Active, fundamental, and disciplined management

We support you with a human and rigorous approach in your digital asset investments, with a long-term vision. Given their high volatility and level of risk, we favor a calm, disciplined, and sustainable approach.

Our approach

4 to 6 year horizon A complete cycle
Bitcoin cycles Market-tailored exhibition
Fundamental analysis Revenues, tokenomics, valuation
Risk management Reduced exposure in the excess phase
Monthly reallocations Progressive adjustments
Human management Decisions made by our managers
Stablecoins Defensive and flexible reserve
Volatility Accepted, measured, framed

Our strategy rests on two pillars

A rigorous approach, combining the reading of market cycles and in-depth analysis of selected assets, to build a dynamic and disciplined allocation.

Pillar 1 — Bitcoin Cycles

Gradually adapt the portfolio's exposure to the different phases of the market cycle.

On-chain data : analysis of network activity, flows, and investor behavior.
Market data : monitoring of liquidity, sentiment, and derivative markets.
Time analysis study of Bitcoin's historical cycles and their relationship with halvings.
Dynamic allocation : adjustment of the exposure between crypto-assets and stablecoins according to our reading of the cycle.

Pillar 2 — Fundamental Analysis & Tokenomics

Select crypto-assets capable of sustainably creating and capturing value.

Activity and adoption analysis of the protocol's usage, its growth, and its competitive positioning.
Revenue and valuation analysis of income, economic flows, and valuation, notably using DCF and comparables.
Tokenomics analysis of token issuance, burn, vesting, staking, and distribution.
Risks evaluation of governance, concentration, liquidity, and mechanisms likely to dilute token holders.

The composition of wallets

We build concentrated portfolios of around ten holdings, systematically incorporating a stablecoin allocation (USDC or EURC), the weighting of which evolves according to the phases of the market cycle.

The allocation consists mainly of:

Stablecoins (USDC or EURC) their weighting changes according to the different market phases.
Bitcoin it constitutes the main foundation of exposure to crypto-assets.
Mid caps mid-cap assets, ranked from top 2 to top 50.
Small caps smaller-cap assets, ranked from top 51 to top 200, to a lesser extent.

The allocation between stablecoins, Bitcoin, mid caps and small caps is adjusted according to the client risk profile — conservative, balanced or dynamic — and can evolve over time. Certain assets can thus be added or removed depending on their development.

For example, the stablecoins / Bitcoin / altcoins allocation can evolve as follows:

Defensive phase: 100 % / 0 % / 0 %
Balanced phase: 30 % / 45 % / 25 %
Exposed phase: 0 % / 50 % / 50 %

Outside of stablecoins, certain allocation limits are applied:

Bitcoin: minimum 30 % of the allocation.
Altcoins: maximum 70 % of the allocation.
An altcoin: maximum 35 % when determining the allocation.

We exclude in particular:

physical-backed tokens, such as tokenized gold or Real World Assets (RWA);
the anonymous tokens ;
algorithmic stablecoins ;
the meme coins , out of conviction; ;
the NFT.

Allocation examples

Stablecoins / Bitcoin / Altcoins

Defensive

100 / 0 / 0

Balanced

30 / 45 / 25

Exposed

0 / 50 / 50

Illustrations subject to change depending on the market and client profile.

Our process of selection

1

Filter
Top 200 + liquidity

2

Understand
Activity + income

3

Analyze
Tokenomics + dilution

4

Enhance
DCF + comparables

5

Allocate
Potential + risk + liquidity

How we Let's analyze each project

Our approach is based on a rigorous selection of projects with solid fundamentals, growing revenues, and sustainable competitive advantages.

Each project is subject to an in-depth analysis of its intrinsic value, using several valuation methods: DCF, comparable multiples, and the Gordon-Shapiro model.

We invest when the asset appears undervalued relative to its fundamentals and economic potential, with a long-term holding strategy.