Our Thesis
Asymmetric Upside Opportunity

Blockchain protocols will continue to scale exponentially and take share across the largest markets in the world.

The Right Time

Adoption is happening much faster than commonly understood and there are few experienced investors in liquid tokens.

Investment Strategy

We apply and adapt proven investment principles to blockchain investing, identifying long-term fundamental value.

Investor Experience Icon
Investor Experience

We employ established practices in institutional security, fund administration, and risk management for an enduring partnership.

Our Research
Our Research
Synthetic Put on UST

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.

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Trader Joe

Trader Joe's unique capital distribution model and high USDC dividend makes the token ('JOE') a mispriced asset in the Avalanche ecosystem

Our Research
Theia Blockchain Launches Liquid Token Fund

Theia Blockchain launched its inaugural liquid token fund, Theia Blockchain Partners. Theia is a research-intensive investment manager for blockchain assets focused on long-term fundamental value.

2022 Annual Letter

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

Synthetic Put on UST

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.

Digital Asset Fundamentals Primer

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.