These guide where we deploy capital and what we build.
Trading is the first thing to leave the old system because it is the thing that most rewards transparency and speed. Derivatives volume will be settled on public ledgers long before salaries are.
This is why our first holding is an exchange.
Every centralised failure of the last decade was a custody failure. A venue that never holds its users' assets cannot lose them, cannot be seized, and cannot be tempted.
We only build and own self-custodial businesses.
Value in this industry has so far been captured by whoever sold first. Value in the next decade will be captured by whoever still owns the rails when everyone else has sold.
Our horizon is permanent.
Code enforces rules. Courts enforce promises. Institutions that will last a century need both. We are domiciled in a common-law jurisdiction on purpose.
Protocols governed by token votes drift. Protocols owned by an institution with a balance sheet and a name get maintained. We prefer to be that institution.