Thesis

Our Investing
Principles

What we look for, how we partner, and the discipline that connects every check we write.

We invest at the inflection points where blockchain reshapes the broader economy. Every check is underwritten with the following framework in mind: a daring founder, enablement and the potential for economic optimization.

These are the key ingredients that decide whether a tech network or business is built to last.

Underwrite with technical depth
We were founded by serial tech entrepreneurs with deep technical backgrounds. Our diligence reflects it: partner-led, and able to evaluate cryptographic architecture, not just market sizing.
Discipline at every stage
A repeatable investment framework. Every check goes through the same steps: research-driven sourcing, eight-dimension scoring, Investment Committee governance, and a disciplined exit process.
Conviction outlasts the cycle
Eight years across multiple crypto cycles. The record shows conviction, not just duration: capital deployed in 2018, distributions to investors through the 2022 cycle, and writing first checks through every drawdown since.
Thesis driven, founder first
Our research is not marketing. The Onchain Revenue Report, our thesis work, and the dashboards we maintain are the same instruments we use to underwrite. We make them public so founders can see where real demand sits, which revenue models are working, or where the next durable network is likely to emerge. We would rather be useful to builders than be the loudest voice in the room.