Strategy

Multi-layer approach to
digital asset management.

BDG combines direct Bitcoin exposure with public market opportunities, options-based volatility management, and active risk controls — engineered for long-term capital appreciation.

How We Invest

Two layers. One cohesive strategy.

BDG is built around two complementary layers — each serving a distinct purpose, together forming an institutional-grade approach to Bitcoin-native capital management.

01

Treasury

The Treasury layer is designed to provide exposure to digitally scarce and high-utility assets. The portfolio is anchored by Bitcoin as a foundation of finite scarcity and complemented by Ethereum as programmable financial infrastructure, with selective allocations to high-conviction digital assets where we identify durable utility, network effects, asymmetric long-term opportunity, and emerging sources of monetary premium. The investment team continuously evaluates evolving protocols and market developments to identify opportunities that may strengthen the portfolio over time.

Bitcoin Core Ethereum Finite Scarcity High-Conviction Allocations
02

Adaptive Capital

The Adaptive Capital layer is designed to adjust across changing market regimes and create complementary sources of return beyond core treasury holdings. During favorable market conditions, the strategy seeks asymmetric opportunities and alpha generation through selective positioning and volatility-driven opportunities. In range-bound or lower-growth environments, the portfolio may emphasize income-producing assets and yield-oriented strategies. During periods of heightened uncertainty or market stress, the strategy can utilize hedging techniques and defensive positioning designed to preserve capital and reduce unmanaged downside risk.

Alpha Generation Options Income Defensive Positioning Regime-Aware
Track Record

Strategy in practice

The following reflects unaudited, dollar-weighted returns of Track Record Accounts managed by the Founding General Partner prior to BDG's launch.

Total Return
+327.9%
Jan 2021 — Dec 2025
CAGR
34.4%
Annualized compound return
vs Bitcoin
+13.4%
Excess CAGR over BTC (21.05%)
Max Drawdown
-26.98%
Peak-to-trough, full period

Important: Past performance is not indicative of future results. Track record reflects unaudited, dollar-weighted returns of accounts managed by the Founding General Partner prior to fund launch. These results do not represent the returns of Bitcoin Denominator Group, LP. Individual investor results may differ materially. Returns are presented net of trading expenses and reflect reinvestment assumptions where applicable. This information is for qualified investors only and does not constitute an offer to sell or solicitation to buy securities.

Performance Detail

Track Record vs Benchmarks

All performance series indexed to 100 at inception (January 2021) through December 2025 to facilitate relative comparison. Unaudited dollar-weighted returns of Track Record Accounts managed by the Founding General Partner.

Indexed Performance (Base = 100)
Track Record Accounts vs Benchmarks — Jan 2021 to Dec 2025
Portfolio
BTC
SPY
GLD
Track Record Accounts vs Benchmarks — indexed to 100, January 2021 through December 2025
Calendar Year
Realized Returns
Year Portfolio BTC SPY GLD
2021 +126% +38% +28% -1%
2022 -7% -65% -19% -1%
2023 +49% +154% +24% +13%
2024 +39% +119% +23% +27%
2025 -1% -6% +16% +64%
5-Yr Total +328% +154% +87% +102%

* Annual returns reflect December-to-December performance, except 2021 which reflects January inception through December 2021.

By Year
Drivers of Performance
2021
+126%
Active Trading
High-conviction directional positioning captured the 2021 bull market while managing exposure through volatility.
2022
-7%
Income & Hedging
Options-based income strategies and hedges limited losses to -7% while Bitcoin fell -65% — preserving capital through the cycle low.
2023–24
+49%
+39%
Core Treasury & Liquidity Management
Bitcoin treasury positioning and disciplined liquidity management drove consistent appreciation across both recovery and expansion years.
2025
-1%
Selective Digital Asset Exposure
Selective exposure to Zcash and broader digital assets resulted in a modest -1% return year, broadly flat against a mixed macro environment.

Important: Past performance is not indicative of future results. Track record reflects unaudited, dollar-weighted returns of accounts managed by the Founding General Partner prior to fund launch. These results do not represent the returns of Bitcoin Denominator Group, LP. Individual investor results may differ materially. BTC, SPY, and GLD benchmark returns are approximate and sourced from publicly available data. Returns are presented net of trading expenses and reflect reinvestment assumptions where applicable. This information is for qualified investors only and does not constitute an offer to sell or solicitation to buy securities.

Infrastructure

Service Providers

We've intentionally built the fund on institutional-grade service providers across execution, administration, and audit so investors aren't taking operational risk to access this strategy.

Surety Bank
Kraken
Interactive Brokers
Cherry Bekaert
NAV Consulting
Effective Compliance LLC
Fund Structure

Fund Snapshot

Private Investment Partnership  |  Reg D Rule 506(c) Offering  |  Section 3(c)(1) Private Fund Structure

Fund Overview
Structure
Private Investment Partnership
Offering
Rule 506(c) | Verified Accredited Investors Only
Focus
Bitcoin-led digital asset and public market strategy
Portfolio Style
Mostly long, occasionally market-neutral and defensive
Core Assets
Bitcoin, digital assets, equities, options
Reporting
Monthly reporting and investor updates
Liquidity
Monthly subscription and redemption windows, subject to governing documents
Administration
Third-party fund administration and investor onboarding through NAV Consulting
Alignment
High-water mark structure and GP co-investment

Additional information regarding fees, liquidity terms, risks, and investment guidelines is available through offering documents and the secure investor onboarding process.

Get Started

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more?

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