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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Significantly outperforming BTC thanks to wins in the Circle IPO and Hyperliquid. The fund remains highly risk-on and focused on structural crypto-native catalysts heading into Q3."
Sigil Core delivered an exceptional Q2 2025 performance, returning 55.3% net of fees in USD and beating the BTC benchmark by 19.61%. Key drivers included the highly successful Circle IPO (CRCL) and Hyperliquid's (HYPE) outstanding 300% growth. The fund actively managed risk by fully exiting Coinbase (COIN) and taking profits on Robinhood (HOOD). Meanwhile, the market-neutral Sigil Stable fund grew its assets by nearly 50% to $32.8M, delivering 3.01% for the quarter (18.14% YTD CAGR) by utilizing selective yield-farming strategies and avoiding high-profile OTC scams. Looking forward, the fund remains heavily allocated (90%+ risk-on in Core) ahead of an active Q3 pipeline of high-profile token launches.
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