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.
The mandate
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.
Strategies
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.
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.
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.
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.
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.
Signal stack
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.
IBIT / FBTC creation-redemption tape, daily settlement windows, authorised-participant inventory.
Nansen wallet cohorts, Glassnode entity-adjusted supply, Amberdata bridge ribbons.
Perp funding across venues, options skew, term-structure between spot and forward.
DXY, real-rate shifts, FOMC blackout windows, equity-index correlation overlays.
Validator-set rotations, MEV revenue attribution, restaking risk premiums.
Fee structure
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.
Per annum, on AUM. Crystallised monthly and reconciled in the 16:00 UTC treasury report.
On net gains above a $20,000 per-account high-water mark. Crystallised daily in the treasury report.
Applies to LP sidecar, DAO on-chain, and fund vehicles. Larger tickets available on request.
Terms are being finalised with the qualified custodian. Available on request — email the desk for the current mechanics.
Daily disclosures
Every day the desk publishes three independent artifacts. Allocation conversations start with what was already public — not with narrative.
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 →
Custodian statements reconciled to on-chain balances. Stable-vs-strategy split, collateral positions, fees accrued, performance fee crystallised. See today’s snapshot →
Realised + unrealised PnL, gross / net exposure, drawdown vs mandated cap, independent third-party attestation refreshed each close.
Speak with the desk
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.