The numbers this month
Vault performance
Context
bG12 launched in January 2026 with BTC trading around $95,000. In the weeks that followed, the market went through a sharp correction. By February, BTC had dropped to $60,000, a decline of more than 35%.
That correction was the first real world test of our approach. The goal was never to outperform during a downturn of that scale. The goal was to preserve capital and keep the vault in a position that could benefit when the market turned.
What we delivered
- Capital preserved throughout the entire correction
- Zero technical or operational incidents
- Strategy continuously adapted to changing market conditions
- Steady side yield generated through our DeFi positions
- A comfortable safety margin maintained at all times
How we compare
Our depositors ask a fair question: would I have done better just holding BTC?
The honest answer: over this specific downturn, plain BTC slightly outperformed bG12. That is the expected outcome of a strategy built to moderately amplify BTC's moves in both directions.
But that temporary gap tells only part of the story. The full story is a vault that navigated a major correction without a single incident, with depositors staying informed the entire way through.
Our philosophy in action
Adapting to market conditions
Our strategy is not static. It evolves with the rhythm of the market. When the uptrend is confirmed, we scale up our exposure to yield. When the market turns bearish, we shift toward defense and capital preservation.
This adaptive approach is what carried us through February 2026 with no major damage. A static strategy would most likely have taken significant losses in the same environment.
Preservation over performance
A safe 12% return is worth infinitely more than a risky 30%. We sleep better at night, and so do our depositors.
That philosophy drives every decision we make. When the market turns uncertain, we reduce exposure. When opportunities show up in a healthy setup, we take them. Never the other way around.
Skin in the game
The G12 Labs team is still the largest depositor in the vault. Our interests are fully aligned with those of our depositors. When the vault underperforms, we underperform too. When it generates returns, we all benefit together.
No performance fee is charged until the vault clears its all time high, the high water mark. In practice, no performance fee has ever been taken since launch, and none will be taken until the current drawdown is fully recovered.
What's ahead
The market in April
BTC is currently trading around $75,000, consolidating after the strong rebound we saw earlier this month. The market is now testing key technical levels that will shape the direction of the next few weeks.
Our vault is positioned for both scenarios. If BTC confirms its return above its long term moving averages, we will progressively increase our exposure to capture the upside. If another correction hits, our current safety margin lets us absorb it without stress.
What gives us confidence
- The crypto market is showing clear signs of stabilization after a volatile stretch
- Institutional inflows through spot ETFs remain positive on the long term view
- The macro backdrop stays favorable to alternative assets
- Our vault structure is more robust than it was at launch
- The last few months refined our approach with real world experience
- Global geopolitics finally appears to be stabilizing, restoring confidence in world markets
Roadmap for the coming months
- Continuous strategy optimization based on market conditions
- Research into new vaults with uncorrelated strategies for diversification
- Improved transparency through an upgraded real time public dashboard
- Regular monthly communications in the same format as this one
- Integration of the new G12 Labs Stable Yield vault into the monthly recap
Our commitment
We win together, we lose together. Our interests are fully aligned with yours.
Radical transparency
Every vault position is visible on chain in real time. You can verify what we are doing at any moment, without ever having to trust us blindly. That is the foundational principle of DeFi. Don't trust, verify.
How to verify
- On chain vault: Etherscan, with the vault address published on g12labs.com/docs
- Current positions: DeBank, using the vault address
- Multi signature wallet: Safe interface, with all signers publicly listed
Staying in touch
We will publish a monthly update like this one to keep you informed on the vault's evolution and our read of the market. If you have questions or suggestions, reach out anytime.