Digital Asset Fund · $5,000 + $1,250/mo
A crypto fund with the paperwork investors ask about first.
Everything in the Emerging Fund plan, plus the pieces a digital asset fund actually needs: documents that address custody, forks, airdrops and staking; a qualified custodian; exchange accounts under a wallet policy; and the commodity-pool exemption if you trade perpetuals or futures. $20,000 in year one, all in.
What's different about a digital asset fund
Four things, each handled.
Custody
Investors and auditors want a qualified custodian, not a hot wallet. We set up Coinbase Prime, Anchorage or BitGo in the fund's name and write the wallet policy: who can move what, with how many signatures.
Documents
The PPM and LPA (independent counsel) cover valuation of thin tokens, forks and airdrops, staking and lending income, custody risk, exchange failure and side-pocketing illiquid positions. Boilerplate equity documents don't.
Regulation
Spot-only funds aren't commodity pools. The day you trade perps, futures or swaps you are one, so we file the CFTC Rule 4.13(a)(3) exemption with the NFA before the first such trade and reaffirm it every year.
Administration
Positions marked daily from custodian and exchange exports, cost basis tracked by lot for the tax preparer, NAV monthly, statements the same as any other fund. Priced at $1,250 a month because the data work is heavier.
What you get
| Item | Included |
|---|---|
| Delaware LP fund, LLC general partner, LLC management company, EINs, registered agent | Yes |
| PPM, LPA, subscription documents and investor questionnaire written for digital assets (independent counsel) | Yes |
| Qualified custodian onboarding and wallet policy | Yes |
| Exchange account setup (up to 3 venues) | Yes |
| Form D, state blue-sky notices, exempt reporting adviser filing, compliance manual | Yes |
| CFTC/NFA 4.13(a)(3) exemption and annual reaffirmation, if you trade derivatives | Yes |
| Administration: daily-marked positions, monthly NAV, capital accounts, investor statements, KYC/AML | Yes |
| Investor onboarding portal with e-signature | Yes |
| Annual audit and tax (crypto-literate CPA firms) | At cost, quoted up front |
| Cayman feeder for offshore investors | Mini-Master plan, $29,500 + $1,750/mo |
Hedge Fund in a Box is not a law firm, broker-dealer or investment adviser. Documents are prepared by independent fund-formation counsel engaged on your behalf; custody is with the qualified custodian, never with us. Nothing on this page is an offer to sell securities.
Questions
Do I need a qualified custodian for a small fund?
Legally it depends on your adviser status; practically, yes. Auditors and most investors won't accept self-custody, and the custodian's statements are what the NAV is built on.
Can the fund stake or lend?
Yes, if the documents permit it and the valuation policy covers it. Both are written into the PPM up front so investors know, and staking income is tracked separately for the tax preparer.
What about a token fund or venture-style positions?
Illiquid or locked tokens go into a side pocket so they don't distort the NAV of the liquid book. Side pockets are in the documents and the administration from the start.
Why is administration more than the equity plan?
Crypto positions are marked every day from several sources, cost basis has to be tracked by lot across venues, and staking, airdrops and forks create entries an equity fund never sees. It's more work, so it's $1,250 instead of $995.