Core Principles
What we believe.
These are not investment criteria. They are the operating assumptions that shape how we think about crypto — the schema we use to make the territory legible.
Structural patience is edge
The most significant value creation in crypto happens over 5–10 year horizons, not 18-month cycles. We invest with time horizons that most capital cannot afford. The inability to sell is, in many contexts, a feature.
Protocol layer compounds
The most significant value creation in crypto happens over 5–10 year horizons, not 18-month cycles. We invest with time horizons that most capital cannot afford. The inability to sell is, in many contexts, a feature.
Research precedes conviction
We do not form investment theses by reading deal flow. We form them by studying mechanism design, reading academic literature, and spending time with the people building. By the time a company comes through our door, we have usually already thought about the problem for months.
The map is not the territory
Every mental model is a simplification. We hold our theses loosely enough to update when evidence demands it. The most expensive thing in investing is certainty that was not earned.
Coordination primitives are undervalued
The most significant value creation in crypto happens over 5–10 year horizons, not 18-month cycles. We invest with time horizons that most capital cannot afford. The inability to sell is, in many contexts, a feature.
Regulatory clarity is a catalyst, not a prerequisite
We invest before regulatory frameworks exist, because by the time they exist, the best opportunities have passed. We model regulatory outcomes explicitly and build margin of safety into our position sizing accordingly.