Open financial infrastructure
A long-term position in the network where the digital dollar settles.
A long-term treasury in Ethereum, the network on which a large share of stablecoins and tokenized assets are issued and settled today. Disciplined accumulation, no leverage, and institutional staking only when your contract allows it.
01 / The opportunity
A core position alongside Bitcoin, or a complement to it. It adds exposure to the layer where digital finance is being built, with a different risk profile from a pure store of value.
Ethereum is the network with the largest stablecoin supply, close to half of the total, according to DefiLlama and Artemis data cited by AMINA Group (September 2026). Every digital dollar that moves on the network pays to use it. If stablecoins keep growing as a means of payment and savings, demand for Ethereum block space grows with them.
In July 2025 the United States enacted the GENIUS Act, its first federal framework for stablecoins, which requires liquid reserves and monthly disclosure of their composition (White House, July 2025). A legal framework reduces uncertainty for banks and companies that want to issue or use digital dollars. Much of that regulated activity is being built on Ethereum.
Treasury bills, money market funds and private credit are starting to be issued as tokens that settle in minutes rather than days. The institutions leading that shift have often chosen Ethereum for its operating track record and depth of liquidity. The change is slow, but its potential scale is that of traditional financial markets.
Ethereum scales through layer 2 networks that process transactions at lower cost and settle their results on the main chain. The Dencun upgrade in March 2024 significantly reduced costs for those networks. The design aims for the base layer to be as trustworthy as possible while speed comes from the layers above it.
02 / How we manage it
Capital is deployed in tranches, modulated by market regime and on-chain signals. The goal is to build the position across the cycle, not at a single moment.
If your contract enables it, part of the ETH can be delegated to institutional validators to earn network rewards. Experimental protocols and unaudited yield schemes are never used.
The fund uses no debt, futures or speculative derivatives, and does not rotate into other tokens. The exposure is ETH plus operating cash for rebalancing during stress episodes.
Custody is segregated and specified in each investor’s contract, with periodic reports on positions and, where applicable, on staking rewards.
03 / Portfolio
Includes
Excludes
04 / Investor profile
A fit if
Not a fit if
05 / Terms
These are the fund’s reference terms. The final ones are set in your private contract, which we review with you point by point before signing.
Segregated custody under contract, with periodic position reporting. Daleki Capital is not a regulated financial institution; it operates through private contracts.
06 / Risks
07 / FAQ
Because of its operating track record, depth of liquidity and its concentration of stablecoins and on-chain financial activity. The fund is a bet on that leading position, with the risk that other networks erode it.
Only if your contract enables it, and only with institutional validators. If it is not enabled, the ETH is held without delegation.
No. They depend on network conditions, change over time and can be reduced by penalties. They should not be understood as a promised return.
They are different theses. Bitcoin is a bet on a store of value; Ethereum, on the infrastructure where digital finance is built. Many investors combine both, but the mix depends on your situation and is worth discussing.
According to the holding period and redemption windows shown in this profile’s terms table and in your contract. If ETH is staked, the exit may take additional time because of network queues.
08 / Next step
A manager reviews your goal, your horizon and whether this fund fits. No commitment and no pressure.
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