Active, thesis-driven management
Ecosystems with real usage, selected with a written thesis.
An active portfolio across the ecosystems with the strongest value proposition: layer 1 and layer 2 infrastructure, mature decentralized finance and real-world asset tokenization. Every position starts with a written thesis covering catalysts, risks and exit conditions, and is reviewed with discipline.
01 / The opportunity
A growth satellite around a Bitcoin or Ethereum core. It adds actively managed exposure to the next generation of digital infrastructure. Exposure to AI and crypto lives in the AI Fund.
The layer 1 and layer 2 networks that process payments, contracts and digital assets are far from their final form. Those that combine low cost, security and real developer adoption may capture a meaningful share of the value that moves on-chain. Identifying them early, and dropping those that stall, is the work of active management.
Some on-chain lending, exchange and derivatives protocols have operated for years through several market cycles, with verifiable revenue. A protocol’s maturity, measured in time in operation, usage and behavior under stress, is a more reliable signal than any promise of yield. The fund focuses on that mature part of the sector.
Tokenizing bonds, funds and credit connects traditional finance with crypto infrastructure. With frameworks such as the US GENIUS Act, enacted in July 2025 (White House, July 2025), the entry of regulated institutions becomes more viable. The ecosystems that bridge that capital have a very large potential market.
On-chain, the fees each user pays are recorded and anyone can audit them. That makes it possible to tell networks and protocols that charge for a real service apart from those that only hand out incentives. Tokens are increasingly designed so that part of that revenue reaches holders, and the fund prioritizes ecosystems where the link between usage and value is visible and measurable.
02 / How we manage it
Before buying, every position has in writing why it exists, what would drive it, what would invalidate it and when to exit. If the thesis cannot be written, there is no investment.
Only assets with verifiable on-chain usage, teams with a track record and enough liquidity to exit in a stressed market qualify. Memecoins, presales and assets without market depth are excluded.
More volatile positions carry less weight, and each ecosystem has a concentration limit. No single idea can determine the fund’s outcome.
Every thesis is reviewed at least once a quarter. We exit when the thesis is invalidated, not when price hurts. Custody is segregated under contract, with periodic position reporting.
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
Liquid assets from the ecosystems described: layer 1 and layer 2 infrastructure, mature DeFi and real-world asset tokenization, plus operating cash. Specific positions are detailed in investor reports, not in public materials.
Against total crypto market capitalization excluding Bitcoin, because that is the universe the fund selects from. The benchmark appears in this profile’s terms table.
The fund excludes sustained leverage. The exact limits are set out in your contract.
The position is exited under the conditions written at the outset. Each position is sized so that a single mistake does not define the fund’s outcome, although it does affect it.
According to the holding period and redemption windows shown in this profile’s terms table and in your contract. Given its horizon, it is best to invest only capital you will not need for several years.
08 / Next step
A manager reviews your goal, your horizon and whether this fund fits. No commitment and no pressure.
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