Income Fund

World-First Bitcoin Income Fund: Wave BTC Income & Growth Digital Fund

A professionally risk-managed Bitcoin product designed to transform BTC volatility into stable yielding income.
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Objective

WBIG offers a way for Bitcoin investors to improve their risk profile versus holding pure BTC spot exposure.

Methodology

Investors retain Bitcoin exposure through BTC held in the Fund. At the end of each month, Fund Manager sells one-month call options backed by the Bitcoin held in the Fund, collects a premium from option sales, and passes that premium through to investors in the form of a monthly dividend.

The Fund aims to produce 1.5% of AUM in dividends per month (18% per annum).

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Why us

Income and Growth

Investment objective to deliver target monthly USD dividends of 1.5% while still capturing significant upside.

Convenience

Simple vehicle removes administrative hassle and expertise of managing BTC and selling options.

Liquidity

Bi-monthly redemption periods with no lockup. WBIG will be tokenized in the future to allow for 24/7 trading.

Security

State of the art custodians and counterparties reduce risk and safely protect digital assets in the fund.

Hedged Volatility

WBIG investors may profit while being protected against volatility, allowing highly risk-managed exposure to BTC.

Tax Efficient*

Designed to enable Bitcoin cost-basis to roll over upon investment for U.S. investors.
*Wave Financial recommends that potential investors seek professional tax counsel

Annualized Call Premium vs Annualized Volatility

Call Premium assumes 30 day expiry 20% of out the money call option, calculated using the Black Scholes model. Call Premium is defined as Call Price / Price of Instrument. For example, a $100 call on $1000 instrument would be displayed as 10%. Call premium is graphed against annualized volatility, with higher volatility leading to higher prices.
18%
per annum

Employs Covered Call Strategy by holding funds in BTC and selling Call options monthly
Targeting 1.5% monthly dividend (18% pa) while capturing up to 20% of monthly price appreciation, paid out monthly or reinvested.

How it works

01

Investors retain Bitcoin exposure through BTC held in the fund.
02

At the end of each month, our Fund Manager sells one-month call options backed by the Bitcoin held in the fund.
03

We collect a premium from option sales, and pass that premium through to investors in the form of a monthly dividend.

WBIG Perfomance

Jan 2018 - May 2020

1%
management fee on NAV
5%
fee on premium
3%

of original investment

High Yield

WBIG targets an annual 18% yield* through the sale of ~20% out of the money BTC options.

Stable Returns

WBIG strives to smooth out the volatile BTC return profile by converting that volatility into high yield.

WBIG Outperforms Similar Products Offered in Traditional Markets

Covered call strategies are particularly appealing
in crypto markets owing to high volatility

Cumulative Returns of WBIG and GLDI, Gross of Fees

Monthly Coupon Payments as Percent of NAV

Trusted Service Providers

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Bitcoin Income Fund

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