Delivers A Macro Thesis Through Equity

10T is a mid to late stage growth equity fund that invests in private companies operating in the digital asset ecosystem (DAE)
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10T PortfolioFund I and II

DAE Gateways
Blockchain Infrastructure
Next-Gen Fin. Services

10T Team

Dan Tapiero

Managing Partner and CEO

Michael Dubilier

Partner & Vice Chairman

Stan Miroshnik


Polina Bermisheva


George Dawson


Steven Venino, CFA

Senior Associate

Christopher Cheung


Bhavin Vaid


Daniel Howard


Ruby Hsu

Chief of Staff

Zacharey Lentz


10T By the Numbers

In Secondary Transactions
In Co-investments by LPs
Growth Stage Investments
Key Investment Themes
Of Portfolio International
Deals Led

10T Investment Thesis

  • 10T is a mid-to-late stage growth equity firm that is building a diversified portfolio of private companies which are enabling the Digital Asset Ecosystem ("DAE")
  • 10T invests in established "picks and shovels" businesses that enable public, government, and corporate blockchains to operate and interface with consumers and existing systems
  • 10T was founded in 2020 and currently manages $970MM in committed capital

Digital Asset Ecosystem of Private Companies is Large and Growing

New Paradigm

Computing Power, Connectivity, and Reduced Cost Now Enable New Economy – Creating New Leaders

Mainframe Dominance


Client / Server

Lan/WAN Internet (1.0)

Cloud / Mobile

Internet 2.0

New Paradigm

The Invention and Discovery of Bitcoin Did Not Come Out of the Blue, It Is The Result of 40 Years of Scientific and Cryptographic Research

1974 - 1979
  • 1974 Cerf and Kahn, “A Protocol for Packet Network Intercommunication” – TCP/IP
  • 1976 Whitfield Diffie and Martin Hellman, “New Directions in Cryptography”
  • 1978 RSA Public-key Cryptosystems
1980 - 1989
  • 1980 Ralph Merkle, “Protocols for Public Key Cryptosystems”
  • 1981 David Chaum, “Untraceable Electronic Mail”, Return Addresses, and Digital Pseudonyms
  • 1982 Murray Rothbard, “The Ethics of Liberty”
  • 1983 David Chaum, “Blind Signatures for Untraceable Payments”
  • 1985 Elliptic Curve Cryptography
  • 1988 Timothy C. May, “The Crypto-Anarchist’s Manifesto”
1990 - 1999
  • 1991 Phill Zimmerman, Pretty Good Privacy – PGP
  • 1991 S. Haber, W.S. Stornetta, “How to time-stamp a digital document”
  • 1992 Eric Hughes, Timothy C. May and John Gilmore, "Cypherpunks founded in SF"
  • 1992 Tim Berners-Lee, World Wide Web
  • 1993 Eric Hughes, “A Cypherpunk‘s Manifesto”
  • 1994 Timothy C. May, “The Cyphernomicon”
  • 1994 CyberCash
  • 1996 E-gold
  • 1996 NSA, “How To Make a Mint”
  • 1997 Adam Back, HashCash, DOS counter-measure w/ proof-of-work
  • 1997 Nick Szabo, “Formalizing and Securing Relationships on Public Networks” – Smart Contracts, Third part vulnerabilities
  • 1998 Nick Szabo, “Securing Property Titles with Owner Authority” – Timestamped database
  • 1998 Bit Gold
  • 1998 Wei Dai, “B-money” – decentralized database to record txs and using a type of proof-of-work
2000 - 2009
  • 1998-2001 Many online retailer currencies in the dotcom bubble (Beenz, Flooz, etc) - demand
  • 2001 Bram Cohen, Bittorrent
  • 2001 Distributed Hash Tables
  • 2001 Video game currencies and markets (era started in 2001) - demand
  • 2006 Liberty Reserve
  • 2009 Bitcoin launched, “Chancellor on brink of second bailout for banks”

It's Still Early: It's 1997 Equivalent for Digital Asset Ecosystem

In 1997, 2% or ~70MM people had internet access
Today, there are 200MM+ crypto accounts / wallets, ~2.5% of the world population

DAE Growth Rate Tracking Growth Rate of Internet Adoption From Inception

DAE is here
Sources: ITU,,

Early Stage Markets Grow Quickly

DAE Market at Early Stage

Asset Backed Securities (ABS) Market Exhibited Exponential Growth Rates from Inception

CAGR 66%
CAGR 20%
DAE is here
Source: SIFMA Note: Amounts outstanding include collateralized debt and loan obligations, automobile, equipment, credit card, student and other asset-backed loans

Post-COVID Macro Fundamentals Very Supportive for Bitcoin and DAE Growth

Greatest Monetary Expansion of the Modern Era ...

G4 Central Banks Balance Sheet Expansion

Major central banks (Federal Reserve, ECB, BOJ and PBOC) total assets

Source: Haver Analytics,, September 2021

Post-COVID Macro Fundamentals Very Supportive for Bitcoin and DAE Growth

... Drives Investors To Search for Alternative Stores of Value

BTC and ETH Prices in 2019-2021, $

Return 159%
Return 245%
Source: CoinMarketCap, September 2021

10T Process – A Research-Driven Approach

  • Investment decision process revolves around rigorous analysis simply explained in 50-page investment memos
  • Investment team engages in discussion and debate. Thesis is continuously tested in dialog with members of 10T’s global network - analysts, portfolio managers and company leadership
  • Assessment of where business belongs or how it fits in the overall portfolio becomes paramount in the decision-making process
  • Sector focus breakdown of universe of investable companies acts as roadmap in portfolio construction

10T Process – A Research-Driven Approach

Sourcing as 10T key focus

  • Broad network that cuts across traditional financial markets, banking, OG crypto, VC and existing DAE entrepreneurs
  • Flexibility in doing primary and secondary rounds – a “go anywhere” mentality

Rigorous qualification and investment execution

  • The scoring approach reflects a macro and micro view on the business – companies ranked on 40 criteria
  • Work closely with legal, tax, accounting, and regulatory advisors to due diligence the target companies

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Greenwich Office:

15 E Putnam Ave, Suite 505,
Greenwich, CT, 06830

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