Inside the Hutt

In this episode of Inside the Hutt, host Brooke Pollack interviews Spencer Bogart, General Partner at Blockchain Capital. Spencer shares his journey into venture capital, transitioning from sell-side equity research to joining Blockchain Capital nearly a decade ago. The conversation delves into Blockchain Capital’s history, investment strategy, and how the firm has remained a leading player in blockchain venture investing. Spencer also provides insights on navigating market cycles, evaluating investment opportunities, and the evolving dynamics within the crypto and blockchain ecosystem. Key Points From This Episode: Spencer Bogart’s career journey, from economics undergrad to General Partner at Blockchain Capital. Blockchain Capital’s history, starting with a $1M fund and scaling to billions in assets under management. The firm’s focus on pure venture investments and its disciplined approach to liquid assets. Importance of maintaining team integrity, transparency, and low turnover in a venture setting. Investment philosophies and how Blockchain Capital identifies opportunities uniquely enabled by blockchain. Notable investments in projects like EigenLayer and Worldcoin, and the rationale behind these decisions. The impact of market cycles on investment strategies and how Blockchain Capital prepares for bull and bear markets. Insights into the future of DeFi and its nearly infinite design space for financial innovation. Discussion on the regulatory environment and its impact on blockchain startups and innovation in the U.S. Perspectives on differentiating as a blockchain-focused venture fund and sustaining a competitive edge. How allocators are realizing that the liquidity profile of crypto venture funds is becoming strictly superior to general venture funds and why.Links Spencer Bogart on LinkedIn Blockchain Capital Brooke Pollack on Twitter Brooke Pollack on LinkedIn Hutt Capital 

In this episode of Inside the Hutt, host Brooke Pollack welcomes Simao Cruz, founding partner of Lightshift Capital. Simao shares insights on building Lightshift as a venture firm and engineering platform focused on early-stage blockchain projects. The discussion delves into Lightshift's origin story, its engineering-driven investment strategy, and how the firm acts as a "third co-founder" for portfolio companies. They also explore the challenges and rewards of contributing hands-on technical expertise, discuss Lightshift’s strategic focus on decentralized technologies, and examine how Lisbon is becoming a hub for blockchain innovation. Key Points From This Episode: Introduction to Simao Cruz and Lightshift Capital’s founding team Lightshift’s engineering-centered approach and “third co-founder” philosophy Focus on low-level infrastructure and high-growth market applications Differentiation through early-stage support in product development and engineering Role of Lightshift in project incubation and the firm’s approach to incubating startups Strategic investments in decentralized health data sharing and tokenized domain name services The importance of tokenization and the overlooked impact of decentralized data Lightshift’s engineering diligence process and alignment with portfolio founders The growing prominence of Lisbon as a blockchain ecosystem hub Regulatory contrasts between the U.S. and Portugal’s stance on blockchain  Links Simao Cruz on LinkedIn Lightshift Capital Brooke Pollack on Twitter Brooke Pollack on LinkedIn Hutt Capital 

In this episode of Inside the Hutt, Brooke Pollack sits down with Nicolas Priem, co-founder of Tioga Capital Partners, to discuss the evolving landscape of blockchain venture investing in Europe. Nicolas shares his background in private equity and his transition to the crypto space, along with insights into Tioga’s strategies in early-stage crypto investing. They explore key topics such as the rise of real-world assets (RWA), the opportunities in tokenizing corporate bonds, and the growing European crypto startup ecosystem. Nicolas also reflects on the unique challenges and benefits of investing in crypto, the importance of founder-driven investment strategies, and the influence of the MiCA regulatory framework in Europe.Key Points From This Episode:Overview of Tioga Capital Partners and their investment focus on early-stage crypto startups in Europe.Tioga’s strategies around real-world assets (RWAs) including insights into tokenizing corporate bonds and other areas ripe for disruption such as the opaque art world.The growing European crypto ecosystem with Lisbon and London serving as key hubs.The impact of the MiCA framework on crypto regulation in Europe.Core emphasis of founder-driven investment strategies and long-term relationships with exceptional entrepreneurs.Tioga’s focus on providing value to portfolio companies through extensive product testing and market feedback.The importance of discipline during market cycles and the growing role of traditional finance players in the crypto space.LinksNicolas Priem on LinkedIn: https://be.linkedin.com/in/nicolas-priem-01648a58Tioga Capital Partners: https://tioga.capital/Brooke Pollack on Twitter: https://twitter.com/bhpollackBrooke Pollack on LinkedIn: https://www.linkedin.com/in/brookepollack/Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, host Brooke Pollack speaks with Tracy Li, Managing Partner of Istari Ventures. Tracy shares her journey from being a startup founder in Silicon Valley to building her career in the crypto space with roles at Coinbase and Circle. The conversation explores Istari Ventures’ focus on blockchain-based payments and fintech strategies, particularly in emerging markets, and examines the unique challenges and opportunities within the crypto industry. Tracy also provides insights into the evolving role of crypto in global payments, the potential for M&A activity, and the importance of building strong relationships within the venture community.Key Points From This Episode:Tracy’s background from Silicon Valley tech to crypto ventures.Founding Istari Ventures and its focus on blockchain-based payments and fintech.The role of blockchain in improving speed, cost, and programmability of payments.Emerging market opportunities, particularly in Latin America and Southeast Asia.Institutional adoption of blockchain and the potential for future M&A in the sector.The significance of stablecoins in crypto payments and their future role.Challenges in DeFi adoption, particularly among institutions.Building a venture firm’s brand and ecosystem in the blockchain space.LinksTracy Li on LinkedInIstari VenturesBrooke Pollack on TwitterBrooke Pollack on LinkedInHutt Capital

In this episode of Inside the Hutt, host Brooke Pollack speaks with David Feiock, GeneralPartner at Anagram Ventures. David shares his journey from traditional finance to blockchain venture investing, discussing the unique structure and strategy of Anagram Ventures. The conversation explores key topics such as modular blockchains, the intersection of crypto and AI, and the importance of privacy in decentralized applications. David also provides insights into Anagram's investment focus and how the firm supports its portfolio companies.Key Points From This Episode:Background of David FeiockThe Fundamentals Of MoneyAnagram Ventures BackgroundGalileo Ventures Merging With Anagram VenturesHow The Intersection Of Tech Verticals Improve The Application LayerComparing Cosmos And SolanaUnderstanding Chain AbstractionPayFi, DePIN, Crypto AI ApplicationsHow Crypto Assists Emerging MarketsWhat Makes Anagram Ventures SuperiorThe Dynamic Behind Low Float High FDVExciting Port Cos For Anagram VenturesLinksDavid Feiock on Twitter Anagram VenturesBrooke Pollack on Twitter Brooke Pollack on LinkedIn Hutt Capital 

In this episode of Inside the Hutt, host Brooke Pollack sits down with Mahesh Ramakrishnan, co-founder of Escape Velocity (EV3), an early-stage venture firm focused on the Deepin sector. Mahesh shares his journey from traditional finance at Apollo to launching EV3, driven by a passion for decentralized infrastructure networks. The conversation explores the concept of Deepin, the potential of community-driven infrastructure, and how Escape Velocity navigates this emerging space. They also delve into the challenges and opportunities within the Deepin sector, from decentralized telecom to compute networks, and the future of venture capital in this niche.Key Points From This Episode:How The Incentives In Religion Extend To EconomicsBackground On Escape VelocityWhat Is Interesting About DePINThe Duration Mismatch Seen In TelecommThesis Behind DePIN & Crowdsourcing Infrastructure NetworksWhy DePIN Is Superior To Traditional InfrastructureHow Blockchain & Crypto Are Used In DePINThe Sectors Of DePINEmerging DePIN EcosystemsThe Progression & Usage Of DePINDecentralized Compute & Wireless NetworksDeal Curation Process At Escape VelocityCapital Inflows Into DePINLinksMahesh Ramakrishnan on LinkedinEV3Brooke Pollack on TwitterBrooke Pollack on LinkedInHutt Capital

In this episode of Inside the Hutt, Brooke Pollack interviews Baek Kim, a partner at Hashed. Baek shares his journey from robotics and hackathons to blockchain and discusses Hashed's growth, investment strategies, and the dynamics of the blockchain venture capital landscape across different regions. The conversation also covers Hashed’s focus areas, including infrastructure and gaming investments, and their initiatives in emerging markets like India and Africa.Key Points From This Episode:Baek Kim’s backgroundThe genesis of Hashed venturesSector focus on remittance layers, RWAs, & metaverseBuilding incubators & communities for India & AfricaPortfolio construction & companies Crypto Interest in Southeast Asia Conglomerate alliances in Southeast AsiaEvaluations & regulations in East vs WestIntrospection on Hashed & portcos like ZKsyncLinksBaek Kim on LinkedInHashedBrooke Pollack on TwitterBrooke Pollack on LinkedInHutt Capital

In this episode of Inside the Hutt, Brooke Pollack interviews Michael Jordan, co-founder of DBA, an early-stage blockchain venture capital firm focused on infrastructure. Michael shares his unique journey from Galaxy Digital to founding DBA, discussing the firm's research-driven approach, the importance of infrastructure in the blockchain space, and DBA's strategic differentiation. They dive into investment strategies, technical diligence's significance, and in-person collaboration's value. This conversation provides deep insights into the evolving landscape of blockchain venture investing.Key Points From This Episode:Michael Jordan’s background and his journey from Galaxy Digital to founding DBA.Formation and strategy of DBA, including the unique approach inspired by childhood psychology.Why DBA prioritizes the rate of learning and infrastructure/platforms over applications.Discussion on interest in platforms like Bitcoin, Cosmos, Ethereum, & Solana. Approach to diligence on infrastructure by evaluating fundamental blockchain concepts.Criteria DBA looks for when selecting and supporting founders.The value and impact of DBA’s community-driven primary research.The differentiating qualities of DBA in the saturated blockchain VC market.Background, insights, and takeaways of DBA research day.LinksDBABrooke Pollack on TwitterBrooke Pollack on LinkedInHutt Capital

In this episode of Inside the Hutt, Brooke Pollack interviews Kevin Williams, founder of Sats Ventures. Kevin discusses his transition from the Bitcoin Frontier Fund to establishing Sats Ventures, a firm dedicated to early-stage investments in the Bitcoin ecosystem. The conversation covers the evolving Bitcoin landscape, investment strategies, the rise of DeFi on Bitcoin, and the unique opportunities within the Bitcoin ecosystem. Kevin also shares insights on the geographic distribution of founders, challenges in venture investing, and advice for emerging fund managers.Key Points From This Episode:Kevin Williams’s background and the Indonesian digital asset scene.Sats Ventures’ investment focus, thesis and approach to supporting founders.Bitcoin’s non-programmable history and shift to BRC-20.Bitcoin ecosystem interest around ordinals.Bitcoin DeFi growth, Layer 2 solutions, and liquidity fragmentation.Geographic distribution and talent pool of Bitcoin founders.Valuations and competition in Bitcoin venture space.Challenges in Bitcoin venture investing and strategies.LinksKevin Williams on TwitterSats VenturesBrooke Pollack on TwitterBrooke Pollack on LinkedInHutt Capital

In this episode, Brooke Pollack interviews Ben Forman, founder of ParaFi Capital. Ben shares his journey from traditional finance to founding ParaFi, an early leader in decentralized finance (DeFi). They discuss the evolution and future of DeFi, the tokenization of real-world assets, and the importance of regulatory clarity in crypto. Ben also highlights ParaFi's strategies, proprietary tools, and how they support portfolio companies.Key Points From This Episode:Overview of Ben Forman’s background, including pitching bitcoin at KKR early on, and why he started ParaFi (+ what was the firm's original name)Overview of ParaFi, its strategies, team, and focus areasParaFi’s proprietary tools: Trask and AlexandriaOverview of tokenization of real world assets, why it is interesting, and what Ben is seeing from large asset managers interested in this spaceWhy Ben is excited about stablecoinsImportance of regulatory clarity for DeFi and building systems that institutions can interact withHow DeFi landscape has evolved over the past several yearsFundamental investing - does the market care about fundamentals?How ParaFi supports portfolio companies and measures its impactLinksBen Forman on LinkedInParaFi CapitalBrooke Pollack on TwitterBrooke Pollack on LinkedInHutt Capital