Stéphane Bernhard

NEW: Bitcoin mining firm Braiins has acquired CFTC-registered commodity asset manager CAMMS Capital. The deal brings together 15+ years of Bitcoin mining experience with decades of commodity risk management expertise. Braiins says Bitcoin, hashrate, and energy should be treated as digital commodities, with hedging and financial tools similar to those used in oil, gas, and grain markets. The company plans to build commodity-grade risk management tools tailored specifically for Bitcoin and energy markets.

Couldn't be prouder of this! Every commodity gets here eventually, the moment structured risk management catches up to the market. Now it's Bitcoin's turn. Couldn't ask for a better team to bring it. Welcome to Braiins.

Braiins, one of the oldest Bitcoin mining companies in the industry, acquired CAMMS Capital, a CFTC-registered commodity asset management firm originally built inside ETG, a global commodity conglomerate. CAMMS brings over 75 years of combined commodity expertise. Braiins brings 15 years of operational experience in Bitcoin mining. The company says it plans to apply commodity risk management tools, the kind built for oil, gas, and grain, to Bitcoin and energy markets. Braiins describes Bitcoin, hashrate, and energy as digital commodities and says the financial infrastructure for managing them does not yet exist in the way it does for traditional commodities. This is one of the first acquisitions of a regulated commodity management firm by a Bitcoin-native company.

Very grateful to join the Braiins structure. The alignment of vision and professionalism has been clear from day one, demanding and enjoyable in equal measure. Braiins has a reputation for process discipline in Bitcoin, and that's the kind of credibility traders recognize. Looking forward to what we build together.

ACQUISITION ANNOUNCEMENT🟢 Braiins just acquired @CAMMSCapital, a CFTC-registered commodity asset management firm. One of the first times a Bitcoin-native company has done this. CAMMS = COMMODITY SPECIALISTS • Initially built inside ETG, a global commodity conglomerate • 75+ combined years of commodity expertise on the team • Ongoing ETG research partnership for proprietary market intelligence BITCOIN AS A COMMODITY 1️⃣ Bitcoin, hashrate & energy = digital commodities 2️⃣ Managing Bitcoin like a commodity = edge The financial tools built for oil, gas, and grain price risk were designed for exactly the kind of volatility Bitcoin exhibits. We haven't found them applied to Bitcoin the way we'd want. So we've decided to build them. BUILDING TOGETHER • Braiins brings 15+ years of operational experience in Bitcoin mining • CAMMS brings decades of commodity risk management • Together: commodity-grade tools applied to Bitcoin and energy markets Bear markets are build markets. Meet our new partners⤵️

Braiins has built a reputation as a structured and organized firm. That's the kind of discipline traders recognize as credibility, and it's why this partnership works. Looking forward to what we build together. A sincere thank you to Ronald Jetten, CEO of ETG Commodities, for six years of collaboration and his support through the spin-off, and to Birju Patel, Group CEO of ETG Group, for facilitating the transaction.

CAMMS Capital is live. Backed by @Braiins. We spent five years trading commodities inside ETG. Now we're launching as an independent company, CFTC-registered and NFA member. Built inside ETG, a global commodity conglomerate with expertise across multiple industries, we developed and traded a multi-strategy commodity platform before spinning out. Our research partnership with ETG continues, giving us a direct window into supply chains, trade flows, and fundamental market drivers. Today, we're launching as CAMMS Capital, acquired by Braiins and rebranded from CAM Multi-Strat Asset Management LLC. We trade across agriculture, energy, metals, freight, and macro through three approaches: discretionary (driven by physical market intelligence and ETG research), hybrid (quantitative and fundamental, regime-adaptive), and systematic (fully rules-based). The founding team remains in place, incentives aligned: → @StephaneCAMMS, CEO. 32 years at Louis Dreyfus, InVivo, ETG. → Salim Boutaleb, CIO and Head of Quantitative Trading. 15 years in systematic commodity strategies. → Rafael Molinero, COO. 28 years in the hedge fund industry, Chicago Booth MBA. 75+ years of combined commodity experience. Building diversified commodity exposure means sourcing multiple specialist traders and running a risk framework across them. We do that work, drawing on decades of relationships and market access, so one allocation gives you exposure across 30+ commodity markets. Institutional infrastructure from day one. KPMG audit, Northern Trust custody, SS&C administration, StoneX and Marex as prime brokers. Commodity Intelligence, Amplified. Welcome to CAMMS Capital.

.@Braiins acquires CFTC registered commodity fund CAMMS Capital. Key details: ✅ Strategic bridge between digital and physical commodities ✅ Eli Nagar named Executive Chairman ✅ Multi strat focus on Energy, Metals, and Ags ✅ Institutional infrastructure for volatile markets Read our full report on this cross over acquisition: theenergymag.com/news/market-ne… #Braiins #Commodities #BitcoinMining #DigitalInfrastructure bitcoin:native

We just wrapped up a 4-day workshop in Casablanca. Something HUGE is coming from Braiins. Stay tuned.

@BaronKoch21 So true Baron, and not only for facilitating transactions, but as well because Bitcoin is now part of the macro landscape and reflects global liquidity which is one of the critical driver of commodities.

Bitcoin will make this commodities supercycle unlike any that have come before. Volatility is back. Commodities are back. It's a trader's environment. And bitcoin opens up new possibilities that didn't exist before. Smart traders are seeing opportunity. ↗️

@BlueFlameBlues 🤣

#natgas traders patiently waiting for the Sunday open:

@ElonmuskWIZ 2

"If you want exposure to commodities, you have to invest in many different funds with their own volatility. It's complex..." - Stephane Bernhard (@TCS_Trader) breaks down how his firm solves this challenge on the latest episode of The Derivative with @AttainCap2 . #CommodityTrading rcmalternatives.com/2025/04/podsho…

@PeterLBrandt Substack Peter

Hey followers on X (Twitter) I may only have one to two years left with an outfacing presence on social media as a trader I want to make the best of the time left for a generational transfer of knowledge I am basically finding X a useless platform to have intelligent engagement with real traders I will take some of the blame b/c of my wanderings into social/political issues (they cultural depravity does matter to me as a Christian) I know for a fact that X greatly throttled me in Nov/Dec 2022. I have solid data showing this to be the case. X staff will not acknowledge this or research the algorithms doing their dirty work I'd rather have deeper engagement with far fewer traders than tons of uncontrolled trolls and ignorant comments on X I will continue to serve private Factor members on a restricted X stream where I keep members up to date on my actual trades. I will also continue to provide weekly and periodic pdfs to my private community Thinking about several other venues to use for whatever years or months I have left for communicating to broader audience about markets and trading Any thoughts on one or combination below if I can expel trolls below: --YouTube for short videos --Public blog --Discord --Substack --Linkedin --Others A lack of engagement on this X post will solidify my growing negative opinion of X

@mark_dow @BehavioralMacro Hi Mark, confirming that I want to subscribe. Stephane

@TCS_Trader DM me pls is you are trying to subscribe to @BehavioralMacro. Thanks.

@markminervini The French Government officially communicated that Iboprufen aggravates Coronavirus amp.cnn.com/cnn/2020/03/16…

Just got this message sent to me from a friend. I have no idea if it's true or accurate. Maybe if we retweet it and pass it around we can get some comments and possibly some clarity. Or maybe it was released by the makers of Tylenol. 🤔

@markminervini Dear Mark, I have read more than 200 books on trading and have been trading professionally since 25 years. You are without any doubt one of the top provider of valuable and professional inputs to the trading community. Hats off and thanks to share your wisdom!

In all fairness, 99.99% of my followers have proven to be awesome human beings, and we have learned from each other and shared some great moments. If not, I would just cancel my Twitter account.

@olivierbas1 Merci Olivier !

@TCS_Trader Congratulation

After 5 years heading Invivo Trading, it is time to move on. I enjoyed being part of the great project for the French agriculture embodied by the outstanding group of people at Invivo. I will join ETG Commodities in october as Global Head Trader of exchange-traded commodities.

@1STOPGRAIN Thanks !

@TCS_Trader Wishing for you much joy, peace and success in your new role. 🙂

@sizov_andre Thanks Andrey !

@TCS_Trader Good luck, Stephane