畢達哥拉斯的阿爾法多頭策略是比特幣 2024 年回報率的 3 倍，今年瞄準企業和主權需求

比特幣（BTC）是市值領先的加密貨幣，去年飆升 121%，突破六位數大關，超越傳統資產。

Pythagoras Investment Management’s Alpha Long Biased Strategy, designed to amplify returns on bitcoin, achieved an impressive 204% gain in 2024, outpacing the 121% gain clocked by bitcoin and highlighting the fund's ability to generate alpha.

畢達哥拉斯投資管理公司的阿爾法多頭偏向策略旨在放大比特幣的回報，在2024 年實現了令人印象深刻的204% 收益，超過了比特幣121% 的收益，凸顯了該基金產生阿爾法的能力。

The fund, which combines a bitcoin base position with two uncorrelated strategies, achieved a 3x gain, compared to the 2x return that a typical buy-and-hold bitcoin investor would have realized. The fund charges an incentive fee only when it beats bitcoin's performance.

該基金將比特幣基礎部位與兩種不相關的策略相結合，實現了 3 倍的收益，而典型的買入並持有比特幣投資者只能實現 2 倍的回報。該基金僅在其表現優於比特幣時才收取激勵費。

The fund's three components include a base position in bitcoin for long-term appreciation, a momentum market timing strategy and a long-short market selection strategy. The allocation to each component is adjusted to maximize returns relative to bitcoin.

該基金的三個組成部分包括比特幣長期升值的基礎部位、動量市場時機策略和多空市場選擇策略。每個組成部分的分配都經過調整，以最大化相對於比特幣的回報。

The Alpha Long Biased Strategy had the smallest fund size among Pythagoras’ four products, with assets under management (AUM) of $7 million. The fund experienced a 2% drawdown in December as BTC slid from record highs above $108,000 to $93,000 at the year-end.

Alpha Long Biased Strategy的基金規模是Pythagoras四種產品中最小的，管理資產（AUM）為700萬美元。隨著 BTC 從 108,000 美元以上的歷史高點跌至年底的 93,000 美元，該基金在 12 月經歷了 2% 的縮水。

Pythagoras’ Arbitrage strategy delivered a 3% return in December, concluding the year with an 18% gain and $45 million in AUM. The Quant Long Short Fund generated a return of 30% in 2024, with $23 million in AUM and the Absolute Return Strategy generated a 41.7% return, amassing $158 million in client funds. The top asset gatherer of 2024 will be closed for new investors from Feb. 1.

Pythagoras 的套利策略在 12 月實現了 3% 的回報，全年收益成長 18%，資產管理規模達到 4,500 萬美元。 2024 年，量化多頭空頭基金的報酬率為 30%，管理規模為 2,300 萬美元，絕對回報策略的報酬率為 41.7%，累積了 1.58 億美元的客戶資金。 2024 年頂級資產聚集地將於 2 月 1 日起停止對新投資者開放。

The combined AUM of the four funds increased to over $230 million from $80 million in 2023.

2023 年，四支基金的總資產管理規模從 8,000 萬美元增至超過 2.3 億美元。

Pythagoras expects the bull market to continue in 2025, fueled by positive regulatory developments in the U.S. and corporate or sovereign demand for bitcoin.

Pythagoras 預計，在美國積極的監管發展以及企業或主權對比特幣的需求的推動下，牛市將在 2025 年持續。