Press Kit
Nicholas Levenstein — Founder & Director
Nick is the founder of Nicholas Levenstein & Company, where he runs a quantitative fund focused on Bitcoin derivatives. He started the business in 2019 and has spent years working on ways to generate income from crypto markets without relying entirely on Bitcoin going up.
A Yale and UCLA graduate, Nick is based in Bali and works across finance, technology and AI. He also speaks at international events and organises industry gatherings, bringing practical experience from building and running his own businesses.
Two Strategies, at Different Stages
We currently work on two distinct strategies. One is our established Bitcoin derivatives fund, with audited results. The other is an early-stage research and validation project exploring how professional options-market pricing can be used in prediction markets.
Crypto Money Fund Dollar Hedge II (CMFDH II)
CMFDH II is our established Bitcoin-focused fund. We use futures and options to generate income and manage exposure to Bitcoin's price movements. The aim is to follow a systematic approach rather than depend solely on the direction of the market.
Audited performance- +161.4% cumulative net return for 2023–2025
- 37.8% annualised net return for 2023–2025
- Independently audited results for 2023, 2024 and 2025
- Unmodified audit report dated 27 August 2026
- Minimum investment: $50,000
- Management fee: 2%
- Success fee: 20%
- High-water mark applies to the success fee from 1 January 2025
Shadow Edge — Our Sister Program
Shadow Edge is an early-stage project exploring whether professional options-market pricing can help identify mispriced daily Bitcoin and Ether prediction contracts.
The idea is to use prices from Deribit's listed options market, where participants price risk professionally, to estimate fair value for contracts traded on Polymarket.
The system runs automated decisions on a 60-second cycle. We're keeping the pilot deliberately small while we test the approach and build a record of results.
Current pilot results- 25 of 40 resolved positions were profitable
- Net result: −$7 on $176 deployed
These figures reflect an early validation exercise, not an established track record. Shadow Edge is currently running as a pilot on our own capital and is not open to outside investors.
Interview Angles
These are topics Nick can discuss in an interview, with answers grounded in the work we're actually doing.
1. Is This Just Another Way of Buying and Holding Bitcoin?
No. A long-only Bitcoin position depends on the price rising to make a positive return in dollar terms. Our fund combines Bitcoin with futures and options, so the outcome depends on more than the spot price alone.
We use futures to manage part of our exposure and seek opportunities from market structure, including basis and contango when conditions allow. We also sell options, including covered calls, to collect premium. The results depend on market conditions, execution and risk management.
2. What Happens When Bitcoin Falls Sharply?
The hedge is intended to change how the fund responds to a decline, but it doesn't eliminate risk. Futures and options can offset some exposure in certain conditions, while the Bitcoin position can still lose value. The outcome depends on how the positions behave together and how the market moves.
We don't promise income, positive returns or protection of capital. The point is to manage risk deliberately, not to suggest that losses can't happen.
3. How Is This Different From Other Crypto Yield Products?
We focus on exchange-traded derivatives, particularly futures and options, rather than presenting yield as a simple or guaranteed outcome.
That approach has its own risks, including Bitcoin price movements, options exposure, futures margin and liquidation risk, liquidity, execution, and operational or counterparty risks related to venues and custody. Understanding those risks is as important as understanding where returns may come from.
4. What Happens to Investors' Assets if the Management Company Fails?
Under the fund's legal framework, the assets must be held by an independent depositary licensed and supervised by the National Bank of Georgia. The assets belong to the fund's unit-holders, rather than to the management company, and are intended to remain separate from the management company's own liabilities.
The National Bank of Georgia is the formal supervisory authority. It oversees the relevant registration and fund rules and directly supervises the independent depositary.
5. Are the Results Audited, and What Does It Cost to Invest?
The fund's results for the years ended 31 December 2023, 2024 and 2025 have been independently audited. The unmodified audit report is dated 27 August 2026. Over that period, the fund returned 161.4% cumulatively and 37.8% annualised, net of fees.
The fees are a 2% annual management fee and a 20% success fee. Through 31 December 2024, the success fee was charged on each profitable quarter without a high-water mark. From 1 January 2025, a high-water mark applies, with settlement at year-end.
Past performance doesn't guarantee future results, and the fund remains exposed to market and derivatives risks.
In Our Clients' Own Words
A few comments from people who have experienced the strategy firsthand. These are individual client opinions and experiences, not guarantees of future performance.
- “A risk-free trade, very good risk-return ratio”Tom McGrath
- “Either we win in a dollar value, or we win in Bitcoin”Omar Shami
- “Volatility spooked me, until Nick, 150% return”Paul Jannos
- “Make Bitcoin on the way down, don't even lose any in dollar terms”Oliver Williamson
- “Knowing that I'm making more Bitcoin on the way down is something that I love hearing”Paul Aidoo — video recommendation