Dan Hillery has joined UTXO Management as the Vice President of Credit, where he will lead credit research and market coverage across digital credit and help shape the fixed income strategies across the firm’s platform.
Digital credit, the perpetual preferred equities issued by publicly traded companies that hold Bitcoin as a reserve asset, did not exist as an asset class two years ago. Since the first issuance in early 2025 the market has grown to roughly $16 billion outstanding across issuers including Strategy (Nasdaq: MSTR) and Strive (Nasdaq: ASST), and the largest instrument in the category now ranks among the biggest preferred stock issues in the world.
“Digital credit is the fastest-growing segment of the Bitcoin capital structure, and very few people have both traded these instruments and authored the credit research behind them. Dan has done both.
He combines the discipline of a derivatives trader with the rigor of a credit analyst, which is a desirable skill set in this emerging asset class. That combination is exactly what the strategy requires, and we’re excited to bring Dan’s expertise to the team.”
— Tyler Evans, Chief Investment Officer, UTXO Management
Hillery joins with a background spanning proprietary trading, corporate treasury and published credit research on Bitcoin-linked structured products. He previously founded Stravera Capital, a hedge fund trading MSTR and Bitcoin derivatives, and served as Head of Treasury at Buck, a stablecoin payments company. He is a founding member of True North, the research and media brand at Strive (Nasdaq: ASST), where he publishes credit research on Bitcoin structured products and cohosts the weekly podcast, which draws more than 650,000 monthly views. He holds an Sc.B. in Electrical Engineering from Brown University.
“Bitcoin has become the settlement layer and the dominant capital network native to the internet. I’m excited to help build the first institutional fixed income products backed by the preferred equity of Bitcoin-reserve issuers and to further extend Bitcoin’s financialization into the credit markets.
UTXO is the ideal platform to bring this vision to life. The team has been deeply embedded in the Bitcoin ecosystem since 2013 and has cultivated direct relationships with the issuers shaping this emerging market. I’m looking forward to building UTXO’s credit platform and expanding its digital credit strategy.”
— Dan Hillery, VP of Credit, UTXO Management
About UTXO Management
UTXO Management is a Bitcoin-focused investment manager founded in 2019 by Tyler Evans, David Bailey and Coyn Mateer. The firm invests across the Bitcoin ecosystem, including its flagship event-driven strategy, 210k Capital, LP, and UTXO Preferred Income Strategies, LP, which invests in digital credit. In February 2026, UTXO Management was acquired by Nakamoto Inc. (Nasdaq: NAKA), a Bitcoin operating company that also owns BTC Inc., publisher of Bitcoin Magazine and host of the annual Bitcoin Conference. UTXO Management GP, LLC operates as an exempt reporting adviser under the Investment Advisers Act.
For more information: ir@utxomanagement.com
Important Disclosures
This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offer of interests in UTXO Preferred Income Strategies LP (the “Fund”) is made only pursuant to the Fund’s Private Placement Memorandum and Limited Partnership Agreement, which contain important information including risk factors and conflicts of interest, and only to investors who are both accredited investors (verified in accordance with Rule 506(c) of Regulation D) and qualified purchasers as defined in Section 2(a)(51)(A) of the Investment Company Act. Interests in the Fund have not been registered under the Securities Act of 1933 and are subject to restrictions on transfer and resale. An investment in the Fund is speculative, involves a high degree of risk, and an investor could lose all or a substantial portion of its investment.
UTXO Management GP, LLC is not registered as an investment adviser; it operates as an exempt reporting adviser. Third-party issuer information is sourced from public filings and has not been independently verified. The Fund is not affiliated with, sponsored by, or endorsed by Strategy (Nasdaq: MSTR), Strive (Nasdaq: ASST), or any other issuer referenced herein. Mr. Hillery is a founding member of True North, a research and media brand of Strive, an issuer whose securities are eligible for investment by the Fund; related-party and conflict-of-interest matters are disclosed in the Fund’s Private Placement Memorandum. References to 210k Capital, LP relate to a separate strategy with a different mandate; past performance of any strategy is not indicative of the Fund’s future results. Certain statements herein are forward-looking and actual events or results may differ materially.