ID THEORY
Investing in tomorrow's networks, today.
Open networks are rebuilding finance, funding science, and giving machines an economy of their own. One thesis since 2019, unchanged: autonomous agents become the largest users of blockchains, paying for compute on DeAI, settlement on DeFi, and data and IP on DeSci. That demand is now measurable on-chain. We buy the networks it runs on early, concentrated and liquid, with every thesis published on the way in.
Financial markets are being rebuilt as open infrastructure: protocols with real fee revenue, settlement that clears in seconds, and value that flows to the people who hold them rather than the intermediaries between them.
It is past the experiment. Stablecoins are a settlement layer of roughly $315bn, tokenised real-world assets tripled to about $34bn inside a year, and the leading protocols now out-earn incumbents many times their age. The real winners compound quietly while the market is looking somewhere else.
We were early to this and we are not tourists. We backed DeFi before it had a name, held through every cycle since, and concentrate where ownership means something real: genuine usage, genuine revenue, and rewards for holders instead of dilution.
DeSci turns drug programmes, intellectual property, and research data into financeable on-chain assets, so science is funded at the speed of ideas rather than grant cycles.
Biotech IP is one of the largest asset classes still locked inside illiquid, gatekept structures, and DeSci is the mechanism prying it open. The prize is enormous and the people who can price it are rare.
We sit close to the teams doing this work, not at arm's length: BioDAOs, IP holding structures, research agents and the financing rails underneath them. Most crypto funds cannot underwrite a drug programme; we weigh the science, the IP, and the token mechanics together, and treat that gap as our opportunity.
Intelligence is being rebuilt as open infrastructure too: networks for compute, models and machine intelligence, and the agents that pay to use them. Software cannot open a bank account; an agent with a wallet needs no one's permission.
On open rails it can hold assets, pay for its own compute, and charge for the work it does. That is economic autonomy, not just intelligence. An agent that can pay is an agent that can act: it hires other agents, buys what it needs, and funds itself from what it earns.
Multiply that by trillions and the economy is investable from day one. The agents are ownable assets whose earnings accrue to their holders, and so are the rails beneath them: the compute, the model networks and the machine payments. We invest in both, before the market prices in how big it gets.
DeFi supplies the money and markets, DeSci the ownable IP and data, DeAI the compute. Autonomous agents are the demand for all three.
The next trillion users of blockchains will not be human.
The thesis predates the labels. The volatility of the last cycle delayed it; it did not disprove it. Fundamentals, regulation and agent adoption are now arriving at once, and each claim above carries a receipt.
Thesis published, position taken, vertical expanded. The articles are the audit trail.
Investing in cryptoassets since 2013, full-time since 2018, and as ID Theory since October 2018. One fund since February 2019: seven years, one strategy, two full market cycles. Principals' capital is approximately 18% of fund NAV, invested on the same terms as every other investor.
What we believe is on the record before it is consensus. DeFi in 2019. DeSci in 2022. DeAI in 2023.
We established ID Theory in October 2018 and launched the fund in February 2019; we have operated on these rails since before most crypto funds existed. In September 2019 we created an experimental fully on-chain liquid fund, one of the first, on Enzyme Protocol (then Melon). That December we backed Molecule's pre-seed with our own capital, before DeSci had a name. In 2020, as the first external investors in the LAO, we became founding members of FlamingoDAO, and in January 2021 the fund made its first direct NFT purchases. In April 2021 we helped establish VitaDAO within its governance working group.
Then we started summoning our own, with SpaceshipDAO for venture launching in February 2022 and BeakerDAO for DeSci that October. In 2022 the fund also invested in Molecule and took a board seat. When we published the agents thesis in 2023 we tested it by building, with 300 wallet-enabled agents live on Olas by March 2024 and the architecture end-to-end our own. In September 2024 we helped build and launch SciGraph with OriginTrail, an agent-populated knowledge graph for DeSci. In January 2026 we set up BeakerDAO Growth Labs.We hold what we publish, and we run what we hold.
We have known each other since 1995. Each of us spent a decade inside an industry this fund now invests in replacing.
Chief commercial officer and early employee at a regulated FX and payments business, through its sale in 2019 in a transaction reported at approximately $700m. He has seen where the fees hide, where settlement drags, and why open rails win on both.
Director of discovery research at a NASDAQ-listed biotech; published author and patent co-inventor across a decade of drug development. Sits on the board of Molecule, now applying that judgement to how science is funded and owned on open rails.
Seven years, same fund, same mandate, through two bear markets that closed most of our peers.
Principals' capital is approximately 18% of fund NAV, on the same terms as yours.
Nodes operated, governance votes cast, DAOs summoned, protocol board seats held, agents deployed. We work inside what we own.
Our calls are timestamped: DeFi 2019, DeSci 2022, DeAI 2023. Public before they were popular.
- The strategy, and where the liquid sleeves are positioned today.
- The full performance record, and how we think about drawdowns of this depth.
- The operating edge: research, infrastructure, governance and protocol evaluation.
- Terms, liquidity, eligibility and how onboarding works.
- Allocators seeking concentrated specialist exposure beyond BTC and ETH.
- A satellite position within a broader portfolio, not a core holding.
- Investors who already own or understand crypto beta.
- A passive BTC or ETH substitute.
- Capital preservation, low volatility or market-neutral returns.
- Daily liquidity, or an unwillingness to accept severe drawdowns.
We use neither leverage nor derivatives. Offering documents, audited financials, the latest factsheet, DDQ and operational due-diligence pack are available under NDA, on request.