The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Crypto Native Capital runs a bitcoin-only, cycle-aware strategy that de-risked 25% of the portfolio into cash in October 2025 near the cycle peak. The fund is down 33.4% since the de-risk versus bitcoin down 46.5%, with cash now representing 44% of the portfolio. This positioning has allowed the fund to buy 24.7% more bitcoin today than in October. Beginning September 1, 2026, the fund will dollar-cost average its cash back into bitcoin through year-end, targeting the historical bottoming window 11-14 months past the cycle peak. Historical buy windows in prior cycles produced returns exceeding 140% within one year. The digital asset treasury trade is unwinding, with Strategy (fka MicroStrategy) now selling bitcoin to fund $1.76 billion in annual preferred dividends, removing a major source of demand and creating forced selling. The manager views this as the environment for which cash was raised and will deploy significant additional personal capital alongside the fund. The strategy accepts bitcoin's volatility and cyclical nature rather than rationalizing it away.
Bitcoin operates on predictable four-year cycles driven by the halving, human nature, and leverage dynamics, and the optimal strategy is to de-risk when cycles are mature and redeploy during the historical bottoming window 12-13 months after peaks.
The fund expects continued volatility and drawdowns in the months ahead but views the September through year-end 2026 window as the appropriate time to deploy cash based on historical cycle patterns. The manager is not attempting to identify the exact bottom but rather to buy with discipline through the window when prior bear markets have bottomed. The tone is cautiously optimistic about forward returns from current levels, with the fund positioned to shift from defense to offense.
As of Jul 30, 2026
Drew Tunney serves as Managing Partner of Crypto Native Capital, bringing educational credentials from Dartmouth College and extensive experience in cryptocurrency investment management. As a thought leader in the cryptocurrency space, Tunney has authored content addressing the valuation challenges inherent in crypto asset analysis, demonstrating deep understanding of market dynamics and analytical frameworks. Bryan Andrew Tunney also serves as an officer of the firm, contributing to the management structure and operational oversight. The management team maintains active engagement with the broader cryptocurrency and investment management communities, evidenced by Drew's professional network and industry participation. Since establishing the fund in Q2 2022, the management team has delivered strong performance results, achieving a 72.1% annualized return since inception despite the volatile nature of cryptocurrency markets. The team demonstrates sophisticated understanding of regulatory requirements, successfully navigating the ERA registration process and maintaining compliance with SEC regulations. Their commitment to investor transparency is evidenced through comprehensive quarterly LP letters dating back to the fund's inception. The management approach combines traditional hedge fund operational excellence with specialized expertise in cryptocurrency markets and digital asset investment strategies. The team's communication style reflects both analytical rigor and practical market experience, providing investors with detailed insights into market positioning and strategic thinking. Drew Tunney's background includes experience with crypto valuation methodologies and market analysis, contributing to the fund's analytical framework and investment decision-making processes.
Crypto Native Capital employs a Bitcoin-centric investment strategy focused on a single key metric: bitcoin per share. The fund utilizes leveraged Bitcoin strategies to amplify exposure to the leading cryptocurrency while maintaining disciplined risk management across market cycles. Their approach emphasizes tactical positioning based on market conditions, as evidenced by quarterly strategic shifts from defensive positioning to growth-oriented strategies depending on market dynamics. The firm maintains a long-term perspective on cryptocurrency adoption while adapting to short-term market volatility through sophisticated leverage mechanisms. Their investment philosophy centers on the belief that Bitcoin represents the primary value store in the cryptocurrency ecosystem, with other digital assets serving complementary roles in portfolio construction. The fund's strategic communication through regular LP letters demonstrates commitment to transparency and investor education about cryptocurrency market dynamics. Their approach combines traditional hedge fund risk management techniques with deep understanding of cryptocurrency-specific market mechanics and regulatory developments. The firm positions itself as a specialist manager capable of navigating the complex and rapidly evolving cryptocurrency investment landscape. Strategic timing and market cycle awareness play crucial roles in their investment decision-making process. The fund's focus on Bitcoin accumulation through leveraged strategies reflects conviction in the long-term value proposition of the leading cryptocurrency.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
The fund demonstrates high conviction through concentrated bitcoin-only positioning, explicit rejection of altcoins, and a clearly articulated cycle-timing framework that has been consistently applied. The manager provides specific deployment plans with dates (September 1 start, through year-end), commits significant additional personal capital, and references three prior cycles as evidence for the approach. The 44% cash position represents a decisive bet on cycle timing rather than hedging or uncertainty. The letter is declarative about the framework and positioning, with minimal hedging language. The score reflects strong conviction in both the bitcoin-only strategy and the cycle-timing approach, though it stops short of extreme conviction (0.90+) given the dollar-cost averaging approach rather than immediate full deployment.
Growth Outlook
Manager explicitly bearish on crypto markets, expecting continued bear market with additional 50% downside potential. States 'we are in the middle of a typical bear market' and warns 'the second half of bear markets causes most of the pain.' Clear expectation for further deterioration.
Risk Appetite
Extremely defensive positioning with 40% cash allocation, up from 25%. Manager explicitly states preference for capital preservation over deployment, holding T-bills rather than risk assets. Positioning reflects maximum defensiveness within crypto strategy constraints.
Capital Deployment
As of the letter date, the fund holds 44% cash and has not yet begun deploying, representing a significant de-risked position maintained through the quarter. While the manager announces plans to begin buying September 1st, the actual capital deployment status as of Q2 2026 end reflects nine months of holding elevated cash levels. The score reflects the current state of capital being held back rather than the forward guidance, as deployment has not yet commenced. The negative score captures the defensive positioning maintained through the reporting period.
Forward Guidance
Manager explicitly waiting for specific conditions before deploying capital. States 'we remain patient' and 'our job right now is to protect capital and wait for better odds.' Clear bias toward continued defensive positioning until technical signals emerge.
Language Signal
The letter balances opportunity language (better setup, attractive entry, historical bottoming window, meat of the move, shift to offense) with risk language (volatile, painful, bear market, forced selling, slow bleed, drawdown). Phrases like 'opportunities like this have historically appeared only once each cycle' and 'we welcome the opportunity that volatility creates' lean positive, but are counterbalanced by repeated acknowledgment that 'bear markets are never fun' and expectations of continued pain. The net balance tilts modestly positive but remains measured.
Perceived Risk
Manager perceives high systemic risk in crypto markets, warning of potential additional 50% drawdown and comparing current conditions to historical bear market patterns. Detailed discussion of risks from digital asset treasury companies and broader market excess. High risk perception drives defensive positioning.
Opportunity Density
The manager views the current environment as offering compelling opportunities, stating bitcoin at $60,000s offers a far better setup than last fall and that opportunities like this appear only once per cycle. Historical data showing 141-165% returns within one year from comparable buy windows reinforces the view of an attractive opportunity set. The manager describes this as the environment for which cash was raised and commits additional personal capital. While the opportunity set is concentrated in bitcoin rather than broad, the conviction that this represents a significant opportunity within the manager's investment universe supports a high score.
Time Horizon
The fund operates with a multi-year cycle framework based on bitcoin's four-year halving cycle, with explicit references to 12-13 month bear market durations and historical data spanning 2015, 2018-2019, and 2022-2023 cycles. The manager discusses one-year and two-year forward returns from buy windows, indicating a 1-3 year investment horizon for the current deployment. The dollar-cost averaging approach through year-end 2026 suggests patience over quarters rather than weeks. However, the strategy is catalyst-driven around the halving cycle and bottoming windows rather than indefinite hold periods, placing it in the medium-term range rather than the permanent capital category.
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