Monthly NTA update - January 2026

Welcome the monthly fund update for January 2026.

In Janunary, the fund's administrator migrated from Creapartners to Creatrust Luxembourg Sàrl. As part of this transition, there was a scheduled delay in the publication of the fund's net tangible assets (NTA), hence the delay in this post. In normal circumstances we expect the NTA to be published no later than the 12th business day of each month.

The fund declined by 11.95% in January, as reduced institutional demand driven largely by forced deleveraging weighed on crypto markets. Macro uncertainty and record ETF outflows contributed to the weakness. This level of volatility is not unusual for digital assets. Over its history, bitcoin has experienced drawdowns of 50% more than 20 times, 60% on over 12 occasions, and 70% four times. In each instance, it has rebounded higher than before. While near-term conditions remain challenging, we view the current environment as characteristic of bitcoin’s cyclical nature rather than a structural change in its long-term trajectory. 

Click the link below to read the monthly NTA report in full.