Pythagoras Bitcoin fund surges 230% year-to-date, outperforming spot ETFs

TechFlow news, on November 22, according to Bloomberg, Pythagoras, an investment management firm, has seen strong performance from its Alpha Long Biased Strategy Fund since launch, surging 230% year-to-date (206% after fees), outperforming Bitcoin in all but two months. The fund was launched weeks before the approval of spot Bitcoin ETFs in January 2024.

The fund's portfolio follows a three-part allocation: one-third is allocated to core Bitcoin holdings, one-third employs a trend-following strategy (which can be flexibly adjusted up to 2x leverage depending on market conditions), and the remaining third is dedicated to market-neutral, beta-neutral, and dollar-neutral long/short strategies. Fund founder Mitchell Dong stated that the product aims to provide investors with a superior alternative to spot Bitcoin ETFs.