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ThemesTrustware

Investment thesis

Trustware

Trustware is the infrastructure that turns trust from a human process into a programmable commodity, available to anyone, anywhere, at near-zero cost.

Every time you send money, take out a loan, sign a contract, or trade an asset, there is an institution standing behind that transaction making sure it happens correctly. Banks, lawyers, auditors, clearing houses. This infrastructure works, but it is extraordinarily expensive, slow, and exclusive. Billions of people around the world have no meaningful access to it. Trustware replaces this human-led system with software. Agreements become self-enforcing. Settlements become instant. The cost of adding a new user drops to effectively nothing. And access becomes universal, because the only thing you need to participate is a connection to the network.

Trustware

Evidence locker

7 pieces

Research & commentary

The written case, across articles and market updates.

Etherbridge

Market Update

Q2 2026 Outlook

Q2 2026 Outlook covers the big picture, bitcoin onchain data, ethereum onchain data and the five forces transforming the industry from cyclical growth to secular growth.

It’s So Over, Right?
Market Update

It’s So Over, Right?

Six months into a brutal drawdown, with crypto obituaries everywhere and the fear and greed index at all-time lows, the indicators say the bottom is in or close to it and the next bull market’s narratives are already taking shape.

2026
Market Update

2026

Crypto enters 2026 hated, dismissed, and contrarian, but the macro setup, network fundamentals, and DeFi multiples all argue the four-year cycle is dead and the bull thesis has never been stronger.

Adulthood And Underpants Gnomes
Market Update

Adulthood And Underpants Gnomes

Crypto’s Underpants Gnomes era is over, and the painful transition into adulthood, anchored by institutional adoption, regulatory clarity, and trillions in real-world assets coming onchain, is just beginning.

Time for ETH
Market Update

Time for ETH

With ETHBTC at 2018 lows, Ethereum is the most mispriced and misunderstood cryptoasset in the market, positioned as the institutional platform for Internet finance just as regulatory tailwinds and stablecoin adoption hit critical mass.

Investor toolkit

Tools for tracking the thesis.

Onchain Data Dashboard
Tool

Onchain Data Dashboard

Onchain data dashboard covering BTC and ETH.

Valuing ETH
Tool

Valuing ETH

A tool that looks at ETH through 13 independent valuation lenses, and then distils them into the 6 we believe matter most.

Further reading

Book

The Crypto Weighing Machine

The full Etherbridge framework for valuing crypto assets, contextualized around all four themes.

Read the ebook↗

Where the thesis leads, the fund follows.

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