Betting Against the Crowd With Fundamentals

For the past year, a consensus had formed around investments in Digital Asset Treasuries (DATs) and the speculative end of blockchain markets. Nearly all peer investment managers and most public blockchain investors were leaning in aggressively.

On every partner call and investment committee discussion over the past year, we examined in depth why those investments did not align with adoption fundamentals and reflected patterns seen in prior cycles of levered speculation.

Within the Plutus21 portfolio, a different allocation path was taken. The approach remained focused on adoption fundamentals and shifted toward markets with clearer signals on adoption, stronger underlying fundamentals, and business models that were sustainable and scalable.

We were not buyers of DATs, but were willing sellers of assets to DATs, so we could reallocate exposure early toward public equities applying blockchain to their businesses to drive operating leverage and growth.

Those decisions materially shaped performance this year.

This session will review what happened, compare DATs and public digital assets with public equities, and highlight how our positioning differed from broader industry exposure.