Key Takeaways
- • Singapore-based crypto advisory firm BlockSpaceForce has partnered with licensed fund manager Mainnet Capital to launch a crypto hedge fund targeting $100 million in assets under management, according to The Block.
- • The fund invests in "blockstocks," public companies tied to crypto, including digital asset treasury (DAT) firms, pure-play crypto firms, traditional companies adding crypto exposure, and crypto-adjacent platforms.
- • Initial holdings include DATs such as Kindly MD (NAKA), SharpLink Gaming (SBET), SUI Group Holdings (SUIG), CEA Industries (BNC), and Fundamental Global (FGNX), among others.
- • The vehicle is an evergreen, open-ended sub-fund of an unnamed umbrella variable capital company, offered only to accredited and institutional investors; fund size and backers were not disclosed.
- • The manager applies a three-part DAT framework covering structural soundness, capital efficiency (targeting pre-announcement PIPEs near 1.0x mNAV), and strategic asymmetry.
Summary
Singapore-based crypto advisory firm BlockSpaceForce has partnered with local licensed fund manager Mainnet Capital to launch a new hedge fund focused on investing in crypto-linked public companies, including digital asset treasury (DAT) firms, according to The Block. The vehicle is structured as a sub-fund of an unnamed umbrella variable capital company and is targeting $100 million in assets under management.
Spencer Yang, managing partner of BlockSpaceForce and investment manager at Mainnet Capital, told The Block that the fund is offered only to accredited and institutional investors, which limits the details he can share publicly. He declined to disclose the fund's size and backers, citing confidentiality under its private placement structure. The fund is structured as evergreen and open-ended, allowing it to continuously raise capital and pivot as new opportunities emerge.
The fund targets what it calls "blockstocks": public companies tied to crypto. Yang divides these into three categories: pure-play crypto firms such as Coinbase and Circle, traditional companies adding crypto exposure, and crypto-adjacent platforms such as Robinhood that integrate digital assets into existing business models. Treasury companies are one subset of the broader strategy. Initial investments have gone into DATs including Kindly MD (NAKA), SharpLink Gaming (SBET), SUI Group Holdings (SUIG), CEA Industries (BNC), and Fundamental Global (FGNX), among others.
The fund uses a three-part evaluation framework for DATs: structural soundness (transparent holdings, clear treasury policy, no hidden liabilities, management alignment); capital efficiency (targeting pre-issuance mNAV of at least 1.0x, non-dilutive PIPE terms, and capital deployed for crypto expansion rather than operating expenses); and strategic asymmetry (first-mover advantage, mindshare, foundation support, regulatory clarity). Yang noted that DATs can trade at premiums or discounts to net asset value, and that many are expected to fail, according to industry experts cited by The Block. The fund is currently focused on DATs tied to bitcoin, ether, chainlink, and solana.
BlockSpaceForce, founded in December 2023, advises crypto companies on strategy and growth, with a team that includes former employees of Coinbase, CoinMarketCap, and Foundry. Yang said the next six to 12 months could represent a window for exceptional alpha as traditional finance integrates digital assets.
Spencer Yang, managing partner of BlockSpaceForce and investment manager at Mainnet Capital, told The Block that the fund is offered only to accredited and institutional investors, which limits the details he can share publicly. He declined to disclose the fund's size and backers, citing confidentiality under its private placement structure. The fund is structured as evergreen and open-ended, allowing it to continuously raise capital and pivot as new opportunities emerge.
The fund targets what it calls "blockstocks": public companies tied to crypto. Yang divides these into three categories: pure-play crypto firms such as Coinbase and Circle, traditional companies adding crypto exposure, and crypto-adjacent platforms such as Robinhood that integrate digital assets into existing business models. Treasury companies are one subset of the broader strategy. Initial investments have gone into DATs including Kindly MD (NAKA), SharpLink Gaming (SBET), SUI Group Holdings (SUIG), CEA Industries (BNC), and Fundamental Global (FGNX), among others.
The fund uses a three-part evaluation framework for DATs: structural soundness (transparent holdings, clear treasury policy, no hidden liabilities, management alignment); capital efficiency (targeting pre-issuance mNAV of at least 1.0x, non-dilutive PIPE terms, and capital deployed for crypto expansion rather than operating expenses); and strategic asymmetry (first-mover advantage, mindshare, foundation support, regulatory clarity). Yang noted that DATs can trade at premiums or discounts to net asset value, and that many are expected to fail, according to industry experts cited by The Block. The fund is currently focused on DATs tied to bitcoin, ether, chainlink, and solana.
BlockSpaceForce, founded in December 2023, advises crypto companies on strategy and growth, with a team that includes former employees of Coinbase, CoinMarketCap, and Foundry. Yang said the next six to 12 months could represent a window for exceptional alpha as traditional finance integrates digital assets.
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