Fundamental allocation. Based on market conditions, the ratio between Bitcoin and stable cryptocurrencies is determined, from 0 to 100% Bitcoin.
Dutch Bitcoin fund · AFM registeredDo not predict.
Do not predict.
Trade systematically.
Highwater Fund manages a continuously active portfolio of more than 50 independent trading systems. The algorithms are direction-independent: they can profit from both price increases and decreases. We do not predict the price of Bitcoin, but trade systematically and automatically.
Why Highwater
Your interest is our interest. Literally.
We only earn when you earn. No return means no compensation; our income is fully linked to your results.
No perpetual costs
No fixed management fee. Only a performance fee of 20% on returns above the high-water mark. Previously earned profit is never double taxed.
Return in bitcoin
Our goal is to grow your Bitcoin holdings. The fund value is expressed and calculated in Bitcoin. Deposits and withdrawals can be made in Bitcoin or euros.
Fully automated
A large suite of extensively tested algorithms operates autonomously 24/7, without human intervention. Built on years of technical analysis.
Profit, even in a falling market
Through the use of derivatives, the algorithms benefit from both price increases and decreases. Many strategies are live simultaneously for various market scenarios.
Limited risk per position
The risk per algorithm is always a fixed percentage of the capital: per position, no more can ever be lost than has been determined in advance. Profits run for as long as possible.
Real-time insight
Through your personal account, you track the value of your holdings in Bitcoin and in euros.
Our strategy
More than 50 systems. Active simultaneously.
Each system captures a small, specific segment of market behavior. Together, they form a portfolio that continuously expresses multiple statistical edges in parallel, rather than relying on a single model or direction.
The algorithms are direction-independent: they can profit from both price increases and price decreases. The algorithms do not require market vision; the structure itself ensures preparation for various market scenarios.
Multi-strategy trading layer. 50+ independent systems trade autonomously on the price of bitcoin, each targeting its own repeatable edge.
Portfolio management & risk. Continuous monitoring of position sizes, drawdown, and the interaction between systems. No single system dominates the whole.
“Return is not the result of a prediction, but of a robust structure of repeatable edges.”
Systematic edge development
Each strategy is developed based on statistical analysis, extensively tested, and only admitted if it has a demonstrable, repeatable edge in the market behavior of bitcoin.
50+ independent systems
By combining systems that each capture a different segment of market behavior, the portfolio is prepared for a wide range of market conditions, without being dependent on a single scenario.
Position sizing & drawdown control
The risk per position is always a fixed percentage of the total capital. Profitable positions are held for as long as possible. Losses are structurally limited before they are taken.
More bitcoin, measured in bitcoin
The primary goal is to outperform Bitcoin. Not simply holding possession, but actively making it work, regardless of the direction of the market.
Pricing
Transparent. No fine print.
One simple promise: ongoing costs are zero. We only earn when your participation reaches a new record value (high-water mark).
| Expense item | Explanation | Rate |
|---|---|---|
| Management costs | No fixed management fee, regardless of fund size. | 0,00% |
| Service costs | No annual custody fee on invested assets. | 0,00% |
| Account costs | No costs for anything related to compliance and additional account management. | 0,00% |
| Transaction costs | Some managers charge 0.1-0.2% of the trading volume per executed trade as an additional fee. We do not. | 0,00% |
| Performance fee | Only about yield above the high watermark. | 20,00% |
| Entry costs | At moment of buying participations. | 1,25% (BTC) / 1,50% (EUR) |
| Exit costs | At moment of selling participations. | 1,25% (BTC) / 1,50% (EUR) |
Management costs
0,00%No fixed management fee, regardless of fund size.
Service costs
0,00%No annual custody fee on invested assets.
Account costs
0,00%No costs for anything related to compliance and additional account management.
Transaction costs
0,00%Some managers charge 0.1-0.2% of the trading volume per executed trade as an additional fee. We do not.
Performance fee
20,00%Only about yield above the high watermark.
Entry costs
1,25% (BTC) / 1,50% (EUR)At moment of buying participations.
Exit costs
1,25% (BTC) / 1,50% (EUR)At moment of selling participations.
Administrative, automation, development, and advisory costs are borne entirely by the manager, not by the fund or the participants.
Why Highwater Fund
Our name says it all about our model: we only earn when we generate more bitcoin than has ever been achieved before. If bitcoin rises in value, that is entirely yours. We do not share in the underlying price increase. We only charge a fee when our algorithms reach the highest point. If the value drops temporarily, you pay nothing until it is fully recovered. Our interests are your interests.
Security & governance
Structured as it should be.
A Dutch fund structure with segregated management and custody, registered with the regulator and built on strict compliance.
Separated assets
The fund assets are the legal property of an independent custodian foundation and are completely separate from the assets of the manager. Management and custody are structurally separated.
Closed circle
A maximum of 149 Dutch participants consisting of private individuals and private limited companies. Each participant undergoes thorough customer due diligence, including screening against international sanctions lists.
Participate
Participant in four steps.
Entry and exit are possible twice a month, on the 14th and 28th.
Register
Fill in the contact form or contact us on +31 (0)6 13 77 05 70. We will then schedule an online or in-person introductory meeting, after which the customer due diligence required under the Wwft can be carried out.
Deposit your stake
From €5,000 or the equivalent in Bitcoin, via a European bank account in your own name. Subsequent purchases from €1,000.
Receive participations
On the next trading day, your shares will be issued at the then-current NAV. You will receive written confirmation.
Track your return
View the value of your shares in real-time in your personal account; in both Bitcoin and euros.
About us
History and the future.
Highwater Fund traces its origins back to a long-standing and in-depth involvement with Bitcoin, dating back to 2017. Based on the conviction that Bitcoin will play a fundamental role in the future of asset management, experience has been gained in active Bitcoin trading since 2018, initially on a manual basis.
From 2022 onwards, trading strategies were systematically mapped out and gradually further automated, resulting in a fully algorithmic processing of all trading signals, without human intervention in execution. This approach was tested in practice from October 2023 within a limited, closed circle. The returns realized with this system formed the basis for the formal establishment of Highwater Fund; the precursor system was closed in February 2026, after which Highwater Fund officially launched on March 14, 2026.
Highwater Fund thus builds upon years of market experience and carefully tested algorithmic policies, and is now open to a broader group of investors who wish to participate in the evolution of Bitcoin in a responsible and professionally managed manner.