Bitcoin is the hurdle.
Every allocation must earn its place against simply holding Bitcoin. If a position cannot beat BTC over a cycle, we should have owned BTC.
Reported beside BTC buy-and-hold. Holdings and NAV are sourced from onchain wallets.
Thesis · MMXXVI
What we believe, written down and revised in public.
Solana is home.
Consumer-scale products need fast, cheap, liquid rails. Solana has been our deepest conviction since 2023, and the core of the book.
Other chains where the product finds its fit, never for the announcement.
Agents will need money.
AI agents cannot open a bank account. They need wallets, payments, and proof they can be trusted, which means a money layer and honest evaluation.
Markets move onchain.
Spot, perpetuals, tokenized stocks and options are moving to open venues anyone can reach. The trading stack is being rebuilt in public.
Our Requests for Startups: perp DEXs, options wrappers, onchain trading tools.
Culture is an asset. Size it as optionality.
Shared belief moves markets, and in 2024 it drove the cycle. We still own culture, but small, and we cut it quickly when the community or the team changes.
Products before tokens.
A token comes only when the use case needs it. Usage first, then the market.
Revise in public.
Conviction is not stubbornness. Each tenet carries its date, and when we change our mind, the old line stays visible, struck through.
Framework · since MMXXV
Asymmetric self-sustenance: how the book is built
The house should pay its own way. Most of the capital goes where the upside is asymmetric; a steady share sits in onchain yield, so the book keeps working, and keeps buying, when the market does not. Volatility is the opening, not the enemy.
Mostly conviction and accumulation, with a steady share earning onchain yield. A guide we rebalance against, not a rule or a target.
- IConviction. Concentrated positions in liquid L1, L2 and DeFi tokens, sized to conviction and timed to market inflections.Upside
- IIAccumulation. Slow, scheduled buys into frontier bets that need years, not months, to be proven right.Asymmetry
- IIIYield. Staking, lending and delta-neutral positions onchain. Cash flow that keeps the house running and buys the next drawdown.Self-sustenance
- IVGuardrails. Position limits, a stablecoin buffer, illiquid bets kept small, everything in self-custody.Survival
Archive
Thesis MMXXIV: the portfolios we held
Kept as written. This is the record that produced MVP I.
- ISolana ecosystemSOL JUP JTO JitoSOL
- IIModularity / DATIA ATOM STARS
- IIIIntersubjectivity tokensBONK WEN WIF PEPE DOGE
- IVGaming & IPMON
- VRunes on BitcoinRSIC
- VIWritten off / sold—