What you are looking at

A simulation run by real rules: real market data, simulated capital. The capital stays invested in low-risk yield instruments; the interest — and only the interest — buys Bitcoin. The simulation has never dropped below its starting capital — through months in which the price of Bitcoin fell by as much as a third from its January level of $93,870.

Growth is measured by the share value, as in a fund: it started at 1.0000 on January 5; the header above shows where it stands today. Since July 23 the simulation also accepts simulated subscriptions, which enter at that day's share value: that is why total assets grow faster than the share — new money earns no one a free return.

The curve

The value of one share (left scale) against the price of Bitcoin (right scale), from January 5 to July 6 — the reconstructed weekly phase, kept here as an archive. Since July the ledger is daily and lives in the chart below. Over these months Bitcoin lost roughly a third; the share never fell below 1.0000.

Method, stated: in the weekly phase the share is computed from the ledger as capital plus accumulated Bitcoin at that week's price; the two red points (July 13 and July 26) come directly from the on-chain seals. The value derived for July 6 (1.0176) matches the July 13 seal (1.0171): the two methods confirm each other.

Today's chart

It generates and publishes itself every morning, right after the seal — no human hands. Three panels: the accumulated Bitcoin (a counter that never goes backwards), the share value published as it is, even when it falls, and the simulated assets under the label they deserve.

The image and the full historical series (JSON and CSV) live in a public archive ↗ updated automatically: anyone can download them and redo the math. Simulated capital, like everything on this page.

Since July, the ledger writes itself

Until mid-July the ledger was weekly and kept by hand. Since July 21 it is systematic: a rules-based process reads market sources at the origin, applies the fund's frozen rules and executes — no human hands on the ledger. Every morning:

The historical ledger

The weekly phase, reconstructed at real market prices from January 5 to July 6. Since July 23 the operations are daily and live in the on-chain sealed journal: their verification is the chain of seals, not this table.

On-chain verification

The ledger is anchored to a multi-signature vault (Safe) on the Sepolia test blockchain. Anyone can verify, without trusting this page.

One day, four acts

The process never times, never waits, never decides. Every day, on the net of that day's deposits and exits, it performs the same four acts. Code executes; the chain proves it.

Eight years, simulated, net of fees

10,000 deposited on 6 September 2018. Real data (Fed zero-coupon curve, Bitstamp BTC), all fees included. BYA Core shown for comparison — same rules, gradual conversion.

* partial years (from 6 Sep 2018; 2026 through 16 Aug). Values per 10,000 deposited at start, net of all fees.

An estimate, not a promise

• The target value at each date is a curve estimate, not a contract. The ladder holds short treasuries rolled forward; if rates fall, a lot can mature below its estimate. Measured over 2018–2026: about 0.3% per year, concentrated in the zero-rate years.
• The floor is not your deposit. In the most extreme stress we simulated — Bitcoin −99% over eight years — the final value is ~89 per 100 deposited. In every other hostile scenario (flat, −15%/year, −80% crash): between 103 and 116.
• If Bitcoin goes nowhere, treasuries alone would have paid more. That is the trade: you exchange certain yield for sats. In hostile markets the vault keeps buying — often far more sats than in calm ones.
• Drawdowns are real. The simulated path fell 36.7% from its 2025 peak. Entries and exits settle at the day's share value — whatever it is.
• Exit settles in kind. Stablecoins for the treasury share, sats for the Bitcoin share, at the share value of your request. Your sats leave with you.

TIME BEATS THE RATE — IN 9,136 TRADING DAYS SINCE 1990, THE SHORT MATURITY NEVER OUT-DISCOUNTED THE LONG ONE. NOT ONCE.

BYA One is the working name of a product in development. All figures are historical simulations, net of a 0.10% management fee and a 14% performance fee above high-water mark, deducted from the treasury leg only. Simulated performance is not a prediction. Nothing here is an offer or investment advice. Client eligibility is under legal review and will be restricted by jurisdiction; not available to US persons.