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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Crypto Native Capital de-risked 25% to cash in October 2025 at cycle peak and will begin deploying through year-end 2026, targeting bitcoin's historical 12-13 month bottoming window. The fund can buy 24.7% more bitcoin today than at the de-risk."
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.
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