Bitcoin Pension Fund  ·  On-Chain Report

• 01 A minimum of $15,000 USD equivalent in bitcoin must be purchased every calendar year. This is a hard rule of the fund, not a target or a guideline.
• 02 All purchases are made to this single, publicly verifiable on-chain address. Every transaction is permanently and immutably recorded on the Bitcoin blockchain.
• 03 The fund's complete transaction history is published openly and updated on a regular basis.
• 04 This is not a registered investment fund. It is an experimental savings project and a piece of ongoing public research. No investment advice is given or implied.

Norma Escobar is a bitcoin developer working in public practice. Bitcoin Pension Fund is self-funded and personally managed by Norma as an open, long-running experiment in bitcoin accumulation.

The fund began on March 22, 2024, the date of the first recorded transaction to this address. There are no outside investors. All capital deployed is Norma's own.

normaescobar.com →

Data sources: Raw blockchain data obtained from Mempool.space and Blockchair.com via API request on the report date above. No data has been modified. All figures derive directly from this raw data.

Net Capital Deployed is the total USD value of all inbound transactions at the time each was made, minus the USD value of all outbound transactions at the time they were made. This represents the real net cash the fund has put to work ($60,072.40 received − $35,046.64 sent = $25,026).

Average Cost Basis is Net Capital Deployed divided by the current BTC balance held. It represents the blended effective price paid per bitcoin currently in the fund.

Cumulative P&L is the current portfolio value minus Net Capital Deployed. It is unrealized and will change as the BTC price moves.

Year 1 Return uses the Y1 closing price ($84,112 on March 22, 2025) applied to the Y1 closing balance (0.16094236 BTC), divided by Y1 capital deployed ($10,751). Portfolio value at Y1 close: $13,537. Return: +25.9%. Each fund year uses the prior year closing price as its new starting point, measuring value added specifically within that 365-day window.

Year 2 Return uses a Simple Return Formula — structurally equivalent to the Simple Dietz method — rather than a time-weighted return (Modified Dietz). This is intentional: as a self-funded, single-investor vehicle, a money-weighted return better reflects the founder's actual capital at risk. When the fund is ready to accept outside investors, it will transition to a time-weighted formula to properly neutralize the distortion caused by the timing of third-party cash flows. Year 2 (Mar 22, 2025 → Mar 22, 2026) calculation: Opening value = 0.16094236 BTC × $84,112 = $13,537. Net new capital deployed in Y2 = $25,230 received − $12,133 sent (UTXO consolidation: 0.10526528 BTC spent, 0.05621257 BTC returned as change) = $13,097. Closing value = 0.27702336 BTC × $68,519 = $18,981. Return = (Closing − Opening − Net New Capital) ÷ (Opening + Net New Capital) = ($18,981 − $13,537 − $13,097) ÷ ($13,537 + $13,097) = −$7,653 ÷ $26,634 = −28.7%.

Methodology:

• Transaction records were created containing: timestamp, transaction ID, amount transacted, spot BTC price at time of transaction, and current spot BTC price.
• Data integrity was verified by confirming the number of transaction records matches the number of unique transaction IDs in the raw blockchain data.
• Transaction value was calculated by multiplying each transacted amount by the spot BTC price at the time of that transaction.
• Current value was calculated by multiplying each transacted amount by the current spot BTC price at the time of the report.
• Monthly cashflows were calculated by taking the sum of Total Received minus the sum of Total Sent for each month in the period covered.