毕达哥拉斯的阿尔法多头策略是比特币 2024 年回报率的 3 倍，今年瞄准企业和主权需求

比特币（BTC）是市值领先的加密货币，去年飙升 121%，突破六位数大关，超越传统资产。

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.

毕达哥拉斯投资管理公司的阿尔法多头偏向策略旨在放大比特币的回报，在 2024 年实现了令人印象深刻的 204% 收益，超过了比特币 121% 的收益，凸显了该基金产生阿尔法的能力。

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.

该基金将比特币基础头寸与两种不相关的策略相结合，实现了 3 倍的收益，而典型的买入并持有比特币投资者只能实现 2 倍的回报。该基金仅在其表现优于比特币时才收取激励费。

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.

该基金的三个组成部分包括比特币长期升值的基础头寸、动量市场时机策略和多空市场选择策略。每个组成部分的分配都经过调整，以最大化相对于比特币的回报。

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的基金规模是Pythagoras四种产品中最小的，管理资产（AUM）为700万美元。随着 BTC 从 108,000 美元以上的历史高位跌至年底的 93,000 美元，该基金在 12 月份经历了 2% 的缩水。

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 月份实现了 3% 的回报，年底实现了 18% 的收益和 4500 万美元的资产管理规模。 Quant Long Short 基金在 2024 年产生了 30% 的回报，管理规模为 2,300 万美元，而绝对回报策略则产生了 41.7% 的回报，积累了 1.58 亿美元的客户资金。 2024 年顶级资产聚集地将于 2 月 1 日起停止对新投资者开放。

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

2023 年，四只基金的总资产管理规模从 8000 万美元增至超过 2.3 亿美元。

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 预计，在美国积极的监管发展以及企业或主权对比特币的需求的推动下，牛市将在 2025 年持续。