Jul ‘26: Don’t Tokenize the Garbage
Gm, Breaking format this month.
Deal Flow Digest
A monthly newsletter recapping recent crypto funding rounds, hackathons & demo days.
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Latest episodes
June '26: The Marks Came Back (TVPI). The Cash Didn't (DPI).
Carta released its 1Q26 VC Fund Performance report & the headline is "Venture is back." We dig into what TVPI vs. DPI actually means for GPs and LPs heading into 2H26, who's winning & what it means for crypto venture specifically.
May ‘26: Ethereum’s Ballmer Era
Welcome to the May Deal Flow Digest.
Apr '26: The Honeypot Problem
Your snapshot of every crypto / web3 funding round we tracked last month, plus some reckoning on the worst stretch DeFi has had in a long time.
Mar'26: AI is Eating Crypto's Lunch (For Now)
Gm!
Feb’26: The State of Venture Fund Performance & Crypto VC
Hello Welcome to the February Deal Flow Digest, including every crypto / web3 funding round we tracked last month, as well as the ALL the deals, and the recent hackathon/demo day results (in the links).
Jan’26: On Exponential Growth & Startups
If you haven’t spent time with coding agents, I’d encourage you to go down the rabbit hole. Understanding how fast “idea > product” is compressing is going to matter for fundraising, diligence, and where investment moats come from next.
Dec’25: Crypto 2026 Predictions Roundup
The crypto industry does the same ritual EOY: publish “predictions." After reading 26 2026 Predictions: 2026 consensus is that it’s “crypto’s grown-up year.”
Nov’25: Picking Winners, Power Laws in Crypto and Public Markets
From the outside, it looks like crypto got everything it wanted, but not for all market participants. Similar to other markets, you don’t need to own everything, but own the few right things for long enough, in a size that counts.
Oct'25: 3Q25 State of Venture & BTC
3Q25 Venture: TLDR not running out of capital, just more concentrated to AI leaders and decacorns; checks are bigger to fewer companies. Where are we in the cycle? Zoom out.
Sep'25: Debasement, Demographics & Liquidity
Everything’s up… in dollars. What if the denominator is the variable? Price the same assets in gold or BTC and the picture flips: equities and housing look weak. The point isn’t that assets are exploding; the denominator is moving.
August'25: US Crypto Regulatory Developments
The U.S. is reshaping its approach to crypto oversight. Since July, the House passed the CLARITY Act, the SEC launched “Project Crypto”, & the Senate Banking Committee released a draft Digital Asset Market Structure bill alongside a request for input from builders. For founders and allocators, tracking these moves isn’t trivia, it’s edge so you can capitalize on a regulated crypto era.
July'25: Stablecoins, Treasuries, and Fiscal Dominance
Stablecoins are the Trojan horse of U.S. debt markets. The GENIUS Act turns every on-chain dollar into a permanent buyer of Treasuries... cementing fiscal dominance, dollar hegemony, and a self-reinforcing flywheel for crypto.
June'2025: Robinhood & Tokenization
With players like Robinhood and Republic tokenizing private shares and regulators finally offering clearer guidance, 2025 may be the year TradFi pipes finally plug into crypto rails in a more seamless fashion.
May'2025: Investment Barbell: Preservation / Acceleration
Why austerity is dead, fiat is rotting, and the only rational portfolio is a barbell of crypto + AI/energy. May was filled with more public companies buying Bitcoin (and other crypto), so instead we get a bit more dystopian with markets & macro given the change w/ DOGE.
April'2025: Bitcoin Treasury Companies (DATs)
In this piece I attempt to explain why public companies such as Strategy (NASDAQ: MSTR — the company formerly known as MicroStrategy), the newly‑formed Twenty One Capital, and many others are stuffing their treasuries with bitcoin, how the mechanics work, and what that means for a technology designed to be permissionless.
March'2025: BlackRock is Tokenizing Everything
BlackRock CEO Larry Fink’s latest annual chairman letter reads like a manifesto for the future of finance…and it’s undeniably bullish on crypto and tokenization this and your monthly newsletter recapping recent Crypto / web3 funding rounds.
Feb'2025: ETHDenver 2025 Reflections
Post ETHDenver w 17K attendees, sentiment feels more bearish than it probably should.There’s little reason to think we’ve “topped” this cycle in general but the vibe was off. This and your monthly newsletter recapping recent Crypto / web3 funding rounds.
Jan'2025: Recap of Venture Capital in 2024
This month we go into the "2024 State of Venture" along with your monthly newsletter recapping recent Crypto / web3 funding rounds.
Dec'24: 2025 Prediction Summary
Enjoy a summary of top 2025 Predictions for the crypto market as well as a round of of December deals & hackathons.