Fortuna Funds Debuts Risk-Adjusted Bitcoin ETF With Options Overlay Strategy

Dallas-based investment management company Fortuna Funds has launched the first publicly traded, hedged bitcoin exchange-traded fund of its kind on the Chicago Board Options Exchange.
 

The Fortuna Hedged Bitcoin Fund (HBTC) was officially listed on the Cboe following a ceremonial bell-ringing by the company's founders. The fund represents a new approach to bitcoin exposure, using an actively managed, options-based hedged overlay designed to reduce volatility whilst maintaining upside potential.
 

Fortuna Funds was established by Mark Adams and Joe Sando, who bring more than four decades of combined financial investment management experience to the venture. The company launched in 2024 with a focus on creating risk-conscious strategies for modern investors.
 

Rather than investing directly in bitcoin, HBTC manages exposure through options on bitcoin-related securities. This approach aims to provide what the founders describe as a more disciplined, risk-adjusted methodology for investors concerned about price fluctuations in digital assets
 

Joe Sando, Founding Partner at Fortuna Funds
 

"It's a new strategic entry point for the risk-averse investor," said Joe Sando. "Our inaugural product is more than a listing; we're bridging the gap between expert-level strategies and everyday investors."

The fund initially launched on 19 March 2025, with Chicago-based Wolverine Trading serving as the lead market maker. The listing on Cboe represents what Fortuna Funds positions as its commitment to transparency, accessibility and performance in the digital asset space.

Mark Adams, Portfolio Manager and Founder
 

Mark Adams indicated the company's broader ambitions beyond bitcoin exposure. "With HBTC performing well and our downside hedging strategies proving effective, our long-term vision to build a platform of hedge fund-style investment with risk-adjusted options is coming to life," he said. "Grounded by the everyday investor and responsiveness to market conditions, we plan to thoughtfully expand into other high-potential sectors."
 

The fund targets both retail and institutional investors seeking regulated, hedged exposure to bitcoin through traditional exchange channels. Fortuna Funds describes its approach as applying enterprise-class thinking to new asset classes, drawing on the founders' experience in risk management and derivatives.