Hedged Bitcoin Exposure.
Quarterly Liquidity.
A risk-managed Bitcoin strategy for accredited investors and family offices — using a one-half short-future hedge and a covered-call overlay that seek to cushion the impact of Bitcoin's drawdowns. Quarterly liquidity, no lock-ups.
One continuous strategy since 2019 — through CMFDH I & II.
A continuous, independently audited track record since July 1, 2019 — including the difficult recent quarters, addressed with complete candor.
Q1 2026 Report — CMFDH II
Q1 2026 tested our hedging framework against severe volatility. While USD value declined −9.59%, our primary objective — Bitcoin accumulation — was met, with holdings up +16.61% as spot BTC fell roughly 22%.
Growth of $1,000,000 across US Treasuries, S&P 500, Bitcoin, and CMFDH Funds I & II.
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 — we aim to continue close to our historic annualized rate of 52%, 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.
CMFDH performance denominated in Bitcoin, quarterly. Benchmark = 1.0 BTC.
+118.2% BTC Accumulation
From Q2 2019 to Q1 2026, 1.00 BTC in the Fund grew to 2.18 BTC — more than doubling baseline holdings vs basic HODL strategies.
The Problem with the S&P 500
Over the same timeframe, a passive S&P 500 allocation lost −73.2% of its purchasing power in BTC terms (1.00 BTC → 0.27 BTC).
Built on a principle of liquidity.
No Lock-Ups
Redemptions are available each quarter with two weeks' notice, subject to the fund's terms.
Tokenized Reporting
Your investment is represented as a digital token, supporting clear, regular accounting.
Quarterly Liquidity
Designed for quarterly redemptions — unlike funds with multi-year lockups.
Talks, explainers & quarterly walkthroughs.
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:
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 (gross / before fees): 52% annualized IRR (CAGR).
- Strategy is designed to mitigate risk while generating uncorrelated yield through crypto derivatives.
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.
Request a private briefing.
For accredited investors and family offices seeking risk-managed, hedged Bitcoin exposure. Meet Nick at our upcoming 2026 events across Singapore, Dubai and Riyadh.
Book a 30-Minute Call