Every market has a price level that feels expensive until history rewrites the reference point.
I began studying Bitcoin in 2017 after watching it rise from roughly $1,000 to nearly $20,000 in a single year. Rather than chase the momentum, I spent the following year trying to understand why it existed in the first place.
The more I learned, the more I bought. By the end of 2018, I had accumulated a meaningful position, all of it below $10,000 per bitcoin. As the industry matured, so did my involvement. What began as research evolved into years of hands-on participation: using these networks, building on them, and continually refining my understanding of where long-term value was being created. The portfolio evolved alongside that experience, ultimately concentrating around Bitcoin, Ethereum, and Zcash.
In 2020, my employer was acquired by Accenture. As part of the transition, I was required to move my retirement plan into a self-directed IRA. It was one of those rare moments when circumstances force a decision. I allocated the entire account into the same three digital assets. At the time, Bitcoin traded below $10,000, Ethereum below $400, and Zcash below $40.
Those weren't consensus trades. They reflected a willingness to buy when the market couldn't yet see what I believed these networks would become.
Today, I believe we're facing a similar moment. The prices are higher, but so are the fundamentals. Institutional adoption, stablecoins, tokenization, and on-chain capital markets are expanding faster than most investors appreciate.
Markets rarely announce when they're offering value. In 2018, Bitcoin traded below $10,000 and as low as $3,000. Today, following another meaningful correction, we believe the market is once again presenting investors with an opportunity to accumulate high-quality digital assets at prices well below where we believe long-term value resides.
To us, $100,000 Bitcoin will one day be remembered the way many investors now look back on Bitcoin below $10,000, because markets consistently underestimate the long-term value of transformative monetary networks.
Bitcoin Denominator Group launched in January 2026, anchored by the same three positions I have held in my self-directed IRA: Bitcoin, Ethereum, and Zcash. The philosophy that shaped that IRA allocation is the same philosophy that governs the fund today.
During June, we materially increased our exposure to the portfolio. The same disciplined allocation framework I have applied since 2018.
Our investment thesis remains intentionally concentrated. We don't invest broadly across "crypto." We concentrate capital into a small number of decentralized-ledger protocols we believe possess durable monetary or technological advantages.
Owning hundreds of tokens is diversification. Owning the right protocols is conviction, and we believe markets are presenting exactly the kind of long-term entry point that has defined our best allocation decisions. Our objective remains simple: compound long-term purchasing power by owning scarce digital assets and actively managing capital through market cycles.
We don't benchmark ourselves against the S&P 500. Our objective has always been to outperform Bitcoin through disciplined active management across market cycles.
The above reflects unaudited, dollar-weighted returns of Track Record Accounts managed by the Founding General Partner prior to BDG's launch. Annual returns reflect December-to-December performance, except 2021 which reflects January inception through December 2021.
"The strategy has evolved. The philosophy hasn't. Study deeply. Build conviction. Concentrate capital when opportunity is greatest. Allocate patiently. Think in years, not headlines."
We're only sending the complete H1 Investor Letter to people who specifically request it. If you'd like a copy, email us and reference "H1" and we'll send it personally.
We believe the next decade in digital assets will be defined less by speculation and more by infrastructure. That's where we're focused, and we'll be sharing much more in the coming weeks. If you want a first look behind the curtain, we put together a short video of the early build behind Project Titan, our tokenization platform.