| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -22.3% | -12.9% |
| 2025 | 2024 |
|---|---|
| -12.9% | 63.9% |
Sigil Core delivered -22.28% net returns in Q4 2025 but outperformed BTC benchmark by 1.2%. The fund significantly de-risked 40% of the portfolio due to unfavorable risk-reward environment and structural headwinds including supply overhang and incentive misalignment. Despite regulatory tailwinds from the Trump administration, crypto struggled with macroeconomic uncertainty and geopolitical tensions. The fund eliminated BTC and ETH exposure for the first time, maintaining defensive positioning while ready to redeploy capital. Key themes include the convergence of DeFi and TradFi as financial markets move on-chain, representing Fintech 2.0. The industry is experiencing necessary consolidation similar to post-dot-com era, with market leaders expected to cement dominance. Forward Industries (FWDI) remains a core holding trading at discount to SOL treasury. The fund expects to enter the Slope of Enlightenment phase with sustainable growth as crypto matures into productive technology and asset class.
Crypto is transitioning from experimental phase to mature asset class requiring tangible utility, with current market correction representing necessary cleanup before sustainable growth phase.
The fund expects to enter the Slope of Enlightenment phase with sustainable growth as crypto becomes a mature, productive technology. Market consolidation will favor leaders with established moats, similar to post-dot-com era where few big winners provided outsized returns. The industry will fragment with some segments merging with traditional capital markets while others become invisible backbone of digital economy.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 10 2026 | 2025 Q4 | FWDI | Bitcoin, Blockchain, crypto, De-risking, DeFi, Digital assets, Fintech | FWDI | The fund focuses on crypto as a transformative technology redefining value storage and transfer, representing the backbone of Fintech 2.0. Despite regulatory tailwinds, the market… |
| Nov 3 2025 | 2025 Q3 | - | Bitcoin, Decentralized Exchanges, Ethereum, Solana, Stablecoins | - | Q3 delivered strong performance driven by selective Crypto exposures including prediction markets, Ethereum rotation, and decentralized exchange infrastructure. Structural adoption trends in stablecoins, on-chain derivatives,… |
| Jul 13 2025 | 2025 Q2 | COIN, CRCL, HOOD, MSTR | Bitcoin, Circle IPO, Crypto Treasury, ETF Flows, Ethereum |
CRCL HOOD COIN MSTR |
The letter emphasizes the institutionalization and financialization of crypto through IPOs, treasury companies, ETFs, and deeper integration with traditional finance. The successful Circle IPO, the… |
| May 14 2025 | 2025 Q1 | HOOD | Bitcoin, Crypto Adoption, DeFi, ETFs, Stablecoins | HOOD | Q1 2025 underscored elevated Volatility in crypto markets as geopolitical shocks, tariff escalation, and political signaling reversed prior optimism. Despite sharp drawdowns, structural adoption trends… |
| Feb 18 2025 | 2024 Q4 | - | adoption, Bitcoin, Crypto Equities, Ethereum, volatility | - | The letter highlights continued conviction in high-beta crypto infrastructure plays amid macro volatility and geopolitical uncertainty. The fund remains largely risk-on, emphasizing asymmetric upside in… |
| Oct 22 2024 | 2024 Q3 | - | AI Agents, Bitcoin, DeFi, ETFs, institutional adoption | - | Q4 2024 marked a powerful resurgence in Crypto, driven by post-election optimism, accelerating institutional ETF inflows, and growing expectations of a more favorable US regulatory… |
| Jul 25 2024 | 2024 Q2 | - | Bitcoin, DeFi, liquidity, Prediction Markets, Venture Capital | - | Crypto markets continue to evolve as an institutionalizing asset class, with venture equity exposure and liquid token strategies driving differentiated returns versus Bitcoin benchmarks. The… |
| May 9 2024 | 2024 Q1 | - | Crypto ETFs, NFTs, Stablecoins, Token Unlocks, Web3 Gaming | - | The letter describes a typical bull-market correction in crypto, driven by government BTC sales, ETF flow volatility, and token unlock dynamics, while maintaining a structurally… |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Capital MarketsCapital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. |
Investment Banking M&A Debt Issuance Advisory Alternative Assets |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility | |
Risk AppetiteManager emphasizes disciplined risk management through cycle awareness rather than market timing. Fund maintains cash cushion during high-risk periods and deploys capital countercyclically. Approach focuses on behavioral edge by having cash available when fear creates best entry points and avoiding leverage that leads to forced selling. |
Leverage Cash Volatility Positioning Discipline | |
| 2025 Q3 |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility |
InfrastructureDigital 9 Infrastructure holds telecom infrastructure assets including Arqiva stake. Despite poor 2025 performance, potential capital returns and asset sales could unlock value. Infrastructure assets provide defensive characteristics. |
Telecom Infrastructure Digital Infrastructure | |
| 2025 Q2 |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility |
| 2025 Q1 |
Bitcoin |
|
VolatilityManager emphasizes volatility as a structural feature of markets, noting that rare events occur far more frequently than expected. April's volatility event validated their convexity approach, with systematic monetization during stress periods. December saw compressed volatility with VIX hitting year lows, creating buying opportunities despite short-term costs. |
VIX Implied Volatility Realized Volatility Convexity Options | |
| 2024 Q4 |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility |
| 2024 Q3 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility | |
| 2024 Q2 |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility |
| 2024 Q1 |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2026 | Fund Letters | Joe | FWDI | Forward Industries, Inc. | Financials | Diversified Financial Services | Bull | NASDAQ | Digital Assets, discount, Mnnav, Solana, Staking, Treasury | Login |
| Jul 13, 2025 | Fund Letters | Joe | CRCL | Circle Internet Group, Inc. | Financials | Financial Exchanges & Data | Bull | New York Stock Exchange | Adoption, Fintech, Payments, Regulation, stablecoins, Treasury | Login |
| Jul 13, 2025 | Fund Letters | Joe | HOOD | Robinhood Markets, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, Crypto, Derivatives, Execution, growth, Tokenization | Login |
| Jul 13, 2025 | Fund Letters | Joe | COIN | Coinbase Global, Inc. | Financials | Financial Exchanges & Data | Bear | NASDAQ | Competition, Correlation, Exchanges, Execution, Revenue, Volatility | Login |
| Jul 13, 2025 | Fund Letters | Joe | MSTR | Strategy (formerly MicroStrategy Incorporated) | Software | Application Software | Bull | NASDAQ | Bitcoin, Capital markets, Flywheel, leverage, premium, Treasury | Login |
| May 14, 2025 | Fund Letters | Joe | HOOD | Robinhood Markets, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, Crypto, Integration, Tokenization, Volumes | Login |
| TICKER | COMMENTARY |
|---|---|
| FWDI | Sigil Stable's less-than-ideal performance in Q4 was primarily driven by our hedged exposure to Forward Industries as the company's market cap closed the year more than 30% below its SOL reserves. The current position represents less than 1% of the portfolio and remains hedged. Forward is generating over 6% APR by staking its SOL. We expect part of the mNAV gap to close this year and reprice toward at least 0.85, which would support PnL even if SOL depreciates. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
