10X Capital Research
Investment Thesis
10X Capital describes itself as a next-generation merchant bank where Wall Street meets Silicon Valley. The firm is thematically focused on digital transformation, including digital assets and digital infrastructure. It brings institutional capital to what it calls exceptional opportunities through investable structures, both public and private, via its funds, portfolio companies, treasury business, and an affiliated investment bank. The firm was founded by Hans Thomas, a digital currency and fintech entrepreneur who was on the founding team of InternetCash.
Business Lines
10X is not a classic seed or Series A venture fund. Its homepage lists four lines of business:
- Asset Management: venture capital, private equity and growth equity, private credit and structured credit.
- Treasury Management: public company treasury management, Bitcoin treasury company management, digital asset treasury company management, SPAC treasury management.
- Capital Markets: PIPEs, convertible debt and preferred financing, ATM programs, equity lines of credit, U.S. and international public listings (IPO, direct listing, reverse merger, SPAC).
- Real Assets and Infrastructure: digital infrastructure, AI and HPC data centers, hybrid Bitcoin mining data centers, power generation, real estate finance.
Securities transactions are conducted through FNEX Capital, LLC, a FINRA and SIPC member.
Stage Focus
The site gives no explicit stage focus. Historic venture exposure (Robinhood, Circle, Ripple, DraftKings, Bitwise, BitPay) skews early to growth, while the current business leans toward structured and public-market financings for digital asset treasury companies. Stage preferences are left unset.
Check Size
No check size is published. It is left unset.
Lead Tendency
In public-company deals 10X acts as asset manager, financial advisor, or PIPE sponsor, for example as asset manager of the BNB treasury strategy at CEA Industries (July 2025) and financial advisor to Nakamoto. In venture deals the lead role is not documented, so lead tendency is marked unknown.
Recent Activity
- July 2025: CEA Industries and 10X Capital, supported by YZi Labs, announced a $500M private placement to build the largest publicly listed BNB treasury company. 10X serves as asset manager of the strategy.
- August 2025: Hans Thomas joined the board of a Bitcoin treasury company (BNC), with 10X managing its treasury strategy.
- February 2026: YZi Labs publicly called on 10X Capital and Hans Thomas to disclose beneficial ownership of CEA Industries.
- September 2026: Hans Thomas disclosed a 38.9% stake in Host Digital Inc., held through 10X MASTER LLC.
The firm appears active, though mostly in digital asset treasury and capital markets work rather than classic venture rounds. Sector headwinds for digital asset treasuries were reported in mid-2026.
Portfolio Highlights
The homepage shows a Highlights logo strip with no readable names. External profiles (LinkedIn, SEC filings, Wellfound) name Robinhood, Milo, BitPay, Bitwise, Valkyrie, Circle, Ripple, DraftKings, AlphaFlow, Better, Climb, Palantir, and Akash Systems. Wellfound claims over 150 portfolio companies for Hans Thomas and 10X. Treat the list as partial and partly personal investments of the partners.
Team
- Hans Thomas, Founder & CEO. Investor in tech and digital assets since 1999. Founding teams of InternetCash, RefinanceOne, TheNumber. Previously 1/0 Capital. NYU.
- Alex Monje, Partner and Chief Legal Officer. Formerly DWAC (DJT), GAMCO, Morgan Stanley.
- Austin Alexander, Partner and Head of Bitcoin Strategy. Former CEO of Kraken EMEA, co-founder of the NY Bitcoin Center.
- Caleb Goding, Managing Director, Asset Management. Formerly Charleston Capital Management and Wells Fargo.
- Omar Al Yousuf, Senior Advisor. Emerging markets digital asset treasuries; formerly Siemens AG government affairs and defense.
- Adeel Rouf, Director. Capital markets career at Cohen & Co Asset Management and JP Morgan.
- Curtis Pierce, Business Development. Public company treasury asset management; formerly Wells Fargo investment banking.
Decision Process
The firm is founder-led with Hans Thomas at the center and a small partner group. The formal process is not published.
Founder Preferences
Not stated. Deal selection suggests a preference for digital asset, fintech, and digital infrastructure companies that can use public-market structures such as PIPEs, SPACs, and ATMs.
Geographic Focus
Headquartered at One World Trade Center, 85th Floor, New York. The firm says it invests worldwide, and a senior advisor focuses on emerging markets digital asset treasuries.
Fit Notes for F4
A poor fit for typical pre-seed or seed founders. Relevant mainly for crypto and digital infrastructure companies at later stages or those considering a public-market route.