Profit Model (Cryptocurrency Related) Management fee: Charge investors an asset management fee, typically ranging from 1% to 2% of the asset size, with the specific rate fluctuating based on the fund size and type of investor. Performance sharing: When the fund's returns exceed the preset benchmark, a performance fee of 10% - 20% of the excess returns is charged, especially during bull markets in the cryptocurrency market (such as the rise in Bitcoin prices in 2023-2024), where performance sharing significantly increases. Derivatives Trading: Profit from the bid-ask spread of Bitcoin options, for example, by selling call options when market volatility rises to earn premiums.

The role and significance of the profit model Diversify risk: The negative correlation between gold and Bitcoin (for example, during the Federal Reserve's interest rate hike in 2022, gold fell 0.2%, while Bitcoin dropped 65%) helps to smooth out portfolio volatility. Derivatives trading can hedge against extreme market risks. For example, during the Silicon Valley Bank crisis in March 2024, gold options were used to hedge the downside risk of Bitcoin holdings. Attracting high-risk preference investors: The high yield potential of cryptocurrencies (such as Bitcoin rising 150% in 2023) attracts institutional investors seeking excess returns, with management fees and performance sharing becoming important sources of income. Responding to Inflation: The anti-inflation properties of gold complement Bitcoin's positioning as "digital gold." During the period of high global inflation from 2022 to 2024, the fund achieved an annualized return of 12.3%, outperforming the gold ETF during the same period (8.7%).

Affected cryptocurrencies and their impact methods Bitcoin ( BTC ): Impact mechanism: The fund influences market liquidity through Bitcoin futures and options trading. For example, when the fund buys futures contracts on a large scale, it may drive up the price of Bitcoin (such as when Bitcoin broke $60,000 in April 2024, the fund increased its position by 5%). Market share: As of June 2025, the fund holds a Bitcoin market value of approximately $280 million, accounting for 0.12% of the total Bitcoin market value. Although the proportion is not high, due to its professional investor attributes, its trading behavior is often regarded by the market as a barometer. Other cryptocurrencies: Current public information shows that the fund only invests in Bitcoin and does not involve other cryptocurrencies such as ETH and SOL.