David Bailey’s hedge fund achieves 640% returns by investing in Bitcoin proxies

Key Takeaways

• 210k Capital achieved a 640% net return by investing in companies accumulating Bitcoin.
• Major holdings include firms like The Smarter Web and Metaplanet that have transformed into significant Bitcoin buyers.

210k Capital, an investment fund led by Trump’s crypto adviser David Bailey, generated a 640% net return in the 12 months through June by investing in Bitcoin treasury companies, according to a new report from Bloomberg. The fund managed $433 million in assets as of June 30.

Bailey, who helped launch Bitcoin Inc. and organized the recent Bitcoin 2025 event, has profited handsomely from both advocacy and investment. He’s backed multiple public firms and urged them to add Bitcoin to their treasuries. His investment in UK-based The Smarter Web has returned nearly 14,000% since February, according to Bloomberg.

The fund is exploring 30 additional investments in existing and potential Bitcoin proxies, according to 210k Capital Managing Partner Tyler Evans.

Its current portfolio spans Japan, Canada, Sweden, Australia, the US, and the UK, comprising about 95% of its assets. Along with The Smarter Web, other prominent names include Metaplanet and The Blockchain Group.

Metaplanet is one of 210k Capital’s largest holdings. The publicly traded hotel operator turned Bitcoin buyer, often referred to as Asia’s MicroStrategy, represents about a quarter of its portfolio.

The fund paid $1 million for warrants that it later converted into common stock, which is now worth about $106 million. Before Metaplanet’s strategic shift, 210k Capital managed just $44 million.

The fund is now targeting markets without spot Bitcoin ETFs, including India, South Korea, and countries in Southeast Asia and Latin America. “Those are all opportunities that we’re very eager on, that we hope to be able to announce a deal in soon,” Evans said.