TLDR Tech / Crypto
Theia - 2025 Annual Letter
Theia's 2025 annual letter highlights returns generated purely through asset selection in a challenging environment where BTC returned 35%, but median tokens dropped 60-80%. The fund's thesis centers on crypto evolving from speculative "digital gold" to functional financial infrastructure, evidenced by stablecoins facilitating trillions in annual transfers and onchain lending protocols like Maple and Morpho surpassing $100B. Investment focus areas include governance innovation through prediction markets and futarchy (MetaDAO), alongside emerging AI-crypto infrastructure for agent identity, payments, and coordination.
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