Non-custodial Digital Asset Treasury

Intelligent Bitcoin and Ether Exposure.Harvest the Summer.Skip Crypto Winter.

Our programmatic accumulation and distribution engine cyclically scalesexposure to spot Bitcoin and Ethereum with a variable yielding stablecoin dollar base.

Enquire Open the Desk

Centralised exchanges

For invited clients, the strategy runs on your own exchange account.

Binance
Coinbase
Kraken

Calmar Ratio

0.00

CAGR ÷ max drawdown, before GVNR fees

Calmar vs 75/25

0.0×

1.00 vs 0.24, before GVNR fees

CAGR

0.0%

75/25 hold +20.0% · before GVNR fees

More return per unit of drawdown than a 75/25 hold: a far shallower peak-to-trough than a full-cycle BTC winter, accepting lower returns at the height of a bull market in exchange.

Exposure mandate

Spot only · delta 0–80% risk assets · 20% cash floor · ETH ≤32%

USDT Spot2%
USDT Earn(3.70% APY)18%
ETH26%
BTC54%

20% cash floor
2% a year, billed monthly
12-month lock
BTC + ETH spot only

The problem we underwrite

A classic DAT or a 75/25 BTC/ETH hold is a one-way sleeve. It is simple. It is also an ~80% peak-to-trough every cycle. Most allocators cannot hold that path. They sell the winter, miss the accumulation, and re-enter late.

The Gap

Own BTC and ETH through accumulation, step back to cash through distribution, and keep capital intact for the next accumulation print.

What is GVNR Fund

FormA Bitcoin and Ether fund for invited clients. Your coins stay in your own exchange account.

StrategyScale in and out of BTC, ETH, cash.

UniverseSpot Bitcoin and Ether only. No leverage. No perps. No shorts.

BenchmarkBuy-and-hold 75% BTC / 25% ETH, never rebalanced.

ScoreCalmar is yearly return divided by the worst fall. Higher means a smoother ride.

Fee2% a year, billed monthly. 20% above a quarterly high water mark. Founder 1.5 / 15 from $100,000.

Our Execution Framework

Five rules set every position the Fund takes. Each one is written in code and versioned.

Cycle-driven exposure
Exposure is built through accumulation and released through distribution, with capital returning to cash as the cycle matures.
Floors and caps
At least 20% of NAV is held in cash at all times. Ethereum is run as a separate sleeve, capped at 32% of NAV.
Measured deployment
Capital is committed in steps of up to 2% of NAV per UTC session, rising to 4% during periods of extreme fear while the fund is accumulating. The book trades once it is 8pp or more from target, and each cycle print takes effect 7 daily closes after it prints.
Cash at work
Uninvested cash earns a short-duration yield comparable to Treasury bills. A 2% liquidity buffer stays on the exchange, so trades execute without waiting on redemptions.
Risk overlay
A macro overlay suspends new risk when the thesis is invalidated, markets turn disorderly, or conditions rule out long exposure.

Result we mandate

Exposure scales with the cycle, and the equity curve runs smoother than a buy-and-hold book, with a fraction of a full winter’s drawdown.

Read the Mandate

GVNR Fund allocators

GVNR treasuryThe book we run for the house.

Founder family officesAllocators who cannot sit an 80% winter.

Invited clientsYour own exchange account, with a key that can only trade. Same strategy as the house book.

GVNR Fund vs the Competition

Product

Non-custodial DAT

Passive BTC ETF · Discretionary hedge · Intraday signal

Universe

BTC + ETH + cash

BTC only · Alts, often levered · Usually BTC only

Path

Scale in and out. 20% floor.

Sit the winter · Manager risk · Hourly in and out

Winter

75% of peak held

~16% of peak (BTC) · Fund-dependent · Different clock

Score

Calmar

Beta to BTC · Sharpe / AUM · Trade count

Fee

2% a year, billed monthly

~0.2% expense · 2 / 20 · Varies

Structure

Your account · trade-only key

Daily ETF liquidity · Fund / SMA · Self-custodial

	GVNR Fund	IBIT / Bitwise	Crypto 2-20	Hourly bots
Product	Non-custodial DAT	Passive BTC ETF	Discretionary hedge	Intraday signal
Universe	BTC + ETH + cash	BTC only	Alts, often levered	Usually BTC only
Path	Scale in and out. 20% floor.	Sit the winter	Manager risk	Hourly in and out
Winter	75% of peak held	~16% of peak (BTC)	Fund-dependent	Different clock
Score	Calmar	Beta to BTC	Sharpe / AUM	Trade count
Fee	2% a year, billed monthly	~0.2% expense	2 / 20	Varies
Structure	Your account · trade-only key	Daily ETF liquidity	Fund / SMA	Self-custodial