Investment thesis
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.
Evidence locker
7 pieces
Research & commentary
Etherbridge
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.
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.
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.
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.
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
Further reading
Book
The full Etherbridge framework for valuing crypto assets, contextualized around all four themes.
Read the ebookWhere the thesis leads, the fund follows.
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