Overview
A closed-ended alternative investment fund focused on the Bitcoin ecosystem.
Bitizen One, formerly Unbound, is managed on behalf of its unit holders and in their exclusive interest, aiming to maximise the value of investments. The fund invests in new and existing companies in the Bitcoin ecosystem, within an institutional framework of independent valuation, risk management and compliance oversight.
The fund meets the requirements of the Portuguese Golden Visa programme for an investment of at least €500,000 in its units. Decisions on residence rest with the competent authorities.
This is a marketing communication. Please refer to the fund's management regulation and key information document before making any final investment decisions. Units are placed by private subscription.
Strategy
Investment policy.
The fund focuses its investments on new and existing companies in the Bitcoin ecosystem: research, investment, staking, mining, blockchain protocol development, liquidity provision and software development. Portfolio companies are expected to hold most of their capital reserves in highly liquid crypto assets, predominantly Bitcoin.
At least 60% of the value of the fund's investments is made in companies with registered office in Portugal. The remaining allocation may be invested in assets permitted by law, including direct exposure to Bitcoin, capped at 40%, held directly or through ETFs and funds with predominant Bitcoin exposure.
Positions are built through equity instruments, equity-similar and convertible instruments, debt instruments, funds and ETFs. The fund pursues active ownership: it seeks presence on the management bodies of portfolio companies, or shareholders' agreements securing its influence, supported by technical and sector expertise.
The fund may not incur loans or provide guarantees, and has no direct or indirect exposure to real estate. Its term is eight years: a four-year investment period followed by a divestment period, extendable by resolution of the unit holders.
Risk factors
Investment involves significant risks, including the loss of the entire capital invested.
The fund is closed-ended: units cannot be redeemed before the end of its term and there is no secondary market for them. An investor must be prepared to hold the units for the whole term.
Regulatory uncertainty
Rapidly evolving laws and compliance requirements may disrupt operations or diminish returns.
Volatility
Digital-asset and blockchain markets are highly volatile, exposing the fund to unpredictable asset value fluctuations.
Technology risk
Scalability, security vulnerabilities and unproven innovations may hinder the success of portfolio investments.
Competition
Intense competition among high-growth companies increases the likelihood of business failures.
Liquidity and exit
Closed-ended funds are inherently illiquid; limited liquidity and unclear exit windows can delay or reduce the realisation of returns.
Loss of capital
Investment may result in the loss of the entire capital invested.
The complete description of the risks is in the management regulation and the key information document, in the documents section of this page.
Fact sheet
- Fund name
- Bitizen One, Fundo de Investimento Alternativo Fechado (formerly Unbound)
- Management company
- Bitizenship Capital, SCR, S.A., from 1 November 2026, by resolution of the unit holders' general assembly of 23 October 2026. Previously 3 Comma Capital, SCR, S.A.
- Fund type
- Closed-ended alternative investment fund (AIF), incorporated by private subscription under the RGA
- CMVM registration
- N.º 2089 · prior registration 24 May 2024
- ISIN
- PTOISUIM0006
- Depositary
- Bison Bank
- Auditor
- BDO
- Fund size
- €30,000,000
- Term
- 8 years: 4-year investment period followed by a divestment period (extendable)
- Investment focus
- Companies in the Bitcoin ecosystem
- Portugal allocation
- At least 60% in companies with registered office in Portugal
- Direct Bitcoin exposure
- Up to 40%, directly or via ETFs/funds with predominant Bitcoin exposure
- Eligible instruments
- Equity, equity-similar and convertible instruments, debt, funds and ETFs
- Leverage
- None. The fund may not incur loans or provide guarantees
- Minimum investment
- €100,000
- Subscription fee
- None
- Management fee
- 1.50% p.a.
- Performance fee
- 10%
- Subscriptions
- Closed. The unit holders have resolved a capital increase; any new subscription period will be announced in the notices to unit holders
- Inception
- 24 May 2024
- Valuation
- Monthly, at month end
Costs reduce the return on the investment. The management fee of 1.50% a year and the 10% performance fee are charged to the fund; there are no entry or exit fees. The key information document shows the effect of all costs on the amount invested and prevails over this summary.
Documents
Fund documentation.
The documents in force are available to download. Annual and half-yearly reports are provided to unit holders through the investor area.
The key information document is being updated for the change of management company and will be published on this page. Until then, the document in force is sent on request.