The Exciting Launch of Kryptós
In a move that’s sure to raise eyebrows (and funds), Reddit co-founder Alexis Ohanian’s venture capital firm, Seven Seven Six (or simply 776 for the less formal), is gearing up to launch a crypto investment fund named Kryptós. Set to kick off in October, this fund is looking to amass a whopping $177.6 million, all while the crypto world is swimming in discounted tokens.
Why Now is the Time to Invest
Katelin Holloway, one of 776’s founding partners, voiced an opinion that echoes what many are thinking: “This is the best time to buy if you’re really long on the industry. It’s on sale. Everything is on sale.” If that doesn’t make you feel like a savvy investor, I don’t know what will!
The Mechanics of Kryptós
The SEC recently welcomed 776 as a registered investment adviser, enabling them to formally dabble in the great, complex world of crypto. While they’ve dabbled in this space before—with investments in projects like the Bored Ape Yacht Club and Doodles—this launching fund marks their maiden voyage into purely crypto investments. With management fees at a head-turning 2.5% and a universal profit-sharing brunch deal of 25%, it seems they’re opening the gates to some serious capital.
Galaxy and Genesis: A Big Ticket of Their Own
Not to be outdone, a group of former and current executives from Galaxy Digital and Genesis are also raising the stakes with their own fund—DBA Crypto Fund I, LP, aiming for the big fish of $500 million. Although information is scarce, it looks like they’re taking the pooled investment route, leaving us all wondering what exactly they have up their sleeves.
The People Behind the Crypto Funds
The dream team behind the DBA Crypto Fund includes powerhouse players like Michael Jordan, the vice president of investments at Galaxy, along with Joshua Lim and Roshun Patel from Genesis. To top it off, Shane Barratt from the Convex Optimization Group adds his trading wizardry to the mix, making it a team you’d want on your side during a crypto trivia night (we’ve all been there).
Growing Trends in Crypto Funds
These are exciting times indeed, with notable names jumping into the fray. Just last week, Polygon’s Sandeep Nailwal raised $50 million for a new Web3 startup fund, followed just a week prior by CoinFund, which announced a remarkable $300 million early-stage venture fund focused on blockchain sectors.
With these initiatives sprouting up, one can’t help but feel that the crypto conversation is shifting, like a coin flip—only this time, it’s heads for potential and tails for uncertainty.
