Strategy / Treasury

BDG Treasury
Strategy.

Phase I. Strategic digital asset accumulation.

BDG's Phase I Treasury Strategy focuses on the strategic accumulation of select digital assets for long-term capital appreciation. The results below reflect the Fund's Treasury sleeve and include eligible ETH staking rewards. They exclude the actively managed sleeve and do not represent Fund NAV or an individual investor's net return.

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Updated

BTC · ETH · ZEC
SPY
GLD
Treasury activity reconciled through
NAV reconciled

Unaudited estimates. Market prices refresh on their own schedules, and SPY and GLD are delayed quotes from the latest trading session. Treasury activity is reconciled from Fund records about monthly. All times Arizona (MST).

Showing the last validated results. One or more market sources did not refresh on schedule, so these figures are older than usual.

Phase I results

The same capital, measured four ways.

Treasury Appreciation is shown beside three hypothetical cash-flow-matched benchmarks. Each benchmark asks what the same Treasury acquisition capital would have done if it had been deployed into that benchmark on the corresponding dates.

Treasury Appreciation

Since Treasury inception on January 9, 2026

Cumulative economic result of the Phase I Treasury sleeve. Not Fund NAV, not a time-weighted return, and not an individual investor's return.

Since inceptionTreasury vs cash-flow-matched benchmarks
Strategy or benchmark Result since inception BDG difference
BDG Phase I TreasuryTreasury Appreciation, including net ETH staking rewards Reference
BitcoinCash-flow-matched benchmark
SPYCash-flow-matched total-return proxy
GLDCash-flow-matched gold ETF proxy

BDG difference is Treasury Appreciation minus the benchmark result, in percentage points (pp). Benchmarks are hypothetical and do not represent actual Fund investments.

Asset detail

Where Treasury Appreciation came from

Each asset's share of capital deployed, its share of Treasury value today, its own economic return, and how many percentage points it contributed to Treasury Appreciation.

By assetTreasury assets
Asset Capital allocation
weight		 Current Treasury
weight		 Asset economic
return		 Contribution to
Treasury Appreciation
BitcoinBTC
EthereumETHIncludes net staking rewards

ETH staking detailComponents of the ETH contribution above, not additions to it.

Reward value at receipt
Appreciation on earned ETH
Total staking contribution
ZcashZEC
Phase I Treasury Treasury Appreciation

Current Treasury weight differs from capital allocation weight because of market movement, staking rewards, and additional acquisitions made over time. A change in weight should not be read as price appreciation alone.

Strategy framework

Acquire Earn Outperform

Three ideas shape how the Treasury is built and how its results should be read.

01

Acquire

Capital is strategically deployed into selected digital assets held for long-term appreciation. Direct purchases count at acquisition cost including transaction fees. In-kind contributions count at the fair market value recognized by the Fund's administrator.

02

Earn

Productive assets such as ETH can generate additional units without additional acquisition capital. Net staking rewards add to Treasury holdings and never to capital deployed.

03

Outperform

The combined result is measured against cash-flow-matched alternatives in Bitcoin, SPY and GLD. Outperformance is the objective, not a promised outcome, and the data determines whether it was achieved.

Outperformance is the objective. Whether it was achieved is measured, not assumed.

Methodology

How these results are built

Important: Results shown are unaudited estimates for BDG's Phase I Treasury Strategy and are provided for informational purposes only. Treasury results reflect BTC, ETH, ZEC and eligible net ETH staking rewards within the Treasury sleeve. They exclude the actively managed sleeve and do not represent Fund NAV, an investor's capital-account return, or investor-level waterfall results. Direct purchases are measured using actual acquisition cost including direct transaction fees; in-kind contributions use fair market values recognized by NAV Consulting under the Fund's valuation methodology. Benchmarks are hypothetical, cash-flow-matched comparisons and do not represent actual Fund investments. Market data may be delayed and is sourced from third-party providers. Past performance is not indicative of future results.

Treasury Appreciation

Treasury Appreciation compares the current market value of Treasury holdings with the total capital deployed to acquire them. It is a cumulative figure since Treasury inception on January 9, 2026.

It is not annualized, and it is not a time-weighted return or an IRR. Asset economic return applies the same measure to BTC, ETH and ZEC individually.

Cash-flow-matched benchmarks

For every Treasury acquisition, the same dollar amount is hypothetically deployed into each benchmark. Direct purchases enter the benchmarks at the time of the trade. For SPY and GLD, that is the first market close at or after the trade, so a purchase made while the stock market is closed waits for the next trading session.

In-kind contributions enter at the Fund administrator's valuation point for the contributed assets. For SPY and GLD, that is the most recent market close before that valuation point. Staking rewards are earned value and are not treated as new benchmark capital.

SPY is a total-return proxy: dividends are treated as reinvested in SPY on each ex-dividend date. It is not the official S&P 500 Total Return Index. GLD is a gold ETF proxy. It is not spot gold.

ETH staking

Net staking rewards earned after inception increase Treasury holdings and add nothing to capital deployed. Reward value at receipt values each reward at the first available ETH/USD exchange trade at or after it was credited. Appreciation on earned ETH is the change in value of that ETH since.

All three staking figures are percentage-point components of the ETH contribution. They are not added on top of it, and they are not a staking yield or APY.

Weights and contribution

Capital allocation weight is each asset's share of cumulative Treasury capital deployed. Current Treasury weight is its share of Treasury market value today.

Contribution is each asset's gain divided by total Treasury capital deployed. The three contributions sum to Treasury Appreciation, subject to rounding.

Data sources and timing

Digital asset prices refresh about every 15 minutes. SPY and GLD quotes are delayed and reflect the latest available trading session, so on evenings, weekends and market holidays their timestamps will be older than the digital asset timestamp.

Treasury activity, including new acquisitions and staking rewards, is reconciled from Fund records about once a month, so the reconciled-through date can be older than market price times. NAV reconciliation uses the latest month-end snapshot.

If a source cannot be validated, this page shows the last validated result marked as stale, or no result at all. A figure that cannot be validated on its own is shown as not available. Times are shown in Arizona time (MST).

What these results are not
  • Fund NAV or fund-level performance
  • An investor's capital-account return
  • A time-weighted return or an IRR
  • Investor-level waterfall results, including the performance allocation
  • Results of the actively managed sleeve
  • Audited performance
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