According to Michaël van de Poppe, MN Fund returned +9.82% in December 2025 and +10.13% since inception in July 2025, highlighting resilient performance during a difficult quarter (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update cited in the thread). Over the same period, Bitcoin corrected by roughly 18%, resulting in a +34.49% return versus BTC for the fund in 2025, indicating strong benchmark outperformance (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). Q4 2025 acted as a stress test with thinning liquidity and elevated volatility, yet the fund continued to generate returns while many assets revisited October lows (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). A flash crash on October 10 marked the fund’s largest positive trading day, underscoring the robustness of its disciplined volatility strategy (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). Looking to 2026, the fund stated that macro headwinds turning into tailwinds and rising market volatility and volume could support continued outperformance versus BTC (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update).

According to Michaël van de Poppe (@CryptoMichNL), his MN Fund delivered a net return of 11% in the first quarter by trading the volatility of BTC and ETH, based on his X post dated Oct 16, 2025 (source: X post by Michaël van de Poppe, Oct 16, 2025). According to the same source, the fund executed its first OTC trade in that quarter and scaled up its volatility trading in recent weeks (source: X post by Michaël van de Poppe, Oct 16, 2025).

According to Michaël van de Poppe (@CryptoMichNL), MN Fund has officially been registered under the AIFMD 'light' regime with the AFM, allowing the hybrid liquid fund to begin trading on July 1st, 2025. The fund utilizes multiple trading strategies to maximize returns and manage risk, making it attractive for institutional and retail investors seeking diversified exposure in the cryptocurrency market. The regulatory approval under the Alternative Investment Fund Managers Directive (AIFMD) enhances investor confidence and is likely to bring increased liquidity and professional capital into the crypto trading landscape. This launch may also positively influence market sentiment and set a benchmark for compliant crypto hedge funds in Europe (Source: Michaël van de Poppe on Twitter, June 6, 2025).