Applying the principles of prudent investing to blockchain
Blockchain protocols will continue to scale exponentially and take share across the largest markets in the world.
Adoption is happening much faster than commonly understood and there are few experienced investors in liquid tokens.
We apply and adapt proven investment principles to blockchain investing, identifying long-term fundamental value.
We employ established practices in institutional security, fund administration, and risk management for an enduring partnership.

Excerpt from our 2022 Annual Letter to investors detailing our underwriting edge, our market insights and our strategy for 2023.

How our risk principles, and the principle of fragility in particular, allowed us to pass on investing in Terra and create a synthetic put on UST.

A common misconception about digital assets (‘tokens’) is that they are all currencies like Bitcoin. Many tokens grant holders access to ownership of the underlying project and collect cash flows.