Fund I closed Dec 2025 · Fund II now forming
Capital Preserved. Alpha Delivered. Cycle Two Ahead.
Jones Digital Capital Fund navigated four years of historic digital asset volatility — long only, no hedges — and returned capital to every investor. Fund II launches into what we believe is one of the most compelling setups in the asset class's history.
Fund I Track Record
A story of relative alpha and capital preservation
Fund I operated as a long-only strategy with no short positions, no derivatives, and no hedges. Delivering positive absolute returns through Terra/LUNA, FTX, and two full market cycles reflects disciplined asset selection and active risk management — not leverage.
“The story of this fund is one of capital preservation and relative alpha, not absolute returns. Our positive compound annual growth rate highlights material relative outperformance, and I look forward to carrying the lessons learned into future investment endeavors.”
— Carter Jones, Managing Partner, December 2025
Fund I Timeline
Four years navigating an historic market cycle
Fund inception
Jones Digital Capital Fund launched with inaugural investor commitments. ETH benchmark at $4,623.68. The fund entered the market near the peak of a historic bull cycle — long only from day one.
First systemic dislocation
Terra/LUNA collapsed in May, wiping over $40B in market cap. FTX imploded in November, triggering a second wave of contagion. The broader market fell more than 75%. Without the ability to short, the fund preserved capital through active allocation management and disciplined exposure reduction.
Recovery and cycle close
The fund navigated a market recovery driven by spot BTC ETF approvals and renewed institutional demand, managing a second major volatility event while maintaining a positive CAGR. Monthly investor reports continued throughout.
Full fund liquidation
Fund I closed fully liquidated with all capital returned to investors. ETH stood at $2,970.66 at closure — down 35.75% from inception. JDCF investors received a positive 31.66% return. No fund expenses or fees remained outstanding.
Monthly Investor Reports
Transparency as a management standard
The ecosystem report: your edge in a fast-moving market
Every month, investors receive a comprehensive report authored by Carter Jones covering portfolio composition, performance attribution, and deep analysis of the broader digital asset ecosystem.
These reports go well beyond a standard NAV update. Subscribers gain Carter's primary research on on-chain trends, tokenomics developments, regulatory shifts, macro catalysts, and sector rotations — the same analysis driving every allocation decision inside the fund.
In a space where information asymmetry drives returns, this monthly briefing is among the most tangible and enduring benefits of fund participation. It has been delivered without interruption for every month of Fund I's four-year life.
Market Outlook 2027–2031
Why the next cycle is the most compelling yet
The BTC four-year cycle
Bitcoin's halving cycle has historically preceded the strongest appreciation periods in the asset class. The April 2024 halving positions 2025–2026 as the likely accumulation and consolidation phase, with peak cycle returns expected in the 2027–2028 window — exactly when Fund II will be fully deployed.
Stablecoin adoption at inflection
Stablecoin transaction volumes have surpassed those of Visa and Mastercard individually. Regulatory frameworks in the US and EU are formalizing stablecoin infrastructure, paving the way for institutional-scale adoption in payments, settlement, and DeFi — a rising tide that lifts the broader ecosystem.
AI and crypto convergence
Decentralized compute networks, AI agent economies, and on-chain model verification are creating an entirely new category of digital asset investment. The intersection of AI and blockchain represents one of the fastest-growing thematic opportunities in technology — an area with deep on-chain research advantages.
Additional positive catalysts
Spot ETH ETF maturation and continued BTC ETF inflows. A materially friendlier US regulatory posture toward digital assets. Real-world asset tokenization scaling into institutional portfolios. Continued Layer 2 infrastructure buildout reducing friction for mainstream adoption.
BTC halving cycle — historical context and Fund II positioning
Investment Philosophy
How we think about digital assets
On-chain research
Deep blockchain analytics — tokenomics, vesting schedules, on-chain flows — to identify asymmetric opportunities others miss. We use Etherscan, Glassnode, Dune, and DappRadar as primary research tools.
Capital preservation first
Fund I proved it: delivering positive returns in a long-only structure through two systemic dislocations is the ultimate test of risk discipline. Fund II inherits that framework — now augmented with multi-directional capability.
Institutional infrastructure
Industry-leading accountants, auditors, attorneys, and administrators. Monthly ecosystem reports for every investor. Compliance-first operations from day one, carried forward into Fund II.
Fund II
An evolved strategy for a maturing market
Fund I — 2021–2025
Long-only exposure to digital assets. Positive absolute returns through two systemic dislocations. Outperformed ETH benchmark by 67.42% cumulatively over four years with no ability to hedge.
Fund II — 2026/2027 onward
Multi-directional strategy. Long and short exposure across liquid digital assets, DeFi, and emerging AI-crypto infrastructure. The same research-driven discipline — with the full toolkit.
- —Built on a verified four-year, two-dislocation, long-only track record
- —Multi-directional structure: long, short, and derivatives-enabled for the first time
- —Positioned for the 2025–2027 post-halving accumulation phase with active downside protection
- —Monthly ecosystem reports continue as a core investor benefit
- —Industry-leading legal, audit, and administrative infrastructure carried forward
- —Open to accredited and institutional investors — expected launch 2026 or early 2027
Leadership
The team
Carter Jones founded Jones Digital Capital Fund in November 2021 with a conviction that digital assets represent one of the most compelling asymmetric opportunities in modern finance — and that investors deserve a rigorously managed way to access them.
Over four years, Carter steered Fund I through two of the most severe market dislocations in crypto history — the Terra/LUNA collapse and the FTX contagion — while operating entirely long only, with no ability to hedge. Delivering a positive 31.66% return against a benchmark that fell 35.75% over the same period is the defining evidence of his approach: meticulous on-chain research, disciplined position sizing, and an unwillingness to chase performance at the cost of capital preservation.
His analytical edge is rooted in deep blockchain research capabilities — tokenomics modeling, vesting schedule analysis, liquidity assessment across Etherscan, Glassnode, Dune, and DappRadar — and a background in financial services rooted in traditional advisory. He authors the fund's monthly ecosystem reports personally, giving investors a research product that reflects the same analysis driving every allocation decision.
Contact
Qualified investors only
Jones Digital Capital Fund II is open to accredited and institutional investors. Reach out to learn more about strategy, fund terms, minimum commitments, and our monthly reporting program.
carter@jonesdigitalcapital.com