A Milestone in Risk-Managed Digital Investing
Fortuna Funds, a Dallas-based investment management company, has officially listed its first investment product, the Fortuna Hedged Bitcoin Fund (HBTC), on the Chicago Board Options Exchange (Cboe). The fund introduces a first-of-its-kind, options-based hedged exposure to bitcoin, targeting risk-averse investors seeking regulated digital asset opportunities.
Founders Mark Adams and Joe Sando rang the ceremonial bell at the Cboe to celebrate the milestone.
‘Bridging the gap’ between experts and everyday investors
“It’s a new strategic entry point for the risk-averse investor,” Sando said in a statement. “Our inaugural product is more than a listing; we’re bridging the gap between expert-level strategies and everyday investors.”
Writing on LinkedIn today, Sando said HBTC “is built for investors who believe in Bitcoin’s long-term potential but want protection against the volatility. It’s actively managed with an options-based hedge, combining upside exposure with risk management.”
Hedged Exposure for Risk-Averse Bitcoin Investors
Unlike traditional bitcoin ETFs, HBTC does not invest directly in bitcoin. Instead, it uses options on bitcoin-related securities to reduce volatility and protect against sharp downside moves, while maintaining growth potential.
“With HBTC performing well and our downside hedging strategies proving effective, our long-term vision to build a platform of hedge fund-style investments with risk-adjusted options is coming to life,” said Adams.
The fund was launched on March 19, 2025, with Wolverine Trading serving as lead market maker. The strategy focuses on capital preservation, transparency, and accessibility for both retail and institutional investors.
Strategic Vision and Future Expansion
Fortuna Funds, established in 2024, combines decades of risk management and derivatives experience to bring institutional-grade strategies to emerging asset classes.
“We plan to thoughtfully expand into other high-potential sectors while staying grounded in investor needs and market responsiveness,” added Adams.
Investor Advisory and Risk Disclaimer
While the fund offers hedged exposure, bitcoin-related investments remain volatile and carry significant risks. Fortuna advises investors to review the fund prospectus before investing.
For more information, visit www.fortunafunds.com.
