Five strategies, one discipline.

These are the assets that serve as digital stores of value, or as the settlement layer for the internet: the base networks on which everything else in the digital asset economy is built.

The thesis

We believe two forces will continue to reward patient owners of these networks. The first is the debasement of fiat currencies, which drives demand for scarce, neutral and borderless reserve assets. The second is growing institutional adoption: as custody, accounting and regulation mature, the base layers become infrastructure that serious capital can hold.

What we look for

• Networks with genuine network effects: users, developers and capital that reinforce each other
• Security that has been tested in public over many years and across market cycles
• Transparent, sustainable supply schedules, with issuance that a holder can model
• A credible role as either a monetary asset or a settlement layer, not both claimed and neither earned

How we execute

Long-biased accumulation, with algorithmic execution to minimize slippage. We build positions over time rather than chasing price, and we hold them in cold storage and with institutional custodians. Permanent capital lets us add when others are forced to sell.

Digital asset markets trade continuously across many venues, spot and derivatives, with no consolidated tape. That fragmentation creates dislocations that disciplined systems can capture.

The thesis

Digital asset markets remain far less efficient than equity markets. Prices for the same asset can diverge between venues, and derivatives markets often price leverage demand in ways that a patient, well-capitalized participant can be paid to provide.

Strategies

• Arbitrage: capturing differences in perpetual futures financing rates and in spreads between venues
• Mean reversion: providing liquidity when prices overshoot
• Trend following: participating in sustained moves with predefined exits

How we execute

Automated, low-latency execution with strict limits on leverage and drawdown, set before a strategy goes live. Capital held on trading venues is limited to what each strategy needs, and every venue is reviewed as a counterparty. Systems run within those limits; people set them, monitor them and change them only through the investment committee.

Protocol teams, foundations and advisors can bring us opportunities that sit between a venture round and an open-market trade.

Liquidity partnerships

We can provide liquidity to new protocols and structured products where the opportunity fits our criteria. A protocol gains a long-term liquidity partner that will not leave at the first drawdown; we gain fees and a position in a network we believe in.

OTC block trades

When a foundation, early investor or treasury needs to move a large position without disturbing the market, we can transact directly. We invest from our own balance sheet, so once terms are agreed we can execute promptly.

Governance

We vote actively in the protocols we hold, helping steer their direction and upgrades. We read proposals, form our own view and vote it, as an owner rather than a bystander.