Nicholas Levenstein & Company
CMFDH — Crypto Money Fund Dollar Hedge
Risk-managed Bitcoin exposure · one-half short-future hedge · covered-call overlay · Bitcoin-denominated objective
Fact SheetAs of September 30, 2026
+161.4%
Cumulative, 2023–2025 · CMFDH II, audited, net of all fees
37.8%
Annualised, 2023–2025 · CMFDH II, audited, net of all fees
+98.1%
Supplementary, unaudited · Bitcoin-denominated · 1.00 ₿ → 1.98 ₿
7.25 yrs
Continuous track record · quarterly liquidity, no lock-ups
Combined Track Record — CMFDH I + II ↑ top
One continuous strategy since July 1, 2019 (7.25 years), spanning Fund I and Fund II. Growth of $1,000,000:
2023–2025 (audited, net of all fees): +161.4% cumulative; 37.8% annualised. Basis: audited quarterly results of CMFDH II; see the audited financial statements.
| In Bitcoin terms · 1.00 ₿ invested · to Sep 30, 2026 | |
|---|---|
| CMFDH (Fund) | 1.98 ₿ (+98.1%) |
| S&P 500 held in BTC terms | 0.26 ₿ (−74.3%) |
The design principle: the standing one-half short-future hedge trades a share of the upside in strong rallies for a cushion in drawdowns — downside-protection asymmetry, not full upside capture. In Q3 2026 (unaudited), the fund returned +19.55% net in US Dollars while Bitcoin rose 42.7%; the hedge and sold calls gave up part of that rally, and the fund’s Bitcoin holdings fell 15.9%.
Strategy ↑ top
| Core position | Bitcoin spot, held on regulated derivatives venue |
| Structural hedge | One-half short Bitcoin future, on at all times |
| Income overlay | Covered calls; no strikes below quarter-start price |
| Objective | Bitcoin accumulation across full market cycles |
| Cycle | Quarterly deal, rebalance, and reporting cycle |
CMFDH II — Net Quarterly Returns (%) ↑ top
Fund II, from January 1, 2023 inception. Net of all fees, time-weighted, chain-linked from reported quarterly net ROI.
| Year | 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 | 19.5 | — | −0.5 |
| Since inception | 2023–2025 (audited, net of all fees): +161.4% cumulative; 37.8% annualised. 2026 to date (Q1–Q3) is unaudited and preliminary, and is reported separately on the same basis. | ||||
Quarterly percentages, 2023–2025. The quarterly cells above were computed from the Fund’s pre-audit quarterly workbooks, except the two the auditor has restated: Q4 2023 (+42.0%) and Q4 2025 (−13.4%), both net of fees. The audited headline figures for 2023–2025 are +161.4% cumulative and 37.8% annualised, net of all fees; the audited financial statements are authoritative.
| Audited net assets | $620,826 (31 Dec 2023) · $1,230,650 (31 Dec 2024) · $1,149,870 (31 Dec 2025) |
| Audited net result | $222,412 (2023) · $334,336 (2024) · $(17,526) (2025) |
| Positive quarters | 9 of 15 (the three 2026 quarters are unaudited) |
| Bitcoin holdings, 9/30/26 | ₿14.01 (−15.9% in Q3 as BTC rose 42.7%; USD value +19.5%) |
Terms & Structure ↑ top
| Minimum investment | $50,000 |
| Management fee | 0.5% per quarter (2% per annum) |
| Success fee | 20% of net gains. Through 31 Dec 2024: charged on each profitable quarter, no high-water mark. From 1 Jan 2025: accrued quarterly, settled at year-end against 20% of the full-year net gain (year-end high-water mark), crystallising on redemption. Fees are settled in Fund units issued to the Manager. |
| Liquidity | Quarterly; no lock-ups; two weeks’ notice |
| Reporting | Quarterly letters; tokenized position accounting; live portfolio dashboard |
| Structure | Fund manager is a Georgian JSC under Georgian Securities Law; not regulated by the NBG |
| Eligibility | Accredited investors and family offices |
Important information. Returns are net of fees and time-weighted (reported quarterly net ROI, chain-linked, flow-neutral). Gross, before-fee figures are not published. Combined-record figures span CMFDH I and CMFDH II from July 1, 2019 and derive from the firm’s combined history workbook; CMFDH II figures derive from the fund’s quarterly reports from January 1, 2023. The financial statements of Crypto Money Fund Dollar Hedge II for the years ended 31 December 2023, 2024 and 2025 have been audited by Tahseen Rehman & Co., Chartered Accountants, whose unmodified report is dated 27 August 2026. Copies of the audited financial statements are available to investors on request. Figures for 2026 derive from the firm’s quarterly accounting and are unaudited. Past performance is not indicative of future results. Digital-asset strategies involve substantial risk, 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. This document is for information only and does not constitute an offer to sell or a solicitation of an offer to buy any security or investment product; any offer is made solely through the fund’s official documents. Current strategy detail: levenstein.net/cmfdh-ii-current-status-and-tactics.
Nicholas Levenstein & Company · Est. 2019
nick@levenstein.net · levenstein.net
Data as of September 30, 2026