Mandate

GVNR Fund higher-time-frame rules scale the book through Bitcoin, Ether, and yielding USDT so the book owns the asset class through accumulation and steps back to cash through distribution, without sitting a full buy-and-hold winter. Our cash floor 20%. ETH has its own sleeve, capped at 32% of NAV. We walk 2% of NAV per UTC session, 4% in extreme fear while accumulating, and trade only when the book is 8pp or more from target. Cycle prints take effect 7 daily closes after they print. Explore the system on the Desk.

Portfolio architecture

BTC core + ETH sleeve + yielding USDT.
Cash floor 20% of NAV.
ETH cap 32% of NAV.
Walk 2% of NAV per UTC session (4% in extreme fear while accumulating).
No-trade band 8pp of NAV. When the model is flat the book can hold up to 8pp combined BTC and ETH.
Cycle prints take effect 7 daily closes after they print.
Overlay freezes new risk on invalidation / disorderly / no-longs.
Execution: GVNR Fund Alpha Strategy. Paper follows the live rules. Spot.

Risk architecture

01Risk budgetSpot delta 0–80% risk assets. 20% USDT floor. ETH ≤32%. Overlay freeze on invalidation / disorderly / no-longs.
02ConcentrationTwo risk assets only. ETH hard cap 32%. No alts. No single-name book outside BTC/ETH.
03LiquidityClip size, venue depth, and TWAP constrain the usable budget. 2% of NAV stays on Spot so a clip can fire while Earn redeems.
04GovernanceThe model runs the account. We step in by hand only to cut risk. Cut new risk first; review after. Every override is logged with its reason and P&L effect in the override register.
05Cash and counterpartyCash is held in USDT, partly in the Centralised Exchange's cash yield product during the test phase. That carries exchange credit risk and stablecoin depeg risk. The Fund's target is T-bills or a tokenised money-market fund at a qualified custodian, with limits per venue and per stablecoin.
06EvidenceThe model record spans 8.7 years and three BTC cycle tops. L3 carries the buy side; L1 and L2 have yet to change a position in the replay and stand as untested. Read the record as a small sample.

Risk objective

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.

Fund terms

Term	Value
Vehicle	Your account. Trade-only API. Non-custodial.
Strategy	Unlevered BTC / ETH / cash cycle sleeve
Minimum	$1,000 to connect. More is better on a higher-time-frame book.
Fees (Standard)	2% a year, billed monthly · 20% quarterly HWM
Founder class	1.5% / 15% · $100,000 minimum · 12 months hard
Management	Marked on the connected book. Invoiced monthly. USDT or USDC to the treasury Safe.
Performance	Quarterly crystallisation. Perpetual high water mark.
Term	12 months. Then you sign again to keep going. Exit stops future fees. Unpaid invoices stay due.
Founder lock	12 months hard on the pledged amount. Disconnect does not end it.
If unpaid	Reminders day 1, 3, 5, 7. Pause trading at day 7. Escalate at day 14.
Connect	Agreement before the key is armed. Sub-account recommended.

Desk figures are hypothetical model NAV or live test-book NAV, both indicative and unaudited. An independent administrator will strike the Fund’s official NAV. GVNR Fund is in formation; any offer will be made only to eligible professional investors through the Fund’s offering documents.

Copyright notices. If you believe material on this site infringes your copyright, email contact@gvnr.fund with the work, the material and its URL, your contact details, a good-faith statement, and your signature. We review each notice and remove infringing material.

Team

The model runs the sleeve. A seat can freeze new risk.

CIO / Mandate

Timothy E.R. Jones (UAE)

Sleeve definition, freeze authority. Judgement is when the sleeve freezes.

Investor relations

Benjamin J. Whitby (UK)

Vehicle, subscriptions, service providers.

Quant / risk

Andrew Needham (Cayman)

Desk, hop, tick, overlay monitors.