CoinFund Research
Investment Thesis
CoinFund is a cryptonative venture capital and liquid investments firm founded in 2015 that champions the leaders of the new internet through decentralized technology. The firm's core thesis is built on three pillars: foresight through deep technological understanding, active builder mentality, and professional institutional investing. CoinFund believes that the most impactful innovations come from entrepreneurs who understand decentralization technology at a foundational level and are willing to push boundaries across the full lifecycle of blockchain networks—from pre-launch through post-token network effects.
The firm positions itself as both investor and active participant, combining equity and liquid token positions while offering operational, technical, and network expertise to portfolio companies. CoinFund invests across multiple investment vehicles and manages approximately $1 billion in assets under management (as of December 2024), deploying capital from pre-seed through Series A and into liquid cryptocurrency markets.
Sector and Technology Focus
CoinFund maintains a diversified but focused approach across the Web3 ecosystem:
Primary Investment Categories:
- DeFi (Decentralized Finance): Liquid restaking protocols, vault infrastructure, stablecoins, business banking, payment systems
- Infrastructure & Scalability: Zero-knowledge proofs, layer 1 and layer 2 blockchains, data chains, interoperability solutions
- AI & Decentralized Intelligence: Foundation models with decentralized training, AI agents, decentralized skill markets
- Payments & Stablecoins: Global finance platforms, business banking powered by stablecoins
- Data & Security: Programmable data storage, crypto fraud prevention, security infrastructure
- Emerging Sectors: Real-money gaming (mobile and onchain), decentralized networks
Recent portfolio announcements highlight strong conviction in decentralized AI (Pluralis Research, Prime Intellect, Recall), DeFi accessibility (Veda, Ether.fi), stablecoin infrastructure (Dakota), and data infrastructure (Irys).
Stage Preferences & Check Sizes
CoinFund is stage-agnostic but emphasizes early-stage ventures:
- Pre-Seed to Seed: Primary focus, with check sizes ranging from $500K to $5M (estimated from portfolio)
- Series A: Selective participation and follow-ons, check sizes $2M-$15M+ (estimated from recent announcements)
- Liquid Investments: Significant deployment into token markets through dedicated liquid investments team
The firm maintains a venture investment committee that evaluates opportunities across all stages, with different partners specializing in different investment vehicles (venture, liquid tokens, follow-ons).
Lead Tendency
CoinFund has a strong lead tendency, particularly in:
- Early-stage rounds (Pre-Seed/Seed): Frequently leads or co-leads
- Series A: Participates and leads selectively
- Liquid markets: Actively manages trading and strategic token positions
Recent investments announced in 2025 (Veda Series A, Dakota Series A, Ether.fi Series A, Irys Series A) show clear leadership and co-leadership in growth rounds.
Recent Activity & Fund Status
Fund Status: Actively deploying from multiple vehicles, including Fund III
Recent Investments (2025-2026):
- December 2025: LI.FI (cross-chain liquidity protocol) - $29M
- 2025: Irys (programmable L1 datachain) - Series A
- 2025: Veda (DeFi vault infrastructure) - Series A
- 2025: Dakota (stablecoin business banking) - Series A
- 2025: Pluralis Research (decentralized AI training) - Pre-Seed
- 2024-2025: Ether.fi (Ethereum restaking) - Series A
- 2024: Matter Labs (ZKsync) - Series A
- 2024: Prime Intellect (decentralized AI) - Seed
- 2023-2024: Multiple portfolio companies across DeFi, infrastructure, and security
Historical Highlights:
- Founded 2015, among the world's earliest cryptonative funds
- 105+ portfolio companies across 6 investment vehicles
- 121+ total investments across cryptocurrency, blockchain infrastructure, NFTs, and digital assets
- Notable exits: Portfolio companies have achieved significant valuations and successful fundraising
Notable Recent Thought Leadership:
- Partners publishing regularly on DeFi opportunities, AI agents, real-money gaming, and market structure
- Active in regulatory discussions (Chris Perkins sits on CFTC committees)
- Thought leadership on long-term crypto adoption and market cycles
Team
CoinFund has a world-class team of 40+ members across investment, operations, and support functions:
Investment Leadership (Managing Partners):
- Jake Brukhman (CEO, Founder): Computer scientist, early visionary for decentralization, prior CTO at Triton Research and engineer at Amazon
- Alex Felix (CIO, Co-Founder): Former Olympic-level ski racer, crypto angel investor since 2013, invested in Ethereum seed
- David Pakman (Managing Partner, Head of Venture): 17+ years VC, led Dollar Shave Club Series A/B, board seat at Dapper Labs, 55th top VC globally by CB Insights
- Seth Ginns (Managing Partner, Head of Liquid Investments): 20 years Wall Street, early Coinbase angel, deep crypto market expertise
- Chris Perkins (Managing Partner, President): Ex-Citi Global Head of Derivatives, CFTC committee member, co-inventor of CESR benchmark
Investment Team:
- Einar Braathen (Partner): Ex-Accel, ex-General Catalyst, infrastructure/DeFi specialist
- Evan Feng (Partner, Director of Research): Ex-Barclays, Citadel, Point72; tech/media/telecom expertise
- Bobby Beniers (Principal Investor): Ex-Polychain Capital, crypto infrastructure expert
- George Christopher (Principal Investor): Ex-Battery Ventures
- Michael Bosworth (Technical Investor): 15+ years CS, ex-Google, data privacy expert
- Dmitry Lapidus (Sr. Liquid Analyst): Ex-Dragonfly, emerging markets specialist
- Matthew Potts (Sr. Liquid Analyst): CFA, 15+ years investment experience, DeFi specialist
Decision Process & Timeline
Decision Process: Partnership/Investment Committee approach with multiple partners evaluating opportunities, technical due diligence by engineering-focused team members, and final decisions by Investment Committee.
Decision Timeline: 2-4 weeks
Warm Introduction: Strongly preferred but not absolute requirement; [email protected] for inquiries
Typical Involvement: Board observer or board seat in venture investments, active advisory and operational support, network introductions and expertise access.
Geographic Focus
Primary: United States (especially New York where based, SF Bay Area tech ecosystem) Secondary: Europe (London, Berlin) Emerging: Asia-Pacific (APAC team deployed, particularly focused on mobile and gaming) Global: Selective worldwide opportunities, especially where crypto adoption is advancing
Fund Structure & Competitive Advantages
CoinFund manages approximately $1 billion in AUM across 6+ investment vehicles with 121+ total investments. The firm's competitive advantages include:
- Earliest Entry: Among the world's first cryptonative funds (founded 2015)
- Track Record: Invested in Ethereum, Coinbase pre-IPO, and portfolio of 100+ companies
- Operational Expertise: Team includes former founders, engineers, and executives
- Institutional Scale: $1B+ AUM, professional team, regulatory expertise
- Network Access: Deep connections throughout crypto ecosystem
- Market Insight: Partners regularly publish thought leadership and market analysis
- Regulatory Credibility: Managing Partner sits on CFTC committees, testified before Congress