Liquid
Tokens we can price every second and still hold for years. We respect every lockup.
Liquid tokens, early equity and co-investments in crypto networks. Our own capital: no LPs, no committee, no fund clock forcing us to sell.
Same question every time: does this still work when nobody is watching?
Tokens we can price every second and still hold for years. We respect every lockup.
Equity and token warrants in teams that are too early to be obvious. Pre-seed to Series A.
We write checks next to funds and operators we trust. We follow good leads and stay out of the cap table drama.
On January 3, 2009, a pseudonym put a headline into the genesis block: "Chancellor on brink of second bailout for banks." Two years later, they left. The code stayed.
That is the whole lesson. Don't ask for permission, don't ask for applause, build something that keeps running after you leave.
We have been here since 2015. Back then, you explained Bitcoin at dinner and someone asked about Silk Road.
Independent capital. We share no divisor with the crowd, the hype cycle or the committee. When everyone buys, we read the code. When everyone sells, we read it again.
A selection, grouped by what they build. Some positions are not disclosed.
Building something that works when nobody is watching? Send the deck, the repo, or both.