Hedged Bitcoin Exposure.
Premium Collected Daily.
We hold Bitcoin, hedge half of it with short futures, and sell call options against the position. The premium arrives every day, in rising markets, falling markets and flat ones. And when Bitcoin falls, the hedge pays out, we buy coins back at a discount, and we carry more of them into the recovery. Quarterly liquidity, no lock-ups.
Hold Bitcoin. Hedge half. A drawdown pays three times.
Half the position is hedged with short futures. When the price falls, the hedge pays out, we buy coins back at a discount, and we carry more coins into the recovery than we had before the dip — the boomerang.
Sell calls against it. Paid every day.
The buyer pays the premium up front. Every day that passes we keep a little more of it — up, down or sideways. Collected premium does not go back, so the line only climbs.
Let the calendar work. Seven years of it.
$1,000,000 placed with the fund in July 2019, against the same million in Bitcoin, the S&P 500 and US Treasuries, through Q2 2026 — gross and after fees.
Two funds. One strategy. Seven years.
Our first fund, CMFDH I, operated from 1 July 2019 to 30 September 2022 and was independently audited for that entire period. Its successor, CMFDH II, commenced operations on 1 January 2023 and has been independently audited for the years 2023 to 2025. No fund was in operation between 1 October 2022 and 31 December 2022. The two funds are separate vehicles; periods after 31 December 2025 are unaudited.
A seven-year history across two funds, independently audited throughout their operation (periods after 31 December 2025 are unaudited).
Basis: audited quarterly results of CMFDH II; see the audited financial statements. 2026 to date is unaudited and is reported separately on the same basis.
↑ Go to topSell your coffee in America.
Without setting up in America.
You keep ownership until it sells. We carry the paperwork, the warehouse and the selling — no capital up front, and nothing owed if it does not sell.
Q2 2026 Report — CMFDH II
Q2 2026 (unaudited): −7.95% in US Dollars. Supplementary information — Bitcoin-denominated, unaudited: 15.43 BTC → 16.65 BTC (+7.91%).
Nicholas Levenstein walks through the quarter.
Yield Infrastructure & AI Integration: Every day we work on ways to use AI to improve the yields (in dollars and Bitcoin) of CMFDH II while expanding to other opportunities in crypto derivatives.
2026 Outlook: Our roadmap emphasizes AI, while exploring prediction markets and other crypto derivatives in case prior opportunities are no longer available.
Trading a share of the upside to help manage the drawdowns.
By design, the one-half short-future hedge gives up a share of the upside in strong bull runs — in exchange for seeking to reduce the impact of Bitcoin's drawdowns. The strategy is intended for risk-managed accumulation, not full upside capture.
Supplementary information — Bitcoin-denominated, unaudited: 1.00 BTC held since 2019 across our two funds has grown to 2.35 BTC (+135%). The figures span two separate vehicles; no fund was in operation between 1 October 2022 and 31 December 2022, and periods after 31 December 2025 are unaudited. US Dollar results are stated above.
CMFDH performance denominated in Bitcoin, quarterly. Benchmark = 1.0 BTC. Supplementary information — Bitcoin-denominated, unaudited.
The Problem with the S&P 500
Over the same timeframe, a passive S&P 500 allocation lost −64.1% of its purchasing power in BTC terms (1.00 BTC → 0.36 BTC). Supplementary information — Bitcoin-denominated, unaudited.
We print the fund’s balance every day.
Most funds show investors a number once a quarter. We publish the fund’s balance daily — in Bitcoin and in US Dollars, dated, going back through the record. You can watch it move on the days it moves against us as easily as on the days it does not.
↑ Go to topBuilt on a principle of liquidity.
No Lock-Ups
Redemptions are available each quarter with two weeks' notice, subject to the fund's terms.
24/7 Mark to Market
The book is marked to market around the clock, and it is 100% liquid — there is nothing in it that cannot be priced or sold on any day.
Quarterly Results
Results are reported every quarter, and the audited financial statements are available to investors on request.
2026 appearances.
Nicholas takes meetings around each of these. If you would like time, request a briefing.
Singapore
Digital Asset Yield Summit · Token2049 week
Nicholas is attending the summit and is in Singapore for the week.
Hong Kong
World Family Office Forum, Asia · The Ritz-Carlton · ICC, West Kowloon
Nicholas is attending the forum on 15 and 16 October and is taking meetings at the Ritz-Carlton on Wednesday 14 October, the day before it opens.
Riyadh
Ahead of FII · venue to be confirmed
Details follow once the venue is fixed.
A clear, three-step process.
Request a Manager Briefing
A confidential session directly with Nicholas — not an intermediary.
Review & Onboard
Receive the PPM, subscription docs, and KYC/AML guidance.
Fund & Receive Shares
Your capital begins working once funded.
Select your region to find the most suitable time slot:
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What We Do
Nicholas Levenstein & Co. has been managing funds for over five years. Its founder, Nicholas Levenstein, has been trading crypto derivatives for over 7 years.
- Strategy is designed to mitigate risk while generating uncorrelated yield through crypto derivatives.
- Half the Bitcoin position is hedged with short futures, with a covered-call overlay collecting premium daily.
Fees: a management fee of 2% per annum and a success fee of 20% of gains. Through 31 December 2024 the success fee was charged at 20% of the gain of each profitable quarter, with no high-water mark and no carry-forward of losses. With effect from 1 January 2025 the success fee is subject to a high-water mark settled at year-end. Fees are settled in units of the Fund.
Regulatory & Legal: The Fund Manager is an entity organized under the laws of Georgia and operates according to Georgian Securities Law. The Fund is not regulated by the National Bank of Georgia (NBG). Agreements fall under Georgian jurisdiction.
↑ Go to topRequest a private briefing.
For accredited investors and family offices seeking risk-managed, hedged Bitcoin exposure. Meet Nick in Singapore, Hong Kong and Riyadh this October.
Book a 30-Minute Call