Dear Investor, 

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The Fund had a positive return of +11.56% last month, bringing the NAV to 187.62. The Fund is up +9.0% for the year. 

The Fund is up +87.62% since inception December 2006 or annualized +4.5% This performance is net of all fees with no meaningful market exposure, it therefore solely consists of alpha generation. 

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LONG Grayscale Bitcoin Trust & SHORT Micro Strategy 

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The Fund has initiated a pair-trade that involves a long position in a closed-end Fund named Grayscale Bitcoin Trust and a short position in MicroStrategy, which is a software company with a large Bitcoin holding. 

To be very clear, our long position in Grayscale is not a reflection of a positive view for the cryptocurrency, to the contrary. In addition to this investment case, we have written a discussion paper with our differing views on the numerous ‘bull’ arguments proposed by Bitcoin proponents such as Michael Saylor, the CEO of MicroStrategy. 

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