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, yardeni.com, 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, $
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
Talk to 10T
15 E Putnam Ave, Suite 505,
Greenwich, CT, 06830
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Managing Partner and CEO
Dan Tapiero is the CEO and Managing Partner of 10T. Dan brings 30 years of experience in macro and commodity investing and trading, research and economics, as well as entrepreneurship. Dan has an extensive set of relationships in the institutional investment management space and is a thought leader that regularly speaks and contributes on macroeconomic topics.
Before founding 10T, Dan was the managing partner of DTAP Capital Advisors, a global macro investment fund, that he founded in 2003. He is the co-founder of Gold Bullion International (GBI), a physical precious metals platform for the wealth management industry that also expanded into the cryptocurrency universe in 2014. He is a co-founder of the Agricultural Company of America (AGCoA), one of the largest farmland REITs in the U.S. at the time of its sale in 2013.
Previously, from 1992-2012, Dan was a macro-focused portfolio manager and analyst at Tiger Management, Duquesne Capital Management, Steinhardt Management Co., and SAC Capital Advisors. Dan graduated Phi Beta Kappa from Brown University, where he also earned his B.A.'90 and M.A.'91 in European History. Dan has been on the Board of Trustees of the Lawrenceville School for the past twelve years and currently leads the Investment Committee for its endowment.
Partner & Vice Chairman
Michael J. Dubilier, is a Partner and Vice-Chairman of 10T. In 1994, he formed Dubilier & Co., which has successfully invested in and overseen more than 30 private equity investments. Prior to starting Dubilier & Co., Mr. Dubilier was at Clayton, Dubilier & Rice, where, from 1989 through 1994, he was active in its direct investment business and took part in or initiated numerous acquisitions, recapitalizations, and dispositions of CD&R portfolio companies. Mr. Dubilier entered the investment ﬁeld in 1983, with Drexel Burnham Lambert, where he specialized in utilities, energy and telecommunications and became a partner in the Corporate Finance Department in 1988. Prior to his investment banking experience, Mr. Dubilier was an operations manager for a Houston-based oil service company.
Mr. Dubilier brings over 30 years of experience in private equity and direct investing in industrial, consumer, and technology companies, as well as entrepreneurship. He has deep relationships in the institutional investment management space and is a thought leader that regularly speaks and lectures on private equity.
Mr. Dubilier was educated at Connecticut College and Thunderbird, The Garvin School of International Management, where he received his M.B.A. in 1982. He also completed a post-graduate program in ﬁnance at New York University Graduate School of Business Administration. He has lectured on private equity and alternative investing at Harvard College and the University of California, Berkeley. Formerly Co-Chair of the Loomis Institute Endowment and Vice Chair of the Connecticut College Endowment.
Stan Miroshnik is a General Partner of 10T. He brings a depth of global relationships in the DAE with entrepreneurs, companies, regulators, financial technology and blockchain investors, and nearly 20 years of experience in investment banking, corporate finance, and venture capital.
Previously he was the CEO and Managing Director of Element / Actual Group - an investment bank focused on digital assets, and Managing Director at Tangent Capital Partners, where he focused on financial technology and the digital asset space. Prior to founding Element / Actual, he was the CEO of The Argon Group, and a Managing Director at Rosemount Consulting Partners, a structured finance advisory firm. Before focusing on fintech and digital assets, Stan was an Executive Vice President of Strategy and M&A for TNK-BP, a global energy company. Stan started his career at Morgan Stanley where he was an Executive Director with investment banking roles across New York, London, and the Emerging Markets. He is a prolific early-stage investor, has served as an advisor and a board member to multiple early-stage companies.
Stan received his B.A. in Molecular Cell Biology and B.S. in Business Administration from the University of California, Berkeley in 2000, and an MBA from the Sloan School at Massachusetts Institute of Technology (M.I.T) in 2015.
Polina has over ten years of international experience in investment banking and research, and more recently in startup corporate development and operations, focusing on the financial services sector. Before joining 10T, Polina worked at Element / Actual Group - an investment bank focused on digital assets – where she was responsible for launching and managing several financial products, including OTC digital trading and asset management. She was also a Venture Fellow at Spike Ventures, an Alumni Ventures Group fund for Stanford alumni.
Polina is always passionate about learning new industries and companies and closely follows FinTech and venture capital news. She is interested in seeing how technologies transform the financial services industry.
Polina graduated with a Master of Science in Management from the Stanford Graduate School of Business in 2016.
George Dawson is the Chief Financial Officer and Chief Compliance Officer of 10T. He brings over 12 years of experience within the venture capital and private equity industry. Prior to joining 10T, George was the VP Fund Finance at Techstars – a leading global accelerator organization and venture capital firm – where he oversaw all fund accounting, reporting, valuation, fund structuring and finance operations. Before joining Techstars, George was the Assistant Controller at JLL Partners, a New York middle market private equity firm, where he managed all reporting and finance operations and played an integral role in SEC compliance. Earlier in his career, he worked at EY and KPMG serving a variety of large private equity funds, hedge funds, fund of funds and mutual fund clients.
George is passionate about venture capital and disruptive technologies. He enjoys mentoring entrepreneurs and early-stage startups.
George graduated from Syracuse University’s Whitman School of Management in 2008 where he received a B.S. in both Accounting and Finance and a minor in Economics. George is a licensed CPA in the State of New York.
Steven Venino, CFA
Steven Venino is a Senior Associate of 10T and brings over seven years of experience in venture capital, investment research, structured products and trading, as well as a depth of relationships in the DAE. Previously, he was an investor at Rosecliff, a NYC-based venture capital firm focused on emerging technologies, where he was responsible for sourcing and executing early-stage investments across a broad range of industries, with a particular focus on FinTech & Sustainability.
Prior to joining Rosecliff, Steven helped manage a long/short portfolio focused on the Agribusiness and Renewable Energy industries within Point72’s Discretionary Investing division. Prior to Point72, Steven worked at Morgan Stanley in their Manhattan HQ, where he advised institutional clients on transactions in the equities and derivatives markets. Steven was also responsible for structuring bespoke investment products that provided clients with exposure to macro & micro investment opportunities.
Steven is passionate about blockchain technology and digital assets and has made a number of personal investments in the space, plus is actively involved in various DeFi protocols. Steven graduated, cum laude, from Boston College, where he received his B.A. in Economics and B.A. in Psychology in 2014, and is a CFA charterholder.
Christopher Cheung is an Associate of 10T and brings six years of experience in venture capital and investment banking. At his prior role at Validation Capital, he focused on due diligence and sourcing both early-stage cryptocurrency projects and seed-stage investments in the DAE. Christopher was able to build relationships with the key infrastructure players within the DAE.
Prior to Validation Capital, Christopher worked as an investment banking analyst at Moelis & Co. in their Los Angeles office. He advised on M&A transactions with clients in the Technology, Media & Telecom sectors by creating financial analysis, valuation materials, and financial models. Prior to Moelis, Christopher worked for BMO Capital Markets in their Toronto office within the M&A team.
Christopher has spent his career learning about disruptive technologies and is particularly passionate about the impact of blockchain. He has made personal investments in the DAE with a particular interest in Proof-of-Stake networks and NFT projects. Christopher graduated from Ivey Business School with an Honors Business Administration degree in 2015.
Bhavin Vaid is an Associate of 10T and brings three years of experience in investment banking, private equity, and venture capital. Previously, he was an associate at Cerberus Capital Management, where he focused on underwriting, due diligence, and deal execution for real estate equity acquisitions across both asset-level and corporate platforms.
Prior to joining Cerberus, Bhavin worked as an investment banking analyst at Goldman Sachs in their New York office. He focused on originating mortgage and mezzanine financings within the Real Estate Financing Group. Previously, Bhavin worked for Global Atlantic Financial Group within their M&A team.
Bhavin is passionate about Digital Asset Ecosystem companies and has personally made investments in DeFi protocols, Layer 1 projects, Web3 assets, and Metaverse real estate. He also is Co-Founder of OverEasy Ventures, a seed-stage fund focused on consumer, fintech, and prop-tech businesses. Bhavin graduated from Dartmouth College in 2018 where he received his B.A. in Economics.
Daniel Howard is an Associate at 10T. Daniel joined 10T from Spark Cognition where he was a Machine Learning Engineer developing new technologies for text analysis and image recognition. Prior to Spark Cognition, Daniel was a Business Analyst at Verisk Analytics, working in Business Development and assisting in execution of M&A transactions. He also led the early stages of Verisk’s European expansion through data analytics and predictive modeling, quantitatively analyzing total addressable market and identifying potential go-to-market strategies for each business unit.
Daniel has been an active member in the DAE space, researching Web3 protocols and more recently focusing on peer-reviewed emerging research on technological advancements in the sector. Daniel graduated from Columbia University with his B.A. in Mathematics and Statistics (2019), M.A. in Quantitative Methods (2020) and M.S. in Business Analytics (2021).
Chief of Staff
Ruby Hsu is the Chief of Staff at 10T. She brings over 20 years of experience in operations. Prior to joining 10T, Ruby was the Executive Assistant at Browning West, an independent investment partnership primarily focused on high-quality businesses in North America and Western Europe. Before joining Browning West, Ruby was the Management Strategist at HW LLP, an accountancy firm, during which time she worked as a management consultant at Poloniex, a crypto asset exchange.
She most enjoys and excels at implementing organizational flow and structure wherever she hangs her hat, and she is especially eager to return and contribute to the Digital Assets Ecosystem.
Zach Lentz is the Controller of 10T. He brings over 7 years of experience within the venture capital and private equity industry. Previously, Zach was the Assistant Fund Controller at Techstars – a leading global accelerator organization and venture capital firm – where he performed and managed all fund accounting, reporting, valuation, and fund finance operations.
Before joining Techstars, Zach was a Senior Associate in Deal Advisory at KPMG, where he performed financial due diligence and quality of earnings on buy-side and sell-side transaction advisory engagements. Prior to that, he worked within KPMG’s Audit practice serving a variety of large private equity, venture capital, fund of funds and mutual fund clients.
Zach graduated from Iowa State University in 2014 where he received a B.S. in Accounting. Zach is a licensed CPA in the State of Colorado.
As one of the largest and oldest Bitcoin exchanges in the world, Kraken is consistently named one of the best places to buy and sell crypto online, thanks to its excellent service, low fees, versatile funding options and rigorous security standards. Kraken has been on the forefront of the blockchain revolution since 2011.
eToro is a social trading investment network that enables users to watch the financial trading activities of other users, copy them, and make their own trades. The company’s product, OpenBook and WebTrader, allows traders to learn from each other, share live trading information, and capitalize on their collective power. Launched in 2007, the company has registered offices in Cyprus, Israel, and the United Kingdom.
The 2TM Group is a Brazilian holding company managing a range of digital asset services and solutions, including Mercado Bitcoin. Founded in 2013, Mercado Bitcoin is one of Brazil's largest cryptocurrency exchanges with 3 million customers.
Gemini is a regulated cryptocurrency exchange, wallet, and custodian that makes it simple and secure to buy cryptocurrencies. It is a New York trust company that is regulated by the New York State Department of Financial Services and was founded in 2014 by Cameron and Tyler Winklevoss. Gemini also owns Nifty Gateway, a leading curated marketplace to buy, sell, and store digital art and collectible non-fungible tokens (NFTs).
Bitfury is the leading full service Blockchain technology company and one of the largest private infrastructure providers in the blockchain ecosystem. Bitfury develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the blockchain.
Ledger is a fast paced, growing company developing security and infrastructure solutions for cryptocurrencies as well as blockchain applications for individuals and companies, by leveraging a distinctive, proprietary technology. Launched in 2014, Ledger has designed an acclaimed line of hardware security devices quickly placing the company as a global leader on the market with 1,000,000 units sold in more than 165 countries. For enterprises and corporations, Ledger introduced the Vault: a fully managed SaaS solution addressing the need to safeguard a very large amount of multiple cryptocurrencies while mitigating both IT and physical assault threats.
Figure is transforming the trillion–dollar financial services industry using blockchain technology. In three short years, Figure has unveiled a series of fintech firsts using the Provenance blockchain for loan origination, equity management, private fund services, banking and payments.
Helium is an Internet-of-Things developer platform for building the network and transferring IoT device data. The platform building the peer-to-peer wireless network to simplify connecting anything to the internet by rewarding anyone to become a network operator. It provides wireless coverage for low power Internet of Things (IoT) devices and earns a new cryptocurrency, Helium.
Serving customers worldwide, Figment is one of the world’s largest blockchain infrastructure and services provider. Figment provides enterprise grade node and staking infrastructure, the Hubble Web 3 explorer, and developer tools while also actively participating in community & governance.
Ledn provides financial products with a mission to help clients all across the world unlock the power of digital assets. Operating in 100+ countries, Ledn offers Bitcoin and USDC savings accounts and bitcoin-backed loans, enabling clients to access dollars or additional bitcoin without selling their existing holdings.