BitSage Fund I LP
Executive Summary
BitSage Asset Management organized BITSAGE FUND I, LP to offer investors an opportunity to passively participate in the future of digital assets and to accelerate their portfolios exposure to cryptocurrencies. Assets acquired by the Partnership will consist of a meticulously curated collection of cryptocurrencies and blockchain protocols designed to capture alpha via widespread adoption in what the General Partner assesses to be large total addressable markets ("TAM") having fundamental utility at scale. Resisting the temptation to deviate from this approach has been and will continue to be the key to long term success. The General Partner typically does not invest in certain digital assets, which have achieved or may achieve speculative success and large market capitalization but do not appear to provide fundamental utility, scalability, or possess significant TAMs over a long-term horizon. The General Partner maintains the following three-pillar approach to support investment decisions:
1) Fundamental: Prior to asset selection, extensive due diligence is conducted to ensure every aspect of the asset has been analyzed for risk and fundamental value. The General Partner has a proprietary methodology for evaluating the team, utility, TAM, adoption rate, scalability, feasibility, and marketability of each coin, protocol, or project. Assets will typically be prioritized and selected based on a 5-year and/or 10-year time horizon.
2) Technical: The underlying technical structure that serves as the backbone of each asset is evaluated to verify whether the functionality and utility of the asset will be able to provide the TAM with scalable, secure, and sustainable transactions. The protocol, tokenomics, hash algorithm, source-code, and technical feasibility are all analyzed by subject matter experts and consultants in the General Partner's network. The technology behind each asset is critical to determinate viability and to provide insights into the potential longevity of the asset over the expected time horizon. Thus, all available precautions are taken to ensure assets meet the General Partner's minimum technical criteria to be included in the Partnership's portfolio.
3) Risk: The General Partner will seek to manage volatility by relying on its risk management principals and the fundamental nature of portfolio assets. However, there are inherent market, regulatory, and unforeseeable risks ever present in digital assets. The General Partner will employ a two-pronged risk-mitigation strategy consisting of:
a. Under certain market conditions, the Partnership will establish risk reducing hedge positions through derivatives in the portfolio.
b. Allocating 30-40% of portfolio assets to staking protocols intended to generate reliable rewards.
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