Our thesis

We believe blockchains will become core infrastructure for a growing share of global finance and digital commerce. We invest in the assets we believe can benefit.

Our conviction spans finance, AI, privacy and digital ownership. Two funds express that view with different approaches to risk.

The opportunity is converging.

Money, markets and software can use shared infrastructure. We look beyond Bitcoin for networks and assets that earn a lasting role in that activity.

Money

Stablecoins · payments · settlement

Markets

Tokenized assets · trading · collateral

Software

AI services · data · computation

Blockchain infrastructureSettlement · security · verification

Evidence of adoption.

Selected public observations, not a forecast or a measure of token returns.

USDC in circulation

Period-end supply · US$ billions · selected snapshots

Dec 2024
$43.9B
Dec 2025
$75.3B
Jun 2026
$73.3B

Source: Circle, Q4 2025 presentation, p. 17 and Q2 2026 results. One issuer's stablecoin supply; not payment volume or the whole market.

Tokenized assets

$4.3B

Securitize-reported tokenized AUM at June 30, 2026. One platform, not the entire tokenization market.

Q2 2026 results

Software payments

Coinbase's x402 tooling connects software to paid digital services. Recurring agent demand remains an investment question.

October 2025 launch

Reviewed October 19, 2026. Dated provider reports, not a live feed. Supply and assets under management are different measures and are not directly comparable.

Ownership and open participation.

Growth matters alongside who controls the system. We value user choice, independently verifiable rules and less dependence on a single operator.

Control assets
Meaningful ownership and choice of service provider.
Open participation
Room for new users and builders; resistance to arbitrary exclusion.
Verify the rules
Open code and transparent governance, including who can change it.
Protect information
Privacy and selective disclosure as useful infrastructure.

Privacy without exposing everything.

People should not have to publish every balance or business relationship to use digital finance. We study cryptography that can verify a specific claim while protecting underlying information.

Private informationKeep the full record confidential
Cryptographic proofEstablish a selected claim
VerifierCheck the claim, not the full record

Adoption must connect to asset value.

A useful network does not automatically make its token a good investment. We examine who captures the economics.

  1. Useful activity

    People or software repeatedly use a product.

  2. Economic demand

    That use creates demand for settlement, security or services.

  3. Asset economics

    Fees, supply, staking or rights connect that demand to an investable asset.

One view. Two portfolios.

Fund I

Direct, long-only exposure to selected liquid crypto assets beyond Bitcoin. High-conviction, long-term theses with a multi-year lens.

Concentration can bring substantial volatility and drawdowns.

View Fund I →

BlockArrow Opportunity Fund

Complementary long-biased, mixed and market-neutral managers seeking opportunities across all market conditions.

Diversification seeks to manage volatility; it may limit participation in sharp rallies. Diversification does not prevent losses.

View Opportunity Fund →

Both funds involve substantial risk, including loss of capital. Adoption, security, regulation and asset value capture can disappoint. We revisit conviction when the evidence changes.

Investment process →Request investor letter →
Further reading