilities.

Bifu also acknowledges the support of Duxton Asset Management in this project. As a professional asset manager regulated by Singapore MAS and Australia ASIC, Duxton contributed to project structuring, compliance arrangements, and institutional channel development.

What Comes Next for Bifu RWA

From Silicon Valley hard-tech unicorns to global yield-oriented RWA assets, Bifu will continue exploring asset opportunities with long-term value. The goal is to offer investors a more diversified path to global quality assets while maintaining a disciplined approach to structure, risk, and compliance.

Bifu thanks every investor who participated in and trusted the Musk Unicorn Opportunities Fund. We look forward to continuing to identify global frontier asset opportunities with our users and partners.