A 3% bitcoin position does not behave like a 3% position. At bitcoin’s volatility, a small allocation can take up a large share of a risk budget. Bitcoin you can actually size: $HBIT For important investor information, including prospectus and risk considerations, visit:

Bitcoin’s Volatility Problem: A Better Way to Manage the Risk Keith McCullough has spent years warning investors about complacency around Bitcoin risk. As Wall Street banks and asset managers increasingly pushed Bitcoin as another allocation in the traditional portfolio, Hedgeye focused on what that conversation was missing: risk management. Bitcoin has suffered four drawdowns of more than 50% since 2011. Even a relatively small allocation can consume an outsized share of a portfolio’s risk budget. Getting exposure to Bitcoin is easy. Managing the volatility and downside risk is the hard part. Keith sits down with Hedgeye Asset Management CIO John S. McNamara III, Portfolio Manager of the Hedgeye Hedged Bitcoin ETF (NYSE: HBIT), to discuss Bitcoin’s volatility and a different approach to managing risk while maintaining exposure to the asset. Why Hedgeye Launched a Hedged Bitcoin ETF Bitcoin’s Volatility Problem & the Case for Risk Management Bitcoin’s 50%+ Drawdowns: Why “Buy and Hold” Gets Difficult How Hedgeye’s Bitcoin Risk Range Works HBIT’s Strategy: A Process, Not a Bitcoin Forecast How HBIT Adjusts Exposure at the Top & Bottom of the Risk Range Removing Emotion From Bitcoin Investing What Happens When Bitcoin Enters a Bearish Trend? Dynamic Hedging vs. Static Hedging Price, Volume & Volatility: What Drives the Risk Range Disclosure: Hedgeye Asset Management, LLC ("HAM") is a registered investment adviser and controlled subsidiary of Hedgeye Risk Management, LLC ("HRM"). HAM is compensated, in part, on the asset size of the funds it manages and therefore benefits directly from investments in those funds. HAM is a subsidiary of HRM. HRM holds an ownership interest in HAM and provides research and other services to HAM under a revenue share agreement. As such, HRM benefits indirectly from investments in the funds managed by HAM.  For full disclosures, review HAM's Form ADV at 

As discussed with @Hedgeye_HELS on this morning's Macro Show, the Fed is going to have a hard time doing anything but raising rates between now and year-end. (Source: @Bloomberg, @Hedgeye)

Today we launched the Hedgeye Hedged Bitcoin ETF: $HBIT. Bitcoin exposure, with an active risk management process built in. Now trading on the NYSE. For important investor information, including prospectus and risk considerations, visit:

$IBIT has been the most active ticker by options volume for 3 of the last 4 trading days. Across those 4 days contract volume has averaged 1.87 million, with calls dominating that flow at 69%. (Source: @OptionAlert, @Bloomberg, @Hedgeye)