Multi-manager crypto allocation. We back emerging quant managers and give family offices and funds of funds managed accounts where they keep custody. Dubai
UAE
Joined August 2023
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Congrats to all of the participants within the @virtuals_io hackathon. It was exciting building and delivering {redacted}, something we believe will change the DeFAI & broader trading landscape for good!
Announcing the winners of the Ethereum is for AI Hackathon, organized in collaboration with the @ethereumfndn Founder Success program.
More than 100 teams delivered advanced implementations of AI-driven execution and coordination on @ethereum. The top teams have now been selected.
Congratulations to the winners, and respect to every builder who contributed real progress to the future of agentic intelligence.
The costly entry in a permission registry is the access nobody removed.
The exception report that catches it: accounts, keys and roles with no current owner, or no use in a set window. The hard part to automate is matching a key back to a live owner.
Who reads yours?
Limits get reviewed as numbers. Real exposure is set by who may lift one.
Name the approver, the second signature, the reason recorded at the time, and the review that reads every override.
Which of the four is blank in your mandate?
A balance on a block explorer isn't the same as a reported return. It doesn't tell you who can sign for it, whether those coins are already recorded in custody, or the exact cutoff time used. So before any mandate discussion, what do you leave out from your proof of assets?
A co-investment record can sit on page one of the deck and still be unallocatable.
Dakota's advice is page one, not the appendix. The test: could outside capital have entered on the stated terms, at the stated size, in that period?
Which part of your record clears it?
Buying an asset and moving it are two separate authorities
AIMA counts four operational ones: counterparties, wallets, exchange administration, asset movement
One pair of hands across all four turns policy into personal restraint
Which two sit with one person on your desk?
Bitwise interviewed 15 large institutions: most held 1% to 2% of investable assets in crypto.
Custody, approval, monitoring and reporting don't shrink with it.
Who is named on your transfer approvals?
NAV can be correct and the return wrong
Capture units in issue before a subscription or after a withdrawal and the denominator moves under a correct numerator
Control: one timestamped unit register at the portfolio's valuation point
Which clock stamps your unit register?
Administrator-sourced returns answer one question: did the manager report the numbers honestly. They don't answer whether the strategy fits your treasury's risk today. Compute the metrics yourself and match risk before sizing capital. How many allocators skip that step?
Ending a mandate should be faster than starting one.
In a manager-of-managers structure, custody stays with the allocator, who sees positions in real time. Trading authority can be pulled without a redemption cycle.
Can you revoke authority without asking for assets back?
A quarter can look like strategy when it's mostly staking yield.
Goodwin notes investors in digital asset treasury companies are likely to expect staking and yield disclosed apart from strategy.
If quarterly return roughly equals staking yield, what did the strategy add?
Allocators screen managers on three areas: track record, strategy fit, operational diligence.
Cost order differs: fit fails cheap; diligence can be fixed; a track record can't be retrofitted. Broker-linked beats a highlight reel.
Which would your treasury's process fail first?
The most trustworthy allocation rule is written before there's money on it. Priority, pro-rata sizing, venue and timestamp evidence, a named arbiter for ties, logged before any trade tests it. Does your policy exist before the conflict, or after it?
A screenshot isn't a track record.
A careful check asks for seven: audited financials, admin statements, LP references, deal letters, realized/unrealized split, valuation policy, regulatory history.
Verified still isn't predictive.
Verification confirms what happened. It doesn't confirm range.
Allocators screen for returns across market cycles, not a single strong vintage. A clean record from one regime is still one regime.
What would you size differently for a record that's never faced a second?
A manager can size, hedge, and place every trade in your account without ever withdrawing a dollar. In a separately managed account structure, the manager holds trading authority only. You trade; you do not hold. Which of your counterparties can trade, and which can move assets?
An allocator's first filter: administrator, auditor, custody, valuation policy. Four checks.
Test the policy: does it name the mark source, the fallback when a venue goes dark, who can override, and is it dated before the last dislocation?
Which check would yours fail first?
There are three states, not two.
Realized and unrealized aren't the full split behind a headline return. A fill can also sit unreconciled against the venue record, not yet reportable.
What should a mandate require before a number counts as reported?
Most treasuries chase highest APY
Lock 6 months. Need cash at month 3.
Exit penalty: 75 bps
$375K loss on $50M treasury
Duration mismatch kills more returns than market volatility
Infrastructure failure costs $500K
Prevention costs $150K/year
Treasuries executing $25M+ monthly without redundancy aren't being lean. They're underinsured
