210k Capital, LP
Executive Summary
210k Capital is an event-driven, liquid, and actively managed hedge fund focused on the Bitcoin ecosystem. The strategy seeks to capture asymmetric upside across Bitcoin, Bitcoin-related equities, Bitcoin dislocations, derivatives, and yield strategies-leveraging over a decade of industry expertise and disciplined risk management.
The strategy is designed to outperform spot Bitcoin ("BTC") on a net basis annually while maintaining comparable volatility and liquidity. 210k Capital actively manages Bitcoin exposure across its four-year macro cycles, aiming to maximize asymmetric upside in bull markets while mitigating downside risk through discretionary hedging and risk management strategies. The team's approach is grounded in deep fundamental analysis, opportunistic positioning, and disciplined risk controls.
The fund's maximum crypto exposure to any single counterparty is limited to 20% of its assets under management (AUM), with an emphasis on diversifying digital asset exposure across multiple qualified custodians and OTC counterparties. Coinbase Prime and SFOX serve as the qualified custodians for digital assets, while stock custody is managed through Interactive Brokers and Get Nice Securities (HK).
For position sizing, the fund targets an initial investment of 1-5% in any asset outside of spot BTC, with a preference to reduce exposure beyond 25%. The maximum position exposure is capped at 30%, while notional BTC exposure may be increased up to 150%. To manage risk effectively, the portfolio's beta and delta are continuously monitored to track BTC movements.
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