Update

As of today, Steven Orr will no longer be acting as the Portfolio Manager of the fund. Steven and I, along with the rest of the team remain close friends and we are in daily contact. Unfortunately for us, Steven’s other responsibilities require more of his time and attention than ever before and he had to make a tough choice. We respect this decision and we wish him the best.

Investor Letter

“Crypto” has been on a great run after bottoming in December 2018. The Bitcoin futures contract (/XBT) saw a low of $3,130 on December 7th and tested those levels again the weekend of December 14th-17th. In hindsight, what this means is that yet again, digital assets were a leading indicator of risk appetite in the markets. Not that digital assets should be a leading indicator for capital – it’s just that they appear to be.

Update from Mission Control

February is the month of love and we are happily in love with our crypto positions this month!

Since my last post we have initiated a new position in NEO (NEO) and added to our holdings of Ethereum (ETH), Stellar Lumens (XLM) and Tron (TRX). We closed our position in Binance Coin (BNB) reaping almost 50% profit. We will be looking at buying it back after an expected pullback.

Investor Letter

With 2018 in the books, we can officially say that the Third Wave Digital Asset Fund was profitable for the year. While it is true that we got a late start with an inception date of 10/31/18, Bitcoin was trading at $6,310 then and finished the year at $3,700 – down 41% over the same term.

Merry Christmas and Happy New Year!

In April 2013, Bitcoin fell from $233 to $67, overnight. That’s a drop of 71%.

After that, you could buy a Bitcoin for around $120 for most of 2013 but by the end of the year you’d have to fork over more than $1,100 – Bitcoin was up more than 800%. Then from there the price dropped by 86% over the next year or so.

Bitcoin is down around 85% from its highs reached in December 2017, as of just a few days ago