Key Takeaways
- • Pure Crypto, a fund of funds headquartered outside Chicago, is planning to raise its fourth fund, with founder Jeremy Boynton and managing partner Zachary Lindquist predicting that the current crypto cycle will be the last big boom, according to Fortune.
- • Pure Crypto's first fund, launched in 2018, has appreciated almost 1,000% to roughly $60 million as of the end of 2024, and the two managers oversee about $100 million in Pure Crypto overall.
- • The firm has not yet taken a single investment for the fourth fund but expects to raise tens of millions of dollars and begin taking first checks before the end of 2025.
- • Pure Crypto's capital base is anchored by families who are clients of Laureate Wealth Management, which Boynton founded and which manages finances for 19 U.S. family offices with net worths between $10 million and $50 million.
- • Pure Crypto allocates to eight crypto funds, with Multicoin identified as core to the strategy; Boynton said the firm has fired other managers under a "feed the strength, starve the weakness" approach.
Summary
Pure Crypto, a fund of funds headquartered outside Chicago, is preparing to raise its fourth fund, betting that the current crypto cycle will be the last period of venture-style outsized returns in digital assets. According to Fortune, founder Jeremy Boynton and managing partner Zachary Lindquist see the sector moving toward more mainstream, lower-return characteristics, with annual crypto returns eventually resembling those of the Nasdaq rather than the early-stage gains seen when Bitcoin was first accumulated in the early 2010s. Boynton described the moment as "maybe the last hurrah in the venture capital-esque nature of crypto returns." The managers are not forecasting a collapse of the industry.
The firm's first fund, launched in 2018, has appreciated almost 1,000% to be worth around $60 million as of year-end 2024, per the article. Boynton and Lindquist manage about $100 million in Pure Crypto in total. The article contrasts Pure Crypto with Pantera Capital, which launched the first U.S. Bitcoin fund in 2013 and now manages more than $4 billion. Pure Crypto has not yet received any investments for the fourth fund, yet Boynton said the managers are confident they can raise tens of millions of dollars on the strength of their track record and will begin taking first checks before the end of the year.
The article cites a supportive policy backdrop: President Donald Trump recently signed into law a bill regulating stablecoins, and the Senate is considering separate legislation, already passed by the House, that would more broadly define which financial agencies regulate portions of the crypto market. Fortune also reports that large companies including Meta and Apple are exploring how to add stablecoins to their businesses.
Capital for Pure Crypto has come largely from Boynton's wealth management business. Laureate Wealth Management, which he founded, manages finances for 19 U.S. family offices with net worths between $10 million and $50 million. Boynton entered crypto in 2018 during the prior boom and hired Lindquist, a recent physics graduate. The strategy relies on allocating to a small number of highly vetted crypto funds; Pure Crypto currently backs eight firms, with Multicoin described as central to the allocation approach.
The firm's first fund, launched in 2018, has appreciated almost 1,000% to be worth around $60 million as of year-end 2024, per the article. Boynton and Lindquist manage about $100 million in Pure Crypto in total. The article contrasts Pure Crypto with Pantera Capital, which launched the first U.S. Bitcoin fund in 2013 and now manages more than $4 billion. Pure Crypto has not yet received any investments for the fourth fund, yet Boynton said the managers are confident they can raise tens of millions of dollars on the strength of their track record and will begin taking first checks before the end of the year.
The article cites a supportive policy backdrop: President Donald Trump recently signed into law a bill regulating stablecoins, and the Senate is considering separate legislation, already passed by the House, that would more broadly define which financial agencies regulate portions of the crypto market. Fortune also reports that large companies including Meta and Apple are exploring how to add stablecoins to their businesses.
Capital for Pure Crypto has come largely from Boynton's wealth management business. Laureate Wealth Management, which he founded, manages finances for 19 U.S. family offices with net worths between $10 million and $50 million. Boynton entered crypto in 2018 during the prior boom and hired Lindquist, a recent physics graduate. The strategy relies on allocating to a small number of highly vetted crypto funds; Pure Crypto currently backs eight firms, with Multicoin described as central to the allocation approach.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.