The monetary Endgame is underway.
The world's money is moving toward Bitcoin. We built a fund to capture the best of it.
The world's money is moving toward Bitcoin. We built a fund to capture the best of it.
When money leaks value, people are pushed into shorter time horizons. Scrambling just to hold on to what they already earned. Most people either sit on the sidelines or chase risky bets, missing the rare opportunities where the upside far outweighs the risk.
Bitcoin is becoming the world's alternative monetary system. As it scales, opportunity forms around it: in the companies, instruments, and markets being built in its wake. Most investors see the headline. Few understand the structure underneath. Endgame exists to hunt the gap between the two.
The ETFs, options, and capital structures are already here. The investors who understand how to use them haven't caught up. That's where Endgame operates.
Bitcoin now has the financial infrastructure of a mature asset class. But the market still prices it like a misunderstood one. That's the window.
We are not a high-frequency or algorithmically traded fund. We hunt active opportunities across the Bitcoin ecosystem and roll the profits into building the fund's core Bitcoin position over time.
Options overlays, capital structure trades, and special situations across Bitcoin, treasury companies, and preferred stock. Every position enters with a defined thesis and a plan to exit.
Bitcoin ETFs and liquid public equities as the fund's compounding foundation. All positions held through SEC-regulated instruments.
Profits from active trades compound into Bitcoin exposure over time, building the fund's core position. Between opportunities, capital earns yield in high-yield Bitcoin preferreds. Not sitting idle.
Strategic use of options to harvest tax losses and offset capital gains. All while maintaining full market exposure. Your portfolio stays positioned; your tax bill doesn't.
All positions held through SEC-regulated, U.S.-listed securities. No direct custody of digital assets.
Assets trading at discounts or premiums to their underlying value. The market repeatedly misprices structural relationships we've studied for years.
Buying convexity ahead of catalysts and harvesting volatility when it turns emotional. Six years of derivatives experience turns volatility from risk into edge.
Preferred stock and convertibles repricing when the instrument is misunderstood. Bitcoin capital structures are expanding faster than analyst coverage can keep up.
Euphoria is a signal to reduce risk, not add it. Taking the other side during market extremes is where the biggest gains hide.
The manager only wins when you do.
Substantial personal capital invested alongside every LP. Same positions, same risk, same outcome.
No performance fee unless the fund surpasses the risk-free rate. If we don't beat Treasuries, you don't pay carry.
If we return 20% annually like a good hedge fund, you pay less than one. Our base performance fee is 15%, while the standard is 20%. If we double your money like an elite venture fund might, we don't charge 30% like they would. Our blended rate is 26%. No seven-year lockup like them either. Just give us 90 days notice to access your funds. See the investor deck for full tiered fee details.
Straightforward monthly reporting administered through Repool, with a monthly investor newsletter and a clear portal to view active returns. Targeting Richey May for independent annual audits.
"I allocate nearly my entire net worth alongside the fund. If Bitcoin is going to break, I'll be the first to know, because I need to know."
Michael built cross-border payments infrastructure on Bitcoin and Lightning before joining Blockstream to lead product strategy. His background in AI and software engineering trained him to analyze systems, think statistically about positioning, and obsess over how things fail. His edge isn't being bullish. It's understanding what structurally drives Bitcoin adoption and translating that into disciplined, liquid positioning.
Schedule a confidential conversation with the CIO. You'll receive the full investor deck as a pre-read before the call.
This website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only by means of a confidential private placement memorandum and only to qualified investors in jurisdictions where permitted by law.
Investment in the fund involves significant risk, including possible loss of principal. Past performance is not indicative of future results. The fund is only available to accredited investors as defined under Regulation D of the Securities Act of 1933.
Bitcoin and related investments are highly volatile and speculative. The value of Bitcoin can fluctuate significantly over short periods, and investors may lose all or a substantial portion of their investment. Prospective investors should carefully review all offering documents and consult with their own legal, tax, and financial advisors before making any investment decision.
Endgame Fund I LP is a Delaware limited partnership. Endgame Management LLC serves as investment manager and operates as an Exempt Reporting Adviser pursuant to applicable federal and state securities regulations. The fund invests exclusively in publicly traded securities including exchange-traded funds, listed equities, and exchange-traded options. No direct holdings in digital assets or cryptocurrencies.