Rent that never
goes up.
We buy apartment buildings with cash, rent them below market, and never raise a resident's rent. A Bitcoin treasury does the job that rent increases do everywhere else.
Why rent goes up everywhere else.
Rents rise for a few compounding reasons: the supply of money, the supply of housing, and the way buildings are financed. Madison has all three working against renters. Our model removes or absorbs each one.
The dollar supply has grown about 7% a year since 1960. Every cost in a building is priced in dollars, and every year the dollars buy less.
Dane County underbuilt by roughly 13,000 homes while adding about 65,000 people. Renters bid against each other for what exists.
Interest is the largest cost in the building, and the owners need a return on top. Rent pays for both.
Bitcoin's supply is fixed at 21 million. No one can print more of it, so the treasury holds its purchasing power while the dollar loses its.
The nonprofit buys the building with cash and owns it outright. Nobody takes interest or profit out of the rent.
We set rent below market and never raise it on a resident. The treasury, not your renewal letter, absorbs rising costs.
How a donation becomes permanent housing.
Supporters give Bitcoin or dollars. Every gift is tax-deductible.
The charity buys an apartment building outright, in cash. No mortgage.
Residents pay below-market rent, in dollars or Bitcoin. It never goes up.
Rent left after running the building is saved into a Bitcoin treasury.
The treasury compounds until it can buy the next building.
Every building is owned outright from day one.
No interest expense, no lender, no foreclosure risk.
For households at or below 80% of area median income.
A 501(c)(3) pays no capital gains when it sells Bitcoin.
Built like an endowment.
Most housing charities spend every dollar they raise, then go raise more. The money never compounds, so the mission never scales.
We run like a university endowment. Every building is backed by a reserve, and the reserve is held in Bitcoin, an asset with a fixed supply that no one can print more of. When property taxes, insurance, and repair costs rise, the treasury covers the increase. In every other building, that job belongs to your rent.
When a treasury outgrows what its building needs, we sell a portion, tax-free as a public charity, and buy the next building. Each new building starts the cycle again.
What $100 became.
| Year | Held in Bitcoin (dollars) | Spent on Madison rent (dollars) |
|---|---|---|
| 2016 | 100 | 100 |
| 2017 | 817 | 104 |
| 2018 | 1222 | 105 |
| 2019 | 1673 | 109 |
| 2020 | 2030 | 113 |
| 2021 | 8196 | 119 |
| 2022 | 3484 | 130 |
| 2023 | 4508 | 143 |
| 2024 | 10248 | 147 |
| 2025 | 18809 | 153 |
| 2026 | 13728 | 156 |
Madison rent per Zillow's rent index, up 56% over the ten years. Bitcoin's August price each year, from $575 in 2016 to $79,000 today. At the October 2025 all-time high of $126,198, the same $100 was worth $21,900.
The same house, in Bitcoin.
| Year | Home price in Bitcoin (BTC) |
|---|---|
| 2016 | 421 |
| 2017 | 55 |
| 2018 | 39 |
| 2019 | 29 |
| 2020 | 26 |
| 2021 | 7 |
| 2022 | 19 |
| 2023 | 15 |
| 2024 | 7 |
| 2025 | 4 |
| 2026 | 5 |
Zillow's typical Madison home value divided by Bitcoin's price: 421 Bitcoin in 2016, 5.5 today. The Bitcoin that bought one house then buys about 77 houses now.
The first building will be in Madison.
We are raising the purchase price of our first apartment building. It will be bought in cash, rented below market, and its residents will never see a rent increase. Every donation moves the closing date closer.