GYET PUT 124.8079 BITCOIN INTO A CAYMAN FUND — IT NOW HOLDS ZERO COINS ITSELF — ITS 131.23 BTC IS A FUND INTEREST, NOT COINS

On March 31, 2026, Gyet Co., a company listed on the Tokyo Stock Exchange's Standard market, took 124.8079 bitcoin from its holdings and put them into a Cayman Islands fund, SPEQTRA Systematic Digital Assets Feeder Fund L.P. It paid in coins, not yen. Its notice that day said it wanted growth through managers “rather than simply holding cryptocurrencies.”

On October 20, Gyet reported its first six months. The fund interest was valued at 131.23 BTC after a 1.60 BTC performance fee was set aside, up 6.42 BTC from what it put in. That's 5.15%. Then comes the line that matters: the figure “does not indicate the quantity of physical BTC directly held by the Company.” The holdings table says it plainly. Bitcoin held directly: 0 BTC. Gyet books the fund interest as securities.

The coins now back a quant fund that trades derivatives long and short: trend following, carry and volatility trades. Gyet's own risk list names “asset outflows” and “restrictions on cancellation or redemption.” Its March notice named custody and private key risks and the credit of exchanges, brokers and clearing houses. Neither notice says who holds the fund's keys or which exchanges it trades on.

A coin in your own wallet can be checked against the chain by anyone. A fund interest is a number the manager reports, and Gyet says it will report it twice a year. The company targets 30% to 40% a year in bitcoin terms before fees. Shareholders can decide if that's worth the trade. But the number of bitcoin Gyet holds the keys to is zero. At the time of this writing, bitcoin was $84,488.