MN Fund

Navigating Volatility, Unlocking Opportunity.

[MN Fund @MNFund_]

For years, the narrative was simple: traditional finance would eventually absorb crypto. Banks would buy exchanges. Asset managers would acquire custody providers. The old guard would swallow the new.

However, the past two years have seen to opposite. @Ripple spent $2.45 billion acquiring TradFi infrastructure: Hidden Road ($1.25B prime brokerage), GTreasury ($1B treasury management), and Rail ($200M stablecoin payments). It now operates the first blockchain-native global prime broker, clearing $3 trillion annually.

@Bullish, the Peter Thiel-backed exchange led by former @NYSE president Tom Farley, announced a $4.2 billion acquisition of Equiniti, a transfer agent serving 3,000 public companies including 30% of the S&P 500. The goal: become the backbone for tokenized securities.

@coinbase closed its $2.9 billion @DeribitOfficial acquisition, making it the global leader in digital asset derivatives.

Meanwhile, the other direction continues too. @DeutscheBoerse invested $200 million in @krakenfx. ICE (owner of the NYSE) put $200 million into @okx. Morgan Stanley and Goldman Sachs launched their own $BTC ETFs.

The lines are blurring as TradFi is integrating the digital asset market. And the pace remains high, even though the overal market conditions aren't favourable.

What's driving this? Digital asset firms are trading at 15-20x revenue. TradFi infrastructure trades at 4-5x. The math works. And the regulatory clarity that seemed impossible two years ago is now closer than ever.

The question isn't whether these worlds converge. It's who ends up owning the rails.

[MN Fund @MNFund_]

Most investors avoid crypto because of volatility.

We built the fund around it.

Volatility is not the same as risk. It is a source of return, if you have the system to trade it.

A buy-and-hold investor in Ethereum from 2021 to today would be sitting near 0% return. Despite multiple rallies from under €1,500 to above €3,400. Passive exposure left all of that on the table.

Our approach is different. Multi-layer grid trading, fully automated, running 45,000–60,000 trades per month across multiple pairs 24/7. The system captures fractions of daily volatility that buy-and-hold ignores.

The real test came on October 10th, 2025; the heaviest single-hour outlier crypto markets have ever seen. Heavier than the COVID crash.

It was the most profitable day in the strategy's history.

That is the entire thesis: build a system that turns the market's worst moments into its best ones.

Full breakdown on the MN Fund blog:
https://t.co/vuRi2QOl2H

Past performance is not indicative of future results. Not investment advice.

[MN Fund @MNFund_]

The ultimate goal during bear markets is to sustain with the capital that you have.

As long as you keep that in balance, the more opportunities you'll be giving yourself.

That's been our primary target over the first year of the launch of the fund.

Passive investing has brought down portfolios by more than 50%.

Active investing, in our case, has outperformed #Bitcoin by 45% and has only got a drawdown of less than 15% in a year where altcoins have lost a lot in value.

[MN Fund @MNFund_]

At MN Fund, the past few months have been focused on our systematic strategy. Volatility was high with no clear direction. Ideal conditions for volatility trading.

But our Core Holding pillar isn't static either. Each position is evaluated regularly, questioning whether we should continue to hold or not.

Over the past few weeks, one of our Core positions triggered several key levels. And recently, it crossed an important weekly level, confirming a reversal on a larger timeframe. In less than four weeks, it increased by over 100%, which raises the likelihood of either a mean reversion or an extended cooldown period.

To avoid unnecessary drawdown, we reduce our exposure and rebalance the proceeds within the Core Holding portfolio projects showing similar patterns earlier in their setup.

[MN Fund @MNFund_]

Last week we hosted our first private event at the MN Fund office. The response was great. A full room, sharp questions, and good conversations about the market.

Our next event is already planned. At the end of June, we're hosting an Investors Brunch during @DutchBlockWeek in Amsterdam. An afternoon for anyone who wants to learn more about investing in crypto markets, whether you're just getting started or already allocating.

MN Fund will be shortly presenting our strategy and outlook. During this brunch, our partners @vntrcapital and Hedura Capital will be joining us as well.

If you're curious about where we see the market heading and how we approach it, come have brunch with us on June 24th.

More info and registration → https://t.co/ITS0Mosae7

[MN Fund @MNFund_]

Last week, we hosted the first private knowledge session at our office in Amsterdam.

During the evening, we walked through our multi-layered strategy and the foundation behind it. Attendees had the opportunity to ask questions, share perspectives, and discuss our view on the market, while enjoying a drink and some bites.

Thanks to everyone who joined. We look forward to hosting the next one!

[MN Fund @MNFund_]

The heaviest liquidations on the Bitcoin markets since February.

Price has barely moved, the opposite of the movements markets saw earlier in February.

A similar number of liquidations occurred that month; however, the price cascaded from $80,000+ down to $60,000.

The reason for that? Options pricing is accelerating the hedging and selling off of positions.

Funding rates for most altcoins remain negative, while Bitcoin's funding rates are relatively normal again.

The fact that this recent crash provided almost no clear breakdown is a sign of strength and a stronger market equilibrium.

Our thesis remains that the markets are at the tail end of a bear market.

Aside from that, over the previous week, the volatility strategy trimmed risk and became more conservative as markets were slightly overstretched to the upside.

Due to the recent correction, there's a greater appetite to add back into the markets, especially since the recent liquidation candle wasn't as deep as the normal price impact would have been.

[MN Fund @MNFund_]

Our new monthly blog post is live!

We cover last month's performance, market insights, and our outlook for the next month.

Want to know more? You can connect with us by scheduling a call directly on our website.

https://t.co/I0PG7GVnj8

[MN Fund @MNFund_]

Following March's +16.47% recovery, April proved more challenging. Our fund closed the month at -5.08% gross.

The macro picture was constructive. $BTC posted its strongest month since July 2025, finishing April at +10.34%. ethereum:native gained +5.87%, supported by institutional inflows and an improving backdrop.

The drag was idiosyncratic. Two protocol-level incidents affecting positions in our portfolio ($TAO and $AAVE) created drawdowns that offset broader market strength. These weren't macro-driven losses. They were isolated events that we address in detail in our April monthly update.

The volatility pillar continued to deliver. Despite the negative month, our algorithmic trading generated +4.16% alpha versus simply holding the underlying assets. In other words: the system did its job.

[MN Fund @MNFund_]

Our team traveled to @consensus2026 Miami last week.

In our opinion, one of the top-tier conferences to travel to, and it's quite clear that the industry is adapting to the institutional interest.

- The institutional interest in #Crypto is massive and keeps expanding with a yearly growth rate exceeding any market.

- Stablecoins are the hottest topic within the infrastructure.

- Tokenization is the next big thing, and a lot of focus is directed towards the fact that every financial product will be tokenized and on-chain in the future. The number of products and strategies parties can build once this happens is enormous.

- The CLARITY Act is around the corner and will have a positive impact on the ecosystem.

- The ETF holders are not selling and are actually continuing to buy (new ATH of holders this week).

- AI Agents will be using blockchain as their payment rails.

- Institutions have the most interest in market-neutral funds. This is a regime indicator: when markets are shaky or directionally undefined, money flows towards market-neutral funds. The pendulum swings slowly towards the directional side.

It was our first conference of the year, and we're looking forward to attending @proofoftalk in Paris this June!

[MN Fund @MNFund_]

The #Crypto volatility scares a lot of investors out of the markets.

The volatility itself can actually be used as an asset within trading strategies.

That's why we've created a multi-strategy fund aiming to capture a sustainable return and we're opening our doors, next week, on May 13th in a Knowledge Session where we'll dive deep into our strategies and the future of crypto.

Sign-up here: https://t.co/CPq1VcVmuL
Or send us an email to [email protected].

[MN Fund @MNFund_]

The first two months were brutal. Back-to-back negative months to open a year have only happened four times in Bitcoin's history. The Fear & Greed Index dropped to 6 in February, which was its lowest since the #FTX collapse.

Our dynamic approached showed resilience by limiting downside, while at the same time adapting quickly to capture the upside in March. MN Fund's Q1 closed with -8.66%. $BTC dropped by -18.51% in the first quarter, which means we outperformed by nearly 10%.

March was a pivotal month for us, as we switched fully to algorithmic trading strategies and scaled down our manual volatility trading. Simply put, this enables 24/7 trading with significant more volume. We consistently manage to capture the volatility waves with a system that adapts to changing market conditions.

Although the geopolitical and macroeconomic environment remains fragile, we are confident in our execution for the second quarter of the year.

[MN Fund @MNFund_]

In digital assets, liquidity often matters more than narrative.

The headlines focus on price. But the infrastructure story underneath is what tends to matter twelve months from now. A few data points from the past few weeks are worth mentioning:

- @MorganStanley launched its spot #Bitcoin ETF in early April and managed to raise $100 million in the first week.
- @GoldmanSachs filed for its own $BTC fund days later.
- @DeutscheBoerse invested $200 million in @krakenfx , valuing the exchange at $13.3 billion.
- The NYSE's parent company, ICE, made a similar-sized investment in @okx.

Meanwhile, #stablecoin supply sits at all-time highs. ETF inflows continue to absorb sell-side pressure. The Fed's balance sheet is showing early signs of expansion. And Kraken became the first #crypto exchange with direct access to the Federal Reserve's payment rails.

None of this guarantees direction. But it tells you something about where capital is positioning and who's building the infrastructure for the next leg.

We're watching liquidity more closely than price.

[MN Fund @MNFund_]

High volatility increases uncertainty, thereby heightening the risk-off mentality.

That's the core reason that the markets have seen a substantial correction in the first quarter of this year for #Bitcoin and the entire industry.

The VIX is expected to be lower in the coming period, during which a risk-on appetite should drive better performance across all #Crypto assets.

[MN Fund @MNFund_]

For the first time, MN Fund is inviting a select group to join us in Amsterdam on May 13 for an in-depth session on our trading strategy and fund management.

Since launching in July 2025, MN Fund has consistently outperformed $BTC, closing 2025 with a net profit and delivering strong relative returns.

During the session, Michaël van de Poppe will provide an in-depth walkthrough of the fund’s trading strategy. We will discuss how opportunities are identified, positions are managed, and how decisions are made in practice.

In addition, Jeremy Kadouch and Esmee Sikkens will introduce MN Fund, explain the structure, and outline how investors can get involved.

This session is intended for those with a serious interest in understanding the strategy and exploring a potential investment.

Spots are limited and attendance is subject to approval.

Apply here: https://t.co/F7IvRiQHEf

[MN Fund @MNFund_]

Going forward, MN Fund will publish a monthly blog post alongside our investor update, covering the macro environment, key developments across our holdings, and how the fund navigated the month. The goal is to give readers, whether existing investors or those following the space, a clear view of how we think and how we operate.

We're starting with March 2026, a month worth writing about.

https://t.co/6mG11pzhGt

[MN Fund @MNFund_]

Holding $ETH since 2022 has resulted into 0% return if you're simply holding the asset.

However, if you're trading the asset's volatility, you'd generate a positive return.

As an example.

We've traded $HYPE.

Price didn't change at all if you compare the 1st of the month with the last day of the month.

However, due to volatility trading, the return our strategy yielded: 11%.

That's why volatility has become a power.

On top of that, the strength of compounding returns is significant.

We're very happy to be outperforming #Bitcoin by 55%.

For more information, visit our website at https://t.co/AxRo5YydLW.

[MN Fund @MNFund_]

We're excited to share our recap and highlights of what occured in March.

First of, the gap between our fund's performance and Bitcoin keeps on growing. On top of that, we closed March with +16.47%.

One of our major milestone is transitioning fully to algorithmic volatility trading. With the system now running 24/7, we are continuesly active in the market.

During March, the strategy generated over 55K trades, of which 33.4K were roundtrip trades.

We did not make any significant changes to our Core Holdings. Primarily due to the lack of upside conviction. Once that occurs, we will adapt to the new market conditions accordingly.

Feel free to reach out to us if you'd like to learn more. You can find more details on MN Fund at https://t.co/Y9lG6tETFy.

[MN Fund @MNFund_]

MN Fund March update:

+16.47% in a month where most portfolios bled.

$BTC: +3.8%.
$ETH: +9%.
Most altcoins: still down 60%+ since mid-2025.

Our fund is up +0.59% since inception; in a market where holding almost anything else means deep red.

Algorithmic Quant Trading

Our algorithmic volatility trading was the main performance driver. The same conflict-driven price swings that created uncertainty for directional investors created opportunity for our systematic approach.

We’ve been able to develop a lot of progress in recent months on the quant strategy, though we’re able to deliver an outperformance on Bitcoin of more than 12%.

The Sharpe Ratio of the fund is 1.21.

Additionally, the fund has outperformed Bitcoin by 55% since its inception on July 1st of 2025.

Over the past month, we’ve executed 55.000+ trades on several pairs in which we’ve captured a lot of the upside.

Not through leverage. Not through speculation. Through systematic, quantitative execution, every day, every market condition.

Make sure to reach out to us on our website: https://t.co/ivla0z2ShA for more information.