This Bitcoin-focused hedge fund exceeded Bitcoin last year.

210K Capital, Hedge Foundation for Utxo management, was the fifth best -functioning single large hedge fund in 2024 according to HFR. It returned 164% net of fees in 2024. Utxo Management is the investment arm for BTC Inc., by Bitcoin Magazine and Bitcoin Conference.

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Single manager hedge funds are run by a unit, versus multi-manager or fund-to-fund hedge funds that have multiple portfolio animals.

In HFR’s summary of its 2024 Global Hedge Fund Industry Report Q4 2024, the research company revealed that cryptocurrency-focused hedge funds were “The leading area of ​​general was generally [hedge fund] Industry’s performance. “HFRS Index for Cryptocurrency Funds returned 59.81% in 2024.

Utxo Management’s Banner 2024 performance puts it into conversation with leading hedge funds that focus on traditional assets and industries. And it has Bitcoin to thank you for it – or more direct Bitcoin companies.

Utxo leadership co-founder and Chief Investment Officer, Tyler Evans, said the Fund’s 2024, which primarily stems from its investments in Bitcoin strategy companies, mainly strategy (former microstratey) and the Metaplanet.

“Over the past 12 months we went into the Bitcoin Treasury-Play thesis very hard when we really saw it playing with what Saylor does and the opportunity for really Blockspace.

He said the Hedge Foundation owns 80% of its portfolio in Bitcoin shares which was a “big factor running [210k Capital’s] Out-Performance in 2024. Part of the 80% includes public Bitcoin miner workers, but the real money producers have been metaplanet and strategy, the latter of which is 210K capital held since the early days of its Bitcoin strategy.

These companies, explained Evans, offering a new form of security Bitcoin exposure that makes it easier for everything from institutional companies to IRAs to pension funds to contain Bitcoin-adjacent assets. As a result, “the investable landscape has grown significantly in the last few years,” he said, opening the door to “registered investment advisers, wealth managers, funds and sophisticated family offices.”

This marks a shift from the Foundation’s early days as it brought self -made, high networking individuals who were typically more active investors managing their own portfolio to more passive investors administering pools of capital.

“We saw the demand for institutional capital to get exposure to Bitcoin, and the role that these treasury companies can earn is to securitize Bitcoins to fixed -income investors, the insurance funds or the mutual funds,” Evans said.

“These institutional allocation has very defined mandates of what types of instruments they can invest in. And that’s really the beauty of the entire playbook is to securitize Bitcoin in these different formats that make institutional allchors invest in it.”

Bitcoin ETFs, first approved in January 2024, also offer liquidity. With BlackRock on board – not to mention what recommends a 5% allocation to Bitcoin – Evans Overton said the window of how investors see Bitcoin shifts. So much so that the Wisconsin Teacher’s Pension now has Bitcoin ETFs, just like Abu Dhabi Sovereign Wealth Fund.

Next: Takes Bitcoin Treasury Companies Global

The only thing that is harder than winning the championship is to defend your title. And with Bitcoin down years to date, it raises the question: Can 210K Capital Top 2024?

Evans said the fund is hitting its positions with a number of auctions, but it is also still “very bullish” on Bitcoin in 2025. It’s even more bullish exporting Michael Saylor’s Bitcoin Treasury strategy to other financial markets.

“We believe there is an opportunity for a Bitcoin Treasury company at each level of the level of a financial market globally,” he said.

UTXO management had a great hand in getting up the Metaplan’s Bitcoin Treasury in Japan. Tyler Evans served as an independent director and Utxo management partner Dylan Leclair served as the Metaplan’s leader of the Bitcoin strategy. Another UTXO portfolio company, The Smarter Web Company, is set for IPO at Aquis Exchange in the UK this week.

Read: England’s Metaplanet? The smarter web company EYES UK IPO with Bitcoin strategy

Public Bitcoin Treasury companies like Metaplanet give traditional investors access to Bitcoin, where other vehicles are limited. In Japan, for example, there are no original Bitcoin ETFs and access to US is limited. This – plus Japan’s low interest rates and a lower capital gains tax on shares Cryptocurrencies – makes it mature for the metaplanet to harvest the market share, Evans believes.

Utxo is watching several markets to incubate Bitcoin Treasury companies including Latin America, Central America, the Middle East, Australia, Thailand and Vietnam. Some of these are already in the works “at different stages of maturity”, Evans teased, with some in the IPO planning phase and others who raised capital.

“Our in -depth stream of agreement by experienced entrepreneurs who want to bring it to their own local market are growing massively,” he said.