Investment Objective

The BTC Options Yield & Accumulation Strategy is a BTC-denominated accumulation vehicle that aims to increase absolute physical Bitcoin holdings over time, via an option premium extraction trading strategy. Option premium is extracted from the BTC-settled derivatives market, while full upside exposure to Bitcoin's price is maintained through the controlled use of perpetual futures. This generates additional yield settled in Bitcoin, compounding incrementally on a monthly basis, whilst limiting exposure to BTC/USD downside risk.

Strategy

Combines top-down macro views with a systematic trading strategy to continuously generate alpha in BTC, relative to HODLing Bitcoin.
Utilizes short-dated options to generate yield, exploiting elevated implied or forward volatility from the options market.
Eliminates liquidation risk using long Put protection at levels determined by the trading system.
Targets +1–2% monthly yield in BTC using an average 1.5× synthetic exposure, compounding over time.

How Alpha is Generated

1	Volatility Arbitrage — Inefficiencies in Bitcoin pricing create significant opportunities during periods of market stress.
2	Implied Volatility Premium — Elevated IV of 50%+ creates a continuous opportunity for yield extraction via options trading.
3	Theta Decay & Mean Reversion — Time decay and mean reversion generate uncorrelated returns that add yield and offset protection costs.

41.7%

Performance YTD (BTC)

1–2%

Monthly Yield Target

−5%

Max Target Drawdown

1.5×

Avg Synthetic Exposure

Distribution Channel

Wealth Management

Available Now

Minimum Investment	10 BTC
Management Fee	0%
Performance Fee	50% (only after exc. 10% y.o.)
Lock-up Period	6 Months
Custody	Deribit

Strategy Key Facts

Strategy Type	BTC Options Yield & Accumulation
Denomination	BTC (deposit, withdraw & NAV in BTC)
Target Monthly Yield	1–2% in BTC
Max Target Drawdown	5% in physical BTC
Avg Synthetic Exposure	1.5× BTC
Instruments	BTC Options, Perpetual Futures (Deribit)
Settlement	BTC-settled derivatives
Downside Protection	Long Put options, system-determined levels
Reporting	Monthly
Compounding	Monthly, incremental

Strategy Performance — Yield Extracted in BTC

Monthly Yield Extracted (%) · 2025

1.2%

JAN

3.8%

FEB

5.9%

MAR

8.5%

APR

2.8%

MAY

4.1%

JUN

1.8%

JUL

2.1%

AUG

1.7%

SEP

1.2%

OCT

1.1%

NOV

1.4%

DEC

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2025 YIELD (%)	1.2%	3.8%	5.9%	8.5%	2.8%	4.1%	1.8%	2.1%	1.7%	1.2%	1.1%	1.4%	41.70%
BTC BALANCE on 10 BTC start	10.12	10.50	11.12	12.07	12.41	12.92	13.15	13.43	13.65	13.82	13.97	14.17	+4.17 BTC

** Indicative Returns: Assumes 10 BTC investment on January 1st, and complete withdrawal at the end of each period.

Target Investors

Long-term BTC holders (HODLers) aiming to grow actual BTC holdings over time via volatility yield extraction, without converting BTC exposure to fiat.
Sophisticated investors comfortable with crypto derivatives who seek BTC-denominated, uncorrelated returns independent of USD price direction.
Investors seeking hedged downside exposure while maintaining full participation in Bitcoin's long-term appreciation.

DISCLAIMER: THIS IS A MARKETING COMMUNICATION. PLEASE ENSURE A COMPLETE UNDERSTANDING OF THE RISKS AND SEEK THIRD PARTY ADVICE INCLUDING TAX ADVICE. If you are not a professional investor, please disregard this document. Recipients must inform themselves of and comply with any legal restrictions on distribution in their jurisdiction. Past performance and figures shown do not guarantee future results. Target returns are aspirational only. Crypto assets involve significant risks including extreme volatility, potential total capital loss, and limited regulatory oversight. THE STRATEGY IS NOT MANAGED AGAINST ANY BENCHMARK.