A firm of investors in digital assets.
We invest our own capital. That experience in the market shapes a disciplined approach, the research we publish in the Journal, and our conversations with investors and others in the ecosystem.
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Our approach
Digital assets are a young, volatile and cyclical market. We have been investing in it for several years, with our own capital, and it taught us one thing before anything else: method matters more than the conviction of the moment. Our approach rests on three principles.
The long view
We think in cycles, not weeks. No one catches the bottom or sells the top, and our discipline doesn't try to. It aims to carry an exposure we understand and stand behind, through every cycle.
Rules before decisions
Our rules are written before the market moves: what we watch, what triggers a decision, and what never does. A thesis is documented, tested against the facts, then revised or dropped. Emotion has no vote.
Risk first
The question of risk comes before the question of return: custody, infrastructure, concentration, liquidity. We hold nothing we couldn't safeguard ourselves, and nothing whose mechanics we don't understand.
We publish this thinking in the Journal.
The Journal
Understanding digital assets, beyond the noise.
Our research and the framework we read the market through, published as the cycles unfold.
For investors in digital assets
We share our experience with investors and organisations who want a deeper understanding of digital assets. We don't tell anyone what to do: we explain how things work, what we've learned, and what we watch.
Topics we cover:
- How the markets work
- Cycles
- Protocol mechanics
- Risk
- Custody
- Infrastructure
- The Swiss framework
This takes the form of conversations, talks and workshops, shaped around the questions investors and ecosystem participants actually face.
Get in touch
A question, a project, or simply a conversation. Leave us your details and we'll come back to you shortly.