Where Things Stand
A quick catch-up: the fund’s regulatory foundation is set, and since our last issue the work has moved from paperwork to plumbing. We have completed the formalities the regulator requires after licensing, and appointed and onboarded our independent service providers: the administrator, the custodian, and legal counsel.
That done, we are now testing the systems end to end. We are placing and settling trades, confirming that assets are held and priced independently, and checking that the operational machinery behaves exactly as the documents describe. It is unglamorous work, and it is how we make sure investors are onboarded under the proper checks, and assets held, priced and reported exactly as the documents promise, before the fund opens.
From here the path is investor onboarding, how eligible investors will verify, subscribe, and fund, and final launch preparation, with dealing to run monthly once the fund opens. The fund is not open to subscriptions today. When it opens, you will hear it from us directly, through this newsletter and our official channels.
A note on the markets. We have begun publishing short, structural reads of the moves that matter to the portfolio, on our insights hub. The first looks at last month’s sharp move in Bitcoin: what drove it, and what it does not change about how the fund is built.
