Asymmetric Bitcoin exposure.
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Crypto Money Fund Dollar Hedge II (CMFDH II)
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Executive summary
Uncorrelated yield, with the downside managed.
The mission: generating uncorrelated yield and mitigating downside risk through options and futures sales.
Established track record
Seven-year history across two funds, established 2019. 37.8% annualised net of all fees, CMFDH II, audited 2023–2025.
Audited results
Independently audited financials, 2019–2025: CMFDH I from 2019 to 2022, CMFDH II from 2023 to 2025.
High liquidity
A 100% liquid book. Quarterly redemptions with two weeks' notice, no lock-ups.
Transparency
Marked to market 24/7, with the fund's balance published every day.
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The market opportunity & philosophy
Bitcoin, without taking the whole drawdown.
Who it is for
Accredited investors and family offices seeking hedged crypto exposure rather than full-risk upside capture — and crypto-native investors who already hold significant Bitcoin.
Illustration
Because the futures we sell are convex, if the market crashed 30% and came back, we would earn 5–6% — and if that happened four times in a year, it would be a phenomenally successful year.
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Core strategy, part 1 · Downside protection
The boomerang.
Mechanics: hold Bitcoin, and strictly hedge 50% of the position using short futures.
- When the Bitcoin price falls, the short futures hedge pays out in bitcoin, priced at the higher level where we sold. The further the price falls, the more coins it brings in.
- In effect, those payouts are coins bought back at a discount, and they stay in the fund.
The result: the fund carries more coins into the recovery than it had before the dip.
Gold = the fund · dashed grey = unhedged Bitcoin · schematic, not to scale
The fund's main trading account stands at $1,164,552, and the hedge sits on about $980,000 of bitcoin within it. Against that, we are short $490,500 of the BTC-25DEC26 Bitcoin future — half the position — with two option positions on top. Because the future settles in bitcoin, at the price we sold at, a fall in the price is paid back to the fund as coins, and the deeper the fall, the more coins each dollar of hedge brings in.
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Core strategy, part 2 · Yield generation
Daily premium.
Mechanics: selling call options against the Bitcoin position.
- Buyers pay the premium upfront.
- The fund keeps a little more of it every passing day, whether the market moves up, down, or sideways.
The result: collected premium is locked in, creating a steady, step-like climb in yield.
Premium collected, cumulative · schematic, not to scale
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Forward edge
AI integration and yield infrastructure.
Current R&D
Daily development of AI models to improve both USD- and Bitcoin-denominated yields.
Broadening the scope
Systematic AI supporting derivative strategies and outbound and inbound sales funnels, and identifying multi-venue arbitrage and DeFi liquidity pool opportunities.
Prediction markets
A real-time research system that reads the public Deribit option chain to derive the market-implied probability of Bitcoin finishing above a given price, then compares it with the price of the matching Polymarket contract. Where the two diverge beyond a set threshold, it flags a signal.
Educational only. Signals are computed from public Deribit option-chain data and Polymarket prices. Not financial advice. Not a recommendation to trade. Past performance does not predict future results.
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Track record & performance
The proof.
| Net % | Q1 | Q2 | Q3 | Q4 | Year |
|---|---|---|---|---|---|
| 2023 | 37.8 | 5.1 | −8.6 | 42.0 | 91.3 |
| 2024 | 33.5 | −2.1 | 0.9 | 20.3 | 58.6 |
| 2025 | −8.4 | 13.0 | 4.3 | −13.4 | −8.0 |
| 2026 | −9.6 | −8.0 | — | — | −16.8 |
Net of all fees, time-weighted, chain-linked. Q4 2023 (+42.0%) and Q4 2025 (−13.4%) are as restated by the auditor; other 2023–2025 quarters are from the Fund's pre-audit quarterly workbooks. Audited net assets: $620,826 (2023), $1,230,650 (2024), $1,149,870 (2025). 2026 is unaudited. In Bitcoin terms, the S&P 500 fell 64.1% over the same window (1.00 BTC → 0.36 BTC).
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Risk management
Radical transparency.
Open books
Where most funds report quarterly, CMFDH publishes the fund's balance every day in both USD and BTC. Investors can watch the book move.
100% liquid portfolio
Everything in the book can be priced or sold on any given day.
Audit & verification
A consistent history of independent audits, with an unmodified report dated 27 August 2026 covering 2023–2025.
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The manager & team
The team.
Nicholas Levenstein
Founder & Portfolio Manager
A Yale and UCLA graduate applying market-neutral strategies to cryptocurrency derivatives.
- Over nine years of experience trading crypto derivatives.
- Seven years managing a hedge fund, running the same strategy since July 2019.
- Regular speaker at AI, gaming and crypto summits, including SiGMA Europe, Bitcoin Malaysia and SPiCE.
Paul Aidoo
CFO Consultant · Investor relations, Americas & Europe
Financial oversight grounded in GAAP accounting and asset valuation, with hands-on experience in crypto and DeFi.
Gabriella Pratiwy Noor
Associate
Runs operations and project coordination, and builds the CRM and automation systems behind investor outreach. Over a decade in financial services.
Adhistie Prianti S.
Marketing & Social Media Manager
Leads the firm's content from brief to publication, plus LinkedIn outreach, event promotion and website copy.
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Fund structure & terms
Terms at a glance.
| Vehicle | Crypto Money Fund Dollar Hedge II (CMFDH II) |
| Jurisdiction | Fund Manager organized under the laws of Georgia, subject to Georgian Securities Law* |
| Liquidity | Quarterly redemptions with two weeks' notice |
| Lock-up | None |
| Management fee | 2% |
| Success fee | Year-end high-water mark from 1 January 2025 |
*The Fund Manager is in the process of redomiciling to the Republic of the Marshall Islands. Investors will be notified of the effective date.
Fees are settled in units of the Fund.
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Onboarding & next steps
Three steps to invest.
- Manager briefing. Schedule a confidential 30-minute session directly with Nicholas or Paul.
- Review & onboard. Sign an NDA, review the Private Placement Memorandum, complete the subscription documents, and clear KYC/AML.
- Fund & deploy. Capital begins working, and capturing daily premium, as soon as it is funded.
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Appendix & legal disclosures
Important information.
Auditor
Tahseen Rehman & Co., Chartered Accountants. Unmodified report dated 27 August 2026 on the financial statements for the years ended 31 December 2023, 2024 and 2025. Copies available to investors on request.
Mailing address
332 S. Michigan Ave, Suite #121-2049, Chicago, IL 60604, USA.
This material is confidential and intended solely for the recipient. It does not constitute an offer or solicitation to invest; any offer is made solely through the Fund's official documents. Past performance is not indicative of future results. Cryptocurrency and derivatives trading involve substantial risk of loss, including possible loss of capital. The Fund's partial hedge reduces, but does not eliminate, exposure to Bitcoin drawdowns, and it costs return in strong rallies. Figures for 2026 are unaudited; Bitcoin-denominated figures are supplementary and unaudited. The Fund Manager operates under Georgian Securities Law and is not regulated by the National Bank of Georgia.
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