Scoreboard
Generated 2026-10-23 08:20 UTC. multiples of holding Bitcoin; counts; dates. Hold-BTC is always 1.000.
Live book
BTC book only (Kraken). Capital is never shown. The on-chain pot is a separate USDC ledger. Half-size at 15 % drawdown, halt at 25 %; not halted. Tokenised-equity pot: 1.000 × USDC, its own ledger.
Day by day
One point per daily bar, valued at the bar close, live book and shadow books on the same marks. Multiples of hold-BTC. Shadow books shown here: the independent rules; every book.
Research ledger
Windows: post-ETF epoch, Jan 2024 to today: fit Jan 2024 to Aug 2025 (the only ranked window); holdout, the last 12 months (PASS/FAIL, never ranked); pre-ETF from 2020 and from 2015 as stress: can fail a line, never promote one. Every trial is pre-registered; the ledger is the denominator for the deflated Sharpe ratio.
Decision ledger
Every live proposal — approved or vetoed — scored against the asset/BTC ratio at fixed horizons. Too few rows to mean anything yet; shown anyway. Rows scored: 406.
| verdict | horizon (d) | n | mean ratio return % |
|---|---|---|---|
| vetoed | 1 | 74 | -0.52 |
| approved | 1 | 34 | 0.47 |
| vetoed | 3 | 74 | 2.55 |
| approved | 3 | 34 | 0.04 |
| vetoed | 7 | 74 | 6.89 |
| approved | 7 | 32 | 6.65 |
| vetoed | 30 | 70 | -7.23 |
| approved | 30 | 14 | 7.07 |
Kitsunebi
72 rows are retro (existed before the ledger; their proof dates the anchoring day, not the git date). First non-retro registration 2026-09-04. The ledger.