Bitcoin Pension Fund

Portfolio Value
$18,374.31
0.29194296 BTCat $62,938
3D3J5tQ5trfZnzDwSozgCTY73PmfuybSuj

Overview

For decades, a prevailing wisdom held that the average investor could not go wrong by consistently buying into the S&P 500, a theory popularized by Buffett-era market philosophy and the doctrine of passive, long-term investing.

Bitcoin Pension Fund tests an analogous thesis for bitcoin: is dollar-cost averaging into bitcoin a sound long-term investment strategy? This fund exists to answer that question through transparent, on-chain evidence accumulated over time. It functions as an experimental savings instrument, not an official investment vehicle. The address is public. The data is auditable. The results are ongoing.

About the Founder

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

Performance

Average Cost Basis
$85,721
Blended price per BTC held.
Net Capital Deployed
$25,026
Net USD invested to date.
Cumulative P&L
−$6,651.45
Unrealized  ·  Mark-to-market
Total Return
−26.6%
Since inception  ·  Snapshot
Average Purchase Frequency
17 Days
47 transactions over 819 days
Price vs Average Cost Basis
26.6% below cost$62,938 current
BTC must reach $85,721 to break even 26.6% below cost
$0$85,721 total
Returns
Year 1
Mar 2024 – Mar 2025
+25.9%
Closing Price: $84,112
Year 2
Mar 2025 – Mar 2026
−28.7%
Closing Price: $68,519
Annual DCA Compliance

Minimum $15,000 USD per fund year.

YearDateAmountStatusClosing Price
Year 1Mar 22, 2024 - Mar 22, 2025$10,751Below Minimum$84,112
Year 2Mar 22, 2025 - Mar 22, 2026$13,097Below Minimum$68,519
Year 3Mar 22, 2026 - Mar 22, 2027$1,071In ProgressIn Progress

About the fund

Fund Rules

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.

Independent Verification

Bitcoin's public ledger makes this fund fully auditable by anyone, at any time, without permission. Every transaction recorded in this report exists permanently on the blockchain and can be verified independently.

To verify, query the fund address directly on any public block explorer. You do not need an account or access to any third-party service. The data is open and always available.

Fund Address
3D3J5tQ5trfZnzDwSozgCTY73PmfuybSuj

Search this address on mempool.space, blockchain.com, or any other public block explorer.

Address summary

TimestampJune 19, 2026
Market Price (USD)62,938
Address3D3J5tQ5trfZnzDwSozgCTY73PmfuybSuj
Address Typescripthash
First Seen ReceivingMarch 22, 2024
Last Seen ReceivingJune 14, 2026
First Seen SpendingOctober 13, 2025
Last Seen SpendingOctober 13, 2025
Period Transaction Count47
Starting Balance (BTC)0.00000000
Unspent Output Count6
Current Balance (BTC)0.29194296
Current Balance (USD)18,374.31
Total Received (BTC)0.59467982
Total Received (USD)60,072.40
Total Sent (BTC)0.30273686
Total Sent (USD)35,046.64
Period StartMarch 22, 2024
Period EndJune 14, 2026

Balance by Month

Transaction history

BlockDateTXIDAmount (BTC)DirectionSpot PriceTX Value (USD)Current Value (USD)
835,837March 22, 20244d70e9b7f1ad342c…+0.00285398Received63,509181.25179.62
836,809March 29, 202493845c1de4474b30…+0.00258897Received70,114181.52162.94
837,874April 5, 2024935b8e6f1031074f…+0.00268042Received67,381180.61168.7
838,880April 12, 2024d14b1445d78bf91b…+0.00257542Received69,230178.3162.09
839,917April 19, 20242e333502c1b984fc…+0.00275399Received64,848178.59173.33
840,957April 26, 2024909dee526d6208cc…+0.00280451Received64,121179.83176.51
841,917May 3, 2024458e779d4e244911…+0.00294965Received60,665178.94185.65
842,855May 10, 202498a4f46651f76cfd…+0.00284806Received63,293180.26179.25
843,945May 18, 2024b54b1b81ab744200…+0.00269441Received66,984180.48169.58
844,932May 24, 2024558be19b71fa44f3…+0.0026745Received67,067179.37168.33
845,902May 31, 2024de3cb3c9c481b1d3…+0.00263745Received68,315180.18166
846,856June 7, 2024288d6ffba782e3a3…+0.00252135Received71,248179.64158.69
847,905June 14, 2024aec94bd0f7558e00…+0.00266438Received67,060178.67167.69
847,981June 15, 2024fccb63f60f46ebc8…+0.01619899Received66,2001,072.371,019.53
848,882June 21, 202462a1207ec07e1be0…+0.00280637Received64,042179.73176.63
849,816June 28, 202408d2cd05cdc037dd…+0.00290929Received61,460178.8183.1
850,829July 5, 2024e8db472b01aaeffc…+0.0032178Received56,510181.84202.52
851,821July 12, 2024d85cf35463e668f3…+0.00314877Received57,317180.48198.18
852,880July 19, 202469e693f881f32fe1…+0.0028009Received63,993179.24176.28
854,116July 27, 202415e20406f3f86230…+0.00263244Received67,697178.21165.68
854,199July 27, 2024a3b398309bb8dfc5…+0.00256203Received69,257177.44161.25
855,092August 2, 2024a88ea05a449bcc35…+0.00274626Received65,184179.01172.84
856,034August 9, 20241e36b17182c473fe…+0.00295142Received60,582178.8185.76
857,004August 16, 2024fae5bdefaf097a2c…+0.00306272Received58,540179.29192.76
857,794August 21, 20246e4e9f26cb904664…+0.03676503Received59,9612,204.472,313.92
858,136August 23, 2024cf6f66f561f64eda…+0.00285289Received63,686181.69179.56
859,120August 30, 2024a25eb93b3d0773bf…+0.0061664Received58,626361.51388.1
860,119September 6, 2024ebe530c48b10113d…+0.00326228Received55,874182.28205.32
861,274September 14, 2024f29ec8f35897d830…+0.00301053Received59,989180.6189.48
862,171September 20, 2024d390f5865edf5c8e…+0.0028679Received63,185181.21180.5
863,245September 28, 202421f0d5d4fe4c362d…+0.00276299Received65,641181.37173.9
886,643March 6, 20259fff465b5f93fece…+0.02297026Received90,3362,075.041,445.7
899,082May 30, 202585fd8d8ff68fbb92…+0.00337449Received105,557356.2212.38
901,102June 13, 2025d41aa9883638c5fd…+0.00172515Received105,479181.97108.58
905,710July 15, 202550aabab46ad8f2d0…+0.01222362Received117,3711,434.7769.33
905,950July 17, 20250102471faa07de7b…+0.10526528Received118,02612,424.046,625.19
913,884September 9, 20254319304c10f44920…+0.00160596Received112,942181.38101.08
916,076September 23, 20251193f61dbe9e644f…+0.0062Received111,813693.24390.22
916,077September 23, 2025eb453e773ba1b3e8…+0.0065Received111,813726.78409.1
917,272October 1, 2025e2589869a2890cad…+0.0049Received117,305574.79308.4
918,905October 13, 2025a7d469df420348f4…-0.10526528Sent115,26312,133.196,625.19
918,936October 13, 20257a0b8da38c8b1174…+0.05621257Received115,8106,509.983,537.91
919,205October 15, 2025fe73a99ded538572…+0.0096Received111,4831,070.24604.2
927,903December 14, 202553eef9f9498fc823…+0.00808364Received88,467715.14508.77
935,177February 5, 2026d789421542ac663b…+0.00565557Received63,933361.58355.95
947,069April 28, 2026b60ad55bd21494ef…+0.00944457Received76,354721.13594.42
953,654June 14, 20269b768b45b7b846eb…+0.00547503Received63,987350.33344.59

Report details

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