Nicholas Levenstein & Company
Consistent Yield.
Quarterly Liquidity.
A hedge fund for accredited investors and family offices seeking risk-managed returns from crypto derivatives and some other commodity, structured and corporate products.
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Q1 2026 Report: Crypto Money Fund Dollar Hedge II (CMFDH II)
Q1 Summary: Q1 2026 tested our hedging framework against high volatility. While USD value declined, our primary objective of Bitcoin accumulation was successful.
Bitcoin Holdings: ₿13.23 → ₿15.43 (+16.61%)
USD Return: Quarterly ROI -9.59% (ending value: $1,053,219.64)
Market Alpha: BTC spot fell ~22% during the period. Our hedges mitigated downside risk, outperforming the underlying asset by ~12 percentage points.
Fees (Q1 2026): As there was no positive dollar performance, no success fees were accrued; only the standard 0.5% quarterly management fee was applied.
Annualized IRR (CAGR): 52%
Yield Infrastructure & AI Integration: Every day we work on figuring out 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 – hopefully we can continue something close to our historic annualized rate of 52%, but we’re looking into opportunities on prediction markets and other cypto derivatives in case the opportunities that we have realized previously are no longer available.
Outperforming in Bitcoin
A proven track record of accumulating BTC units over the long term, avoiding the downsides of traditional markets.
Since inception in mid-2019, the Fund’s core operational objective has been to aggressively accumulate Bitcoin while mitigating extreme downside volatility.
As demonstrated in our audited quarterly returns, holding CMFDH drastically outperformed passive allocations in traditional benchmarks like the S&P 500 when measured in Bitcoin equivalent units.
+118.2% BTC Accumulation
From Q2 2019 to Q1 2026, an initial investment equivalent to 1.00 BTC in the Fund grew to 2.18 BTC, successfully more than doubling your baseline holdings and generating genuine outperformance against basic HODL strategies.
The Problem with the S&P 500
The Problem with the S&P relative to Bitcoin is that it's dollar-denominated. BTC is deflationary relative to the USD. Over the exact same timeframe, a passive S&P 500 allocation lost -73.2% of its purchasing power in BTC terms (an initial 1.00 BTC equivalent dropped to just 0.27 BTC).
Your Capital, On Your Terms
We built our fund on a principle of liquidity.
No Lock-Ups. Period.
Exit any quarter with two weeks notice. No gates, no penalties.
Tokenized for Transparency
Your investment is represented as a digital token (Q1 2026).
Quarterly Liquidity
Unlike traditional funds with multi-year lockups.
On Stage & In the Media
Nick Levenstein is a frequent speaker at global conferences on crypto derivatives.
The Magnet & The Spear – SiGMA Europe 2025
Nick explains inbound vs outbound AI sales funnels.
What Monty Hall Teaches Investors
A probability-based perspective on decision-making.
AI Meets Real Crypto Fund Management
How AI supports systematic derivatives strategies.
How to Invest
Our process is designed for clarity and transparency.
Review & Onboard
Get the PPM, subscription documents, and KYC/AML guidance.
Fund & Receive Shares
Your capital begins working once funded.
Book An Appointment
Book A 30 Minute Briefing
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Nick Levenstein (Fund Manager)
Best for Asia & Pacific Timezones
Paul Aidoo (Accounting Advisor)
Best for Americas & Europe Timezones
Testimonials
What Our Clients Say
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.
- Long-term performance (normalized): 52% annualized IRR (CAGR).
- Strategy is designed to mitigate risk while generating uncorrelated yield through crypto derivatives.
Fee Structure
The Fund charges a Management Fee of 0.5% per quarter of the accumulated funds, payable quarterly regardless of performance results.
The Success Fee is 20% of the profit generated by the Fund in each quarter (if applicable).
Regulatory and Legal Information
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.