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Bitcoin ‘Accumulator’ Better Fit for Corporates Than Dollar-Cost Averaging Strategy, Research Suggests

Published

3 месяца ago

18 июня, 2025

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Corporate adoption of bitcoin BTC is well-known, and most of it involves a classic buy-and-hold strategy, loosely analogous to the dollar-cost averaging (DCA) strategy.

While investors of all kinds widely prefer DCA, new research by crypto options market maker Orbit Markets shows that since 2023, it has underperformed a structured product called an «accumulator,» popularly known as «I Kill You Later» in traditional markets.

«Our backtest results show that the accumulator strategy outperformed DCA over the past 2.5-year period,» said Pulkit Goyal, head of trading at Orbit Markets, told CoinDesk. «Three-month accumulators delivered a 10% outperformance, while longer tenors did even better — six- and twelve-month accumulators outperformed by 13% and 26%, respectively.»

Goyal added that accumulators offer a disciplined, cost-effective approach to token accumulation, making them «a natural fit for crypto treasury companies’ use case.»

Both DCA and the accumulator operate the same principle – stop timing the market. While DCA simplifies investing by spreading out purchases over time, the accumulator helps acquire coins at a discount in a structured setup and helps outperform DCA during bull runs.

Primer on accumulator

The accumulator is a time-structured product linked to the performance of an underlying asset with an upside knock-out barrier – level, which, if hit, terminates the structure.

Here is how it works: An investor agrees to buy a certain amount of the underlying asset at a fixed, discounted price (the Strike) over regular intervals, such as daily or weekly, for a set period.

The product runs through the pre-determined set period unless terminated early due to an early knock-out by the spot price rising to the barrier.

Note that the investor has an obligation, not a choice, to buy the asset at the discounted strike price and must double the buy in case the spot price dips below the discounted strike.

Example of BTC accumulator

Consider a three-month accumulator where an investor commits to buy $1,000 worth of BTC every week at a strike price of $94,500, with a knock-out level of $115,000.

The strike price of $94,500 is 90% of the current spot price of around $105,000. In other words, the investor is now mandated to snap up coins at a discount, assuming the spot price holds above the strike price of $94,500 and below the knock-out of $115,000.

If BTC tops the knock-out level, the structure is terminated.

If the price falls below $94,500, the investor doubles the weekly purchase to $ 4,000 at the same strike, i.e., $94,500 – there is no way out, meaning the investor ends up buying at a price higher than the prevailing market rate. (this is why it gets the nickname «I kill you later.»)

Hence, the accumulator is not suitable for day traders, short-term traders and speculators and may not necessarily outperform DCA in a bear market.

Backtesting

Orbit backtested a three-month BTC accumulator, spanning from January 2023 to June 13, 2025, assuming the investor continuously rolled into a new one upon reaching maturity or a premature knock-out event.

Results show an average BTC acquisition cost of $39,035 for the accumulator, which is 10% lower than the DCA average purchase price of $43,329. The DCA involved investing a fixed dollar amount in BTC every week.

Longer maturity accumulators of 6 and 12 months performed even better, achieving average costs of $37,654 and $32,079, respectively, outperforming DCA by 13% and 26%.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

17 часов ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

17 часов ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

17 часов ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.