Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Sigil Core Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Sigil Core outperformed Bitcoin by 33% in Q2 2026 on concentrated bets in perpetual DEXes Hyperliquid and Lighter, while broader crypto faced DeFi exploits and MicroStrategy selling pressure. Infrastructure has matured to institutional-grade with favorable regulatory shifts positioning crypto for the next $1T from institutions rather than retail."
Sigil Core returned 14.05% net of fees in Q2 2026, outperforming Bitcoin by 32.92%, driven primarily by large positions in perpetual exchanges Hyperliquid and Lighter. The broader crypto market faced headwinds from DeFi exploits totaling over $500M, including KelpDAO and Drift Protocol hacks, and MicroStrategy's financial stress as it sold Bitcoin to service dividend obligations. Despite challenges, the fund maintains conviction that crypto represents the next evolutionary step of fintech, with infrastructure finally ready for institutional adoption and regulatory landscape improving under current administration. Key positions include perpetual DEXes as a secular perp-ification of finance trend, and Zcash as a privacy play with post-quantum roadmap. The fund is proceeding cautiously in DeFi given elevated exploit risks but sees evolutionary pressure strengthening surviving protocols. Looking forward, the next major adoption wave will likely come from institutions and tech companies rather than retail, driven by matured infrastructure including Solana upgrades, Circle's Arc launch, and Robinhood Chain, alongside expanding pre-IPO perpetual markets that are bringing private market price discovery on-chain.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
