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Strategy Overview

Millburn has systematically traded in the exchange-traded cryptocurrency futures market on a long and short basis since 2021. Our approach applies the same disciplined, data-driven process used across all of Millburn's strategies, without long or short bias, treating each crypto market as simply another instrument to trade and increase overall diversification.

All of our cryptocurrency exposure is obtained through futures contracts traded on the CME, subject to similar clearing, pricing transparency, ability to trade on margin, and oversight as any other futures markets.

Exchange-Traded Futures Markets

Millburn currently invests in Bitcoin, Ethereum and Solana cryptocurrency futures, a focused set of contracts that we expect to expand as newly-added instruments meet our strict criteria for inclusion.

Bitcoin Futures

Bitcoin Futures

The most liquid and widely traded cryptocurrency futures market, focused on being a decentralized store of value. The CME Bitcoin futures market has deep order books and well-established contract structures.

Ethereum Futures

Ethereum Futures

The second-largest cryptocurrency by market capitalization, Ethereum, focuses on decentralized finance (DeFi) and other applications. The CME Ethereum futures market has growing depth, in some cases with volumes surpassing Bitcoin's, and distinct price dynamics.

Solana Futures

Solana Futures

A more recent addition to the regulated futures universe, Solana is designed for speed and low costs, and reflects the continued expansion of tradable cryptocurrency markets.

As the universe of exchange-traded cryptocurrency futures grows, Millburn intends to expand its tradable market set. New instruments are evaluated using the same research framework applied across all our strategies—incorporated only when sufficient liquidity, data history, and regulatory clarity exist.

The Case for Crypto Futures in a Portfolio

Distinct Return Profile

Risk and return characteristics that have historically been unlike those of traditional asset classes, offering a potential source of complementary returns.

Asset Class Maturation

As this asset class continues to mature, we believe it will demonstrate more of its own unique characteristics, creating the potential for further diversification within a portfolio.

Efficient Access

Futures-based exposure through regulated exchanges, without the operational complexity of holding digital assets directly.

Systematic Edge

Cryptocurrency markets are relatively young and prone to sharp dislocations—an environment in which we believe systematic, data-driven approaches can be particularly well suited.

How We Invest

Millburn's approach to cryptocurrency futures is no different in philosophy from how we trade equity index futures, interest rate futures, commodity futures or currencies. The models evaluate data, determine positioning (long or short, without bias), and manage risk continuously and systematically. The difference is the market, not the method.

How Investors Access This Capability

Millburn's cryptocurrency futures capabilities are embedded in the Millburn Alloy Program and our resource-focused strategies. For most investors, these programs provide the most natural point of access.

Investors with a specific interest in dedicated cryptocurrency exposure are encouraged to contact us directly to discuss available options.