The Bitcoin Monthly: May 2025 Report

Raye Hadi joined ARK in April 2025 as a Research Associate, where he focuses on identifying and analyzing cryptoassets that are disrupting legacy financial systems– ranging from L1 and L2 networks to DeFi protocols, RWAs, DePIN, etc. Prior to ARK, Raye worked as a Strategy Analyst at Horizen Labs Ventures, a token advisory firm specializing in tokenomics design. He also held research roles at Sazmining, a Bitcoin mining-as-a-service provider, and The Mechanism Institute, a research group advancing onchain mechanism design. Raye began his crypto journey by co-founding his university’s blockchain club, where he served as President and Research Lead for over a year. Raye graduated with honors from the University of Virginia, earning a Bachelor’s degree in Economics with a minor in Computer Science.

As Digital Assets Trading Analyst, David focuses on Bitcoin and cryptoasset on-chain and market research.

As Associate Portfolio Manager, Dan assists Cathie in managing investment strategies in non-discretionary positions that, over time, could lead to discretionary control.