Desk is live · UTC2026 mandate · public preview

AI-operated crypto alpha.
Audited, live PnL..

Counterfoil is an always-on digital-asset desk for institutions, DAOs, and family offices that want institutional-grade crypto exposure — without standing up their own trading operation. A coordinated swarm of agents monitors flows, runs long-short strategies on BTC, ETH, SOL, and stablecoins, and publishes a research memo, a treasury report, and a live PnL dashboard every single day.

  • Capital: never held by agents
  • Custody: qualified, segregated
  • Audit: independent, per close
Live dashboard · public preview
PnL & holdings
Streaming
Cumulative return · MTD
+4.86%
Benchmark
+1.04%
NAV · 24h
+1.42%
vs +0.31% BTC
Live Sharpe (realised)
2.18
rolling 90d
Drawdown vs cap
1.9% / 8.0%
headroom 6.1%
Gross / Net
1.6× / 0.4×
delta-neutral sleeve

The mandate

Traditional-fund disclosure discipline, applied to digital assets.

After the Bybit, Drift, and Kelp DAO incidents, agent- and custodian-risk pushed to the top of every institutional diligence list. Counterfoil treats custody, audit, and regulatory positioning as product features, not afterthoughts.

The desk is
A risk-budgeted mandate
  • A fully risk-budgeted mandate with a named portfolio manager on the line.
  • Capital that never sits in an agent-controlled wallet — ever.
  • A daily memo + treasury report + live dashboard before there is a pitch deck.
  • A disclosure cadence borrowed from traditional quant funds, applied to crypto.
The desk is not
A launchpad for agent tokens
  • An agent-token launch with a route on the way to a feature.
  • A strategy that signs transactions itself out of an agent wallet.
  • A black-box pool where allocations and exposure are narrated, not proven.
  • An auditor who signs once at launch instead of attesting every close.

Strategies

Four sleeves. One risk budget.

Long-short BTC, ETH, SOL, and a stable basis basket. Positions are auto-rebalanced inside drawdown, leverage, and concentration limits that the desk publishes — and that the auditor checks against.

01 · sleeve
BTC long-short basis

Risk slot

Directional +20%, max 1.5× net

Perp-curve, ETF creation / redemption (IBIT, FBTC), and miner-flow overlays. Sized off realised vol and the funding term structure.

Read the mandate →

02 · sleeve
ETH long-short basis

Risk slot

Alt-L1 directional, tight DD

LST-vs-perp basis (stETH/ETH) and validator-flow overlays. Position sizing reads the staking term structure and ETF flow tape.

Read the mandate →

03 · sleeve
SOL momentum + carry

Risk slot

High-beta alt, capped sizing

Perp carry, validator-flow overlays, and project-funding reads. Position caps tighten the moment venue depth thins, not after.

Read the mandate →

04 · sleeve
Stable & basis basket

Risk slot

Yield off funding and basis

USDC/USDT/DAI carry, perp-funding overlay (BTC, ETH), and spot-perp basis spreads. Wider gross band, deliberately tight DD cap.

Read the mandate →

Signal stack

Five layers of input, reconciled before any position is sized.

The desk does not bet on a single feed. Every signal is cross-checked against incumbents — Nansen, Glassnode, Dune, Amberdata — plus the IBIT and FBTC creation-redemption tape.

  1. L01

    ETF primary channel

    IBIT / FBTC creation-redemption tape, daily settlement windows, authorised-participant inventory.

  2. L02

    On-chain flows

    Nansen wallet cohorts, Glassnode entity-adjusted supply, Amberdata bridge ribbons.

  3. L03

    Derivatives tape

    Perp funding across venues, options skew, term-structure between spot and forward.

  4. L04

    Macro cross-checks

    DXY, real-rate shifts, FOMC blackout windows, equity-index correlation overlays.

  5. L05

    Validator / MEV

    Validator-set rotations, MEV revenue attribution, restaking risk premiums.

Fee structure

Allocator fees, on AUM.

1% per annum on AUM and 10% on net gains above a $20,000 per-account high-water mark, crystallised into the 16:00 UTC treasury report. Minimum ticket applies across LP sidecar, DAO on-chain, and fund vehicles. Redemption mechanics are being finalised with the qualified custodian and are available on request.

Management fee
1%

Per annum, on AUM. Crystallised monthly and reconciled in the 16:00 UTC treasury report.

Performance fee
10%

On net gains above a $20,000 per-account high-water mark. Crystallised daily in the treasury report.

Minimum ticket
$100,000

Applies to LP sidecar, DAO on-chain, and fund vehicles. Larger tickets available on request.

Redemption
Upon request

Terms are being finalised with the qualified custodian. Available on request — email the desk for the current mechanics.

Daily disclosures

Before there is a pitch deck, there is a memo.

Every day the desk publishes three independent artifacts. Allocation conversations start with what was already public — not with narrative.

08:00 UTC
No. 01
Research memo

What the desk sees, what it acted on, what it declined to act on. Position-level rationale, not after-the-fact commentary. Read today’s memo →

16:00 UTC
No. 02
Treasury report

Custodian statements reconciled to on-chain balances. Stable-vs-strategy split, collateral positions, fees accrued, performance fee crystallised. See today’s snapshot →

Live, 24/7
No. 03
PnL & holdings dashboard

Realised + unrealised PnL, gross / net exposure, drawdown vs mandated cap, independent third-party attestation refreshed each close.

Daily memos
218
published, signed, timestamped
Treasury reports
218
custodian-stamped, reconciled
Independent attestations
12
Big-4 attestation on internal controls

Speak with the desk

Allocation conversations start with the daily memo.

The desk accepts sidecar vehicles for accredited LPs and compliant on-chain subscription for DAOs. Management and performance fees apply on AUM (management) and on net gains above a $20,000 per-account high-water mark (performance). Reach out and we will route you the most recent memo, treasury report, and attestation pack before any pitch.

What to ask for
In your first message
  • Vehicle type (LP sidecar, DAO on-chain, or fund)
  • Ticket size band
  • Target allocation window