Pizza Day Tribute 3
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
Bitcoin and its two longest-running forks: BTC at 70%, LTC and BCH rounding out. Honors the lineage from May 22, 2010, when 10,000 BTC bought two pizzas. A heritage allocation, not a serious sleeve.
- Curio family · Conservative risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet. The text above is its catalogue description; the framing beside it is derived from the mandate and the risk tier.
3 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01BTC | 70% | ||
| 02LTC | 18% | ||
| 03BCH | 12% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- BTC70%Core anchor
Bitcoin is the only crypto asset that clears the institutional bar on every dimension: deepest order books, longest track record, lowest custody friction.
Strongest in flight-to-quality and pro-risk macro phases when liquidity is abundant. Underperforms in altcoin rotations and AI-narrative cycles.
concentration risk - LTC18%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- BCH12%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. OPIZZA3 is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | +1382.8% | 0.59 | −0.22 |
| 1 year | −29.4% | −0.79 | +0.04 |
| 6 months | −21.6% | −0.98 | −0.30 |
| 3 months | +11.3% | 1.71 | −1.70 |
| 1 month | −4.1% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Drawdowns are bounded relative to the broader crypto market. Constituent caps and liquidity filters contain concentration risk. Full risk parameters live in the methodology rulebook.
- Single-name concentrationHigh
BTC carries 70% of the basket. A drawdown in this single name materially moves NAV.
- Editorial sleeveHigh
Curio family. Lab-corner index: preview only, not sized for institutional mandates.
- Deep historical drawdownHigh
Max drawdown reached −87% in the backtest window. Size accordingly.
- Pre-live statusLow
Preview index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| BTC loses half its valueLargest holding, 70.0% of the basket | −35.0%Mechanical |
| The three largest holdings fall 30%BTC, LTC, BCH · 100.0% of the basket together | −30.0%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 362 days to recover | −86.7%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −27.6%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.96 correlation to bitcoin over its window, so its holdings tend to fall together rather than one at a time. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
This strategy has been shelved
Marketing artifact rather than a real strategy. The basket was anchored to a cultural date and carries no allocation thesis distinct from a Bitcoin-dominant blend already covered by core baskets. We close it to keep the Curio shelf reserved for constructions with an actual research argument.
Retired 2026-05-24