| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -0.4% | 11.3% |
| 2025 |
|---|
| 11.3% |
Sigil Stable delivered -0.37% net yield in Q4 2025 but finished the full year with +11.29% net returns in USD. The quarter was dominated by the October 10 liquidation event, which generated $19 billion in liquidations across crypto markets. The fund successfully navigated this unprecedented event without losses through disciplined risk management and minimal centralized exchange exposure. Digital asset treasury companies experienced significant mNAV compression, with the fund's hedged Forward Industries position contributing to Q4 underperformance. The team demonstrated strong due diligence by avoiding problematic protocols like Stream Finance, which suffered a $93 million loss and triggered contagion across similar products. Private allocations to USDai and OnRe Finance provide exposure to real underwriting economics rather than synthetic DeFi theater. The fund maintains bullish positioning on quality protocols while continuing to expand automated trading capabilities for improved risk control and opportunity capture.
Navigate crypto market volatility through disciplined risk management and selective exposure to high-quality protocols while avoiding synthetic yield products.
The fund remains bullish on both public and private allocations, including several positions where value is expected to be realized as one-time step functions. The team is continuing to expand automated trading capabilities to improve speed and risk control while increasing opportunities for investors.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 10 2026 | 2025 Q4 | FWDI | crypto, DeFi, Digital assets, Liquidations, risk management, Stablecoins | - | The fund operates in the crypto ecosystem, focusing on digital assets, DeFi protocols, and blockchain-based financial products. The market experienced significant volatility with the October 10 liquidation event causing $19 billion in liquidations. The fund navigated this environment while maintaining exposure to various crypto protocols and digital asset treasury companies. Digital asset treasury companies experienced significant mNAV compression, with flagship companies like Bitmine declining 36% and Forward Industries declining 56%. The fund maintains hedged exposure to these vehicles while expecting partial recovery as management teams develop real operating businesses beyond staking yield. The fund demonstrated disciplined risk management by avoiding exposure to problematic protocols like Stream Finance and Elixir Finance that failed due diligence. The team emphasizes transparency assessment and proper underwriting when evaluating DeFi protocols, distinguishing between real yield and synthetic theater. |
| Nov 3 2025 | 2025 Q3 | - | Airdrops, DeFi, Market Neutral, OTC Deals, Stablecoins | - | The letter focuses on market-neutral yield generation through OTC discounted token deals, liquidity provision, and structured DeFi strategies. The strategy combines long discounted spot exposure with short hedges to lock in spreads while selectively accepting limited directional exposure for asymmetric opportunities such as Plasma and Berachain-related incentives. Strong asset growth and high Sharpe ratios underscore demand for uncorrelated returns in volatile crypto markets, while strict due diligence mitigates fraud and funding-rate risks. |
| Jul 13 2025 | 2025 Q2 | - | arbitrage, Funding Rates, Liquidity Provision, Market Neutral, Stablecoins | - | The letter outlines a disciplined market-neutral framework targeting steady yield through arbitrage, funding-rate capture, and liquidity provision strategies. Capital preservation and hedged positioning dominate portfolio construction, with selective flexibility to exploit high-probability dislocations. The strategy aims to deliver stable CAGR with minimal correlation to broader crypto price swings. |
| May 14 2025 | 2025 Q1 | - | Basis Trades, DeFi Lending, Market Neutral, Sharpe Ratio, Stablecoins | - | Sigil Stable is positioned around systematic Yield extraction within digital assets, emphasizing market-neutral strategies over directional beta. By deploying capital across basis trades, stablecoin lending, private liquidity agreements, and hedged DeFi exposures, the strategy seeks equity-like returns with materially lower volatility. The focus reflects rising investor demand for uncorrelated income streams within crypto, particularly as volatility regimes shift. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Capital MarketsExchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. |
Exchanges Nasdaq CBOE Trading Fees Market Data |
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 |
Yield |
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| 2025 Q2 |
Yield |
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| 2025 Q1 |
Yield |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| 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 | |||
