Dan MooreheadFounder & CEO

My background was global macro. Every few years you get a cool trade in one region. Bitcoin felt different. In 2011 I learned about it. In 2013 I read everything, met everyone, flew to the exchanges. Light bulb moment. It was the biggest trade ever and the most asymmetric. So I pivoted the fund to crypto.

Blockchain is doing to finance what the internet did to everything else. There are huge margins in payments and remittances. Credit cards and banks are giant. Migrants pay a month of wages to move money. There are about 20 reasons it will be massive. Monetary debasement is only one.

Bigger. Tokens are payment rails, property title storage, digital gold, and more. Currency is one use case. You cannot have blockchain without tokens. To move value on chain you must own the token.

This is a multi decade trade. Bitcoin fell 85% three times. Not fun. But anyone who held four years made money. The minimum was a double. Size positions so you can hold.

Smart money does not own it. Most institutions have 0.0 risk in crypto. When they cut risk across the board they have no crypto to sell. Over long periods correlation stays low. Short term shocks can move everything together.

Blockchain will be an asset class. I think every institution will have a team and around 8 to 10 percent in blockchain over ten years. Today most have zero. Even leaders have maybe 2 percent.

Very important. The election changed Congress. Many anti crypto seats flipped. Stablecoin legislation is moving. Market structure is coming. That reduces the US regulatory fear that investors felt.

ETFs brought record inflows. Around 100 billion into Bitcoin ETFs. It is now easy to get exposure. Next step is digital asset treasury companies that own tokens and can stake or do smart balance sheet work.

It is a listed company that holds a token on its balance sheet. It lets equity investors own the token. Unlike many ETFs, a DAT can stake and grow tokens per share. That can outperform over time. Leverage should be low. If it trades below NAV a stronger DAT can acquire it.

We learned that if something is this asymmetric, just get long. Our first fund is up 1,500x. We run products from daily liquidity to 10 year venture so investors can choose. We invest across tokens and venture.

Many. You will have a single digit number of major layer ones and thousands of tokens on top. Bitcoin stores value and moves money. Ethereum is great for programmable money. Solana and XRP handle high throughput. Today our biggest position is Solana, but we own several.

No. There are many elements, but people chose gold. In crypto there are many tokens, but only one has the massive network and long track record. Bitcoin has already won digital gold.

No. Blockchain is a bad tool for crime because it leaves a public trail. Agencies seized coins from criminals. That flipped the view. Most governments are at least neutral, and many are supportive.

Inside Europe real time is good. Cross border and the US system are slow and expensive. Stablecoins move value 24/7 with low fees. Big use case is saving in dollars in countries with weak currencies and bad banks.

I think blockchain changing the world is inevitable. Cycles happen. It can fall 85%. Still, in five years I think it is 10x higher. That belief helps me hold and add on weakness.

Best was buying 2 percent of the world’s Bitcoins at 65 dollars. Worst was S&P dividend swaps into 2008. We got forced out at the lows. It would have been great by 2017, but I was not around in that trade to see it.

Get off zero. Spend a Saturday learning. Buy a small amount. Put 1 percent of your net worth in crypto and hold five to ten years. It should work.