March 2025 Monthly Market Performance

The Portal Radiance Multi-Strategy Fund Ltd is a professionally managed institutional-grade crypto hedge fund and an early innovator in generating income directly in Bitcoin (BTC) using a proprietary option-premium extraction strategy.

It uniquely provides investors with upside growth in BTC through volatility and option premium harvesting while actively managing downside risk. It does this without capping upside BTC price gains.

With 15% more BTC generated YTD, March 31, the 5% monthly BTC income has the fund on track to achieve the targeted 100% compound annual growth¹ in its BTC holdings.

Radiance offers a unique BTC growth opportunity for high-net-worth individuals and family offices that are or want to be, long-term Bitcoin holders. It is a superior alternative to holding BTC in an ETF or wallet.

Due to the fund’s compounding nature, the offering is limited and will have a soft close at US$50m.

RADIANCE MULTI-STRATEGY FUND LTD

• Income paid in Bitcoin²
• Exposure to BTC Upside
• Earn from Volatility
• Asymmetric Return Profile
• Managed Downside Risk
• Market-Agnostic Returns
• Annual Doubling Goal¹
• Strategic Tax Location

THE FUND PIVOTED: On the 1 Jan 2025 after 2 years of market testing by one of our team. The Radiance Multi Strategy Fund restructured into a income generating fund extracting Bitcoin using Bitcoin capital and derivatives. As of writing, there are no known other funds that are capitalised in Bitcoin and generate an income paid in Bitcoin.

This unique combination allows the Fund to participate fully in Bitcoin’s upside, without limiting returns through predefined caps, while still extracting income and managing risk which will amplify the Radiance Multi Strategy Fund performancecompared to cash based alternative funds.

The Bitcoin income the Fund extracts is compounded monthly, but this is not evident in the reported monthly returns which will be more correlated with the price of Bitcoin. However, over time with compounding, the yield will outperform even with market corrections. The fund is targeting a 100% return per annum in additional Bitcoin extracted. The Fund is on schedule to achieve this.

Radiance Multi-Strategy Fund Performance: Monthly Returns (2022–2025)

Radiance Multi-Strategy Fund: Pre-Fund Forward Testing (2024-2024), Fund Monthly Returns (2025-Present)

Proven Growth, Now Institutionalized
This growth curve (blue line) reflects actual capital deployment, real-world execution, liquidity management, and risk controls.

What this chart shows:

• Cumulative income, paid and compounded in Bitcoin, even during sideways or declining markets.
• Asymmetric return profile: minimal drawdowns, continuous compounding, and no cap on Bitcoin upside.
• The same strategy now sits inside a fully regulated fund vehicle with institutional-grade infrastructure.

At 15% return in 3 months, this chart visually confirms what many strategies only claim: consistent Bitcoin-denominated growth, achieved through disciplined option-premium extraction, active risk management, and market-agnostic positioning.

FUND KEY FACTS

Fund Type: Limited
Fund

Manager: Mark Witten

Investment Manager: Lima Capital LLC

Subscription Notice: 5 business days preceding the Subscription Day

Redemption Notice: 30 days preceding the Redemption Day

Minimum Investment: USD 100,000 or other currency equivalent

Redemption Fee: $0

Initial Lock-up: 90 days.

Pricing: Monthly

Income: Compounded

Share Class: Class B

Management fee: 2.0% per annum

Performance fee: 20%, subject to HW mark of 7%

Currency Class: USD²

Bloomberg Ticker: PORTAL.B KY

ISIN: KYG7175W1143

Administrator: Kane Solutions

Auditor: RSM Cayman Ltd

Storage Provider: Bitgo

Inception Month: July 2022

🔎 Why Bitcoin? — From an Investor’s Perspective

📈 1. Unmatched Historical Returns

• Bitcoin has outperformed every major asset class over the past decade.
• From 2011 to 2021, its CAGR exceeded 200% — even when accounting for drawdowns.
• Despite volatility, long-term holders have consistently been rewarded.

💎 2. Scarce, Hard Asset in a Money-Printing World

• Bitcoin’s fixed supply (21 million) is coded into its DNA — no central bank can dilute it.
• As governments print more money, Bitcoin stands out as digitally scarce and deflationary.
• Increasingly compared to gold, but with superior portability and verifiability.

🧩 3. Low Correlation & Portfolio Diversification

• Historically shows low to moderate correlation with traditional assets (stocks, bonds).
• Even a small allocation (1-5%) can improve a portfolio’s Sharpe ratio, reducing overall risk while boosting potential upside.
• Hedge funds, family offices, and endowments are now treating Bitcoin as “digital alternative assets.”

💼 4. Institutional Adoption is Accelerating

• Bitcoin is no longer fringe — it’s held by BlackRock, Fidelity, Tesla, MicroStrategy, and many others.
• Major ETFs (like IBIT and ARKB) have brought Bitcoin into regulated financial markets.
• This legitimizes Bitcoin, improves liquidity, and expands access for traditional capital.

🌐 5. Global, 24/7, Borderless Liquidity

• Unlike equities or bonds, Bitcoin trades 24/7 on global markets.
• This constant liquidity and price discovery reduces overnight gaps and allows rapid reaction to macro events.
• Accessible to any investor in the world, regardless of local currency or infrastructure.

🚀 6. Convexity: Asymmetric Risk/Reward

• Bitcoin has a cap of 21 million, but a growing global user base and expanding use cases.
• If adoption continues (or accelerates), the upside is massive — but downside risk is capped to your initial investment.
• Investors call this “asymmetric payoff” — risking $1 for the chance of making $10+.