Matt Huang

And we viewed the early fund as a barbell strategy between what we viewed as extremely high conviction crypto monetary assets and early stage startups on the other end.

And we viewed the early fund as a barbell strategy between what we viewed as extremely high conviction crypto monetary assets and early stage startups on the other end.

The first fund was an evergreen fund that could hold publics, privates, and everything in between. We raised $400 million, and that itself was an interesting process. Crypto was somewhat hot the prior year, and so it was on everyone's radar. This is 2018? This is 2018, yeah, early 2018.

The first fund was an evergreen fund that could hold publics, privates, and everything in between. We raised $400 million, and that itself was an interesting process. Crypto was somewhat hot the prior year, and so it was on everyone's radar. This is 2018? This is 2018, yeah, early 2018.

It was still deeply controversial, and almost everywhere we talked to had plenty of crypto skeptics at the table. But we raised $400 million, launched late 2018, and our plan was to start averaging into our highest conviction positions, which were at the time Bitcoin and Ethereum.

It was still deeply controversial, and almost everywhere we talked to had plenty of crypto skeptics at the table. But we raised $400 million, launched late 2018, and our plan was to start averaging into our highest conviction positions, which were at the time Bitcoin and Ethereum.

Yeah, basically between $6,000 and $3,000. And Ethereum was $100. And then in the year after launch, we raised another about $300, $400. So about $700 to $800 raised total. Then we also have a venture fund that we raised in 2021 that was $2.5 billion, and we're in the midst of investing that now.

Yeah, basically between $6,000 and $3,000. And Ethereum was $100. And then in the year after launch, we raised another about $300, $400. So about $700 to $800 raised total. Then we also have a venture fund that we raised in 2021 that was $2.5 billion, and we're in the midst of investing that now.

And we raised commitments for our second venture fund about $850 million earlier this year, or I guess 2024. But not investing out of that yet. Not investing out. How about some stats on the team? There were 65 people, mostly SF, some in New York, some in D.C. The policy team is in D.C.

And we raised commitments for our second venture fund about $850 million earlier this year, or I guess 2024. But not investing out of that yet. Not investing out. How about some stats on the team? There were 65 people, mostly SF, some in New York, some in D.C. The policy team is in D.C.

And what we call the investing and research team, which is the core group of folks making investment decisions and trying to figure out the future of crypto, that's about 10 or 11%.

And what we call the investing and research team, which is the core group of folks making investment decisions and trying to figure out the future of crypto, that's about 10 or 11%.

Well, we were 20 people on that team in 2021. Yeah, in hindsight, I think it was too large. There are many different ways to build a successful investment team. And I think one of the most fascinating things is learning about how Lots of other people do it. I think there are teams that are very large, but I think it definitely changes the dynamic of how a group of people gets to a decision.

Well, we were 20 people on that team in 2021. Yeah, in hindsight, I think it was too large. There are many different ways to build a successful investment team. And I think one of the most fascinating things is learning about how Lots of other people do it. I think there are teams that are very large, but I think it definitely changes the dynamic of how a group of people gets to a decision.

I think at 10 or less, it is possible still to have a full contact mutual discussion and search for truth. The larger the room gets, the more people are self-conscious and afraid of saying something stupid or challenging someone more senior than them or whatever. So it works for us. It's an eclectic group of people. So not every person.

I think at 10 or less, it is possible still to have a full contact mutual discussion and search for truth. The larger the room gets, the more people are self-conscious and afraid of saying something stupid or challenging someone more senior than them or whatever. So it works for us. It's an eclectic group of people. So not every person.

In fact, I don't think there's a single person on the team who would be central casting for someone to be hired at another investment firm. For better or for worse, everyone on the team has a unique entry into thinking about the future of crypto. We have engineers, researchers, security experts.

In fact, I don't think there's a single person on the team who would be central casting for someone to be hired at another investment firm. For better or for worse, everyone on the team has a unique entry into thinking about the future of crypto. We have engineers, researchers, security experts.

Very rarely would you see an Excel model. Much more commonly, a couple people might be at the whiteboard hashing out some math. You have Georgios with his three screens, 200 tabs typing code. A lot of the work that we do is really in the weeds of the protocols and mechanisms that we think will be important for crypto. And one of the reasons we spend time there is we think

Very rarely would you see an Excel model. Much more commonly, a couple people might be at the whiteboard hashing out some math. You have Georgios with his three screens, 200 tabs typing code. A lot of the work that we do is really in the weeds of the protocols and mechanisms that we think will be important for crypto. And one of the reasons we spend time there is we think