The First Tax-Free Bitcoin Fund

Bitcoin's full upside.
Zero capital gains tax.

The Pearl Bitcoin Fund lets accredited investors reinvest recent capital gains into institutionally custodied Bitcoin — and after 10 years, exit with $0 tax on every dollar of appreciation. A structure no ETF, IRA, or trust can replicate.

Schedule a Private Call Watch the Founder's Story Calculate Your Tax Savings ↓
Forbes Top 1%
OZ Fund Managers
First in the U.S.
OZ Business Fund
SEC 506(c)
Audited · Institutional Custody
The Process

Three steps between your capital gain and tax-free Bitcoin.

Built on the Opportunity Zone provisions of the 2017 Tax Cuts and Jobs Act — the same statute, applied to the world's premier digital asset.

I

Reinvest Your Gains

Move recent capital gains — from stock, a business sale, real estate, or crypto — into the Fund within the 180-day IRS window. Your original tax bill is deferred immediately.

180-day window · IRC §1400Z-2
II

We Buy & Hold Bitcoin

Your capital converts to Bitcoin held in institutional-grade custody with a transparent, auditable public wallet address. Monthly liquidity options — rare in OZ structures — with full regulatory compliance.

Verifiable on-chain · Audited annually
III

Exit 100% Tax-Free

After year 10, sell with zero capital gains tax on all Bitcoin appreciation — no matter how large. Or stay invested and compound tax-free through 2047, including intergenerational transfer.

$0 federal capital gains at exit
Signature Tool

See what the IRS would take. Then keep it.

Drag the slider to your recent capital gain. Choose a growth scenario. Watch the tax you'd never have to pay.

Your recent capital gain
$1,000,000
10-year Bitcoin growth scenario

Illustrative only — not a projection or guarantee of performance. Assumes 23.8% federal long-term rate (20% LTCG + 3.8% NIIT); state taxes would widen the gap further. Bitcoin is volatile and may lose value. See offering documents.

Projected value at year 10$9,313,226
Capital gains tax in a taxable account$1,978,548
Capital gains tax through Pearl$0
Wealth You Keep — Not the IRS $1,978,548 in taxes eliminated on appreciation, plus deferral on your original gain.
Why The Pearl Fund

The team that pioneered OZ business investing, applied to Bitcoin.

◆A Legacy of Firsts

We launched the first Opportunity Zone business fund in the United States and were ranked among Forbes' Top 1% of OZ fund managers. This isn't our first structure — it's our most refined.

"One of the Top 10 Opportunity Zone Funds in America."
— Forbes

Pearl Funds I (2020) and II (2022) pioneered stacking OZ and QSBS exemptions in seed-stage venture — backing companies like Kwant AI, Inclusively, and Peoples Energy Analytics. Explore our venture funds →

◆Institutional Everything

SEC Reg D 506(c) compliant, independently audited, with Bitcoin held in institutional custody and verifiable on a public wallet address. Trust, but verify — on-chain.

◆Liquidity Where Others Lock

Most OZ funds lock capital in illiquid real estate for a decade. Pearl offers monthly liquidity options while preserving your Opportunity Zone tax benefits.

◆A Structure Nobody Else Has

Bitcoin ETFs are taxed. IRAs cap contributions. Trusts defer, but don't eliminate. Pearl's proprietary OZ process is the only vehicle that erases capital gains tax on Bitcoin's appreciation entirely.

From the Founder

The idea behind the fund, in the founder's own words.

Twenty minutes with the founder covers more ground than any brochure: where the idea of pairing Bitcoin with Opportunity Zone law came from, how the structure actually works, and why it took a pioneer of OZ business funds to build it.

  • How the tax-free Bitcoin structure was discovered
  • The three-step process, explained plainly
  • What makes it defensible — and who it's for
Podcast · Founder Interview "How we built the first tax-free Bitcoin fund"
Questions, Answered

The questions sophisticated investors ask first.

How is the Fund different from Bitcoin ETFs?+
ETFs and direct Bitcoin holdings require paying capital gains taxes when you sell. The Pearl Bitcoin Fund's structure allows investors to achieve tax-free growth on Bitcoin's appreciation after the required 10-year holding period — a tax advantage unavailable through any other Bitcoin investment vehicle.
How is it different from "tax-free" Bitcoin IRAs?+
With an IRA, "tax-free" refers to the contribution; with Pearl, it refers to the appreciation itself. IRAs cap contributions around $7,500 a year, lock funds until age 59½, tax withdrawals as ordinary income, and force RMDs at 73. Pearl's OZ structure accepts unlimited capital gains, has no age restrictions, no early-withdrawal age penalty, and delivers unlimited tax-free capital gains after the 10-year hold.
Is my investment completely tax-free?+
Yes and no. Under OZ 1.0, your original deferred capital gain is recognized on December 31, 2026 and processed with your TY2026 return. Then, if your Fund investment is held 10 years or longer, all realized capital gains thereafter are tax-free through December 31, 2047.
What is the minimum investment?+
The minimum initial investment for a new Member is $500,000; existing Members may add in increments of $250,000 or more. The Managing Member may adjust these minimums at its discretion.
What are the fees?+
A 1% entrance fee and a 2% exit/redemption fee, based on the spot market value of Bitcoin held at the Pearl Bitcoin Company. No layers of hidden management drag.
What if I need my capital before year 10?+
Unlike real estate OZ funds that lock capital for a decade, Pearl's structure allows monthly redemptions. Early withdrawal incurs a 5% penalty and recognition of capital gain/loss — but your capital is never held hostage.
Where is the Bitcoin custodied?+
With Anchorage Digital Bank — the only federally chartered crypto bank in the U.S., whose clients include major ETFs, hedge funds, and governments. Assets sit in segregated custody accounts, keys are generated inside air-gapped hardware security modules, and holdings are verifiable via a public wallet address. Fund administration is handled by HC Global (over $40B in assets under administration), with Deloitte engaged as tax advisor.
Is this strategy risky from a regulatory perspective?+
No. The Opportunity Zone provisions are codified in the Internal Revenue Code since 2018 and made permanent in 2025. There's no regulatory gray area — this is an established federal tax incentive program our team has used since 2019 across our venture funds.
Why invest now rather than waiting?+
OZ 1.0 is scheduled to conclude at the end of 2026, and your personal 180-day reinvestment window starts the day you realize a gain. Waiting risks both the program deadline and your own window.
I'm sitting on crypto losses, not just gains. Can they help?+
Yes — and this is one of crypto's most overlooked tax advantages. The IRS wash sale rule (which blocks stock investors from selling at a loss and immediately rebuying) does not currently apply to crypto, because the IRS classifies it as property rather than a security. That means you can sell underwater crypto, harvest the loss, and repurchase the same position right away — keeping your exposure while banking a loss that offsets capital gains elsewhere in your portfolio. Many of our investors pair the two moves: harvest crypto losses to reduce this year's tax bill, and roll a separate gain into the Fund for tax-free growth. Congress has proposed extending wash sale rules to digital assets, so confirm timing with your tax advisor.
How does this benefit generational wealth planning?+
If an investor passes away, heirs inherit the investment at tax cost basis and step into the accumulated holding period. Hold five years, and your heirs need only five more to unlock tax-free gains through 2047 — features rarely found anywhere in inheritance tax law.

Want the deep tax mechanics — rollover gain rules, QOZB compliance, state conformity? Ask us on a private call →

The Clock Is Statutory
Your window opened the day you realized your gain. It closes 180 days later.

Miss it, and your capital gains tax is locked in forever. The IRS doesn't grant extensions — sold real estate, a business, stock, or crypto recently? The countdown has already begun.

Your Personal Deadline
When did you realize your gain?

Enter the date you sold the stock, business, real estate, or crypto that produced your capital gain. The IRS 180-day reinvestment window starts that day — for gains through partnerships or K-1s, alternate start dates may apply and can extend your window. We'll confirm your exact deadline on a call.

Your 180-day window closes—
Days remaining—
Deposit Deadline Select your gain date Funds must be deposited by 11:59 PM on the 180th day. The IRS grants no extensions.
Private Consultation

One call could be worth seven figures in taxes you never pay.

Tell us about your gain and your timeline. Our team will confirm your eligibility, walk you through the structure, and answer every question — no pressure, no obligation.

  • Accredited investor verification handled via Morgan Stanley
  • Direct access to the fund's managing partners
  • Full offering documents provided before any commitment
For accredited investors only. Submitting does not constitute an offer or commitment.