Capital that grows like a forest.
We hold many small positions across crypto. Each one can stand alone. Together they make one balanced fund.
00 How it works
From idea to scale, one step at a time
We start earlier than most funds and stay involved at every stage. Each step has one clear milestone and one clear decision. The path can end in equity, a SAFT, a token, or a mix — whatever fits the company.
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01
Idea
You bring a thesis and a rough plan. We help you cut it to one thing that can be checked.
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02
Grant
A first grant pays for one milestone. The finished milestone becomes your evidence.
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03
MVP
A working version, built with your team and tested with real users.
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04
Incubation
Product, fundraising structure and go-to-market, worked through with the team over several months.
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05
Scale
The next round, public launch or listing — equity, SAFT or token — once the product is ready.
01 Thesis
What we back
We invest in four parts of crypto. Our view is simple: crypto is becoming real infrastructure, and the best teams keep building for years.
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Layer-1 protocols
The base networks that settle transactions. We look for strong technology, real users and a clear reason to exist in ten years.
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Decentralised finance
Open markets for lending, trading and credit. We check how the system works before we look at its volume.
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Infrastructure
The tools that keep crypto running: data, custody, security and execution. Boring to most people, essential to everyone.
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Tokenised assets
Real-world assets brought on-chain. We want clear ownership, safe custody and an easy way to redeem.
02 Portfolio
A forest, not a single bet
Each node is a holding. Lines show shared ideas, like the same infrastructure or the same founders. One big bet is fragile. A connected group is stronger.
No holdings in this sector.
03 Team
Small team, long view
We are a small team. We think in years, not quarters, and we write down our ideas before we act on them.
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Marcus Chen
Founder & Managing Partner
Started Thaw after a decade across Asian crypto markets. Sets the fund thesis and leads every first meeting with a founding team.
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Minji Park
Head of Research
Spent six years on trading desks in Seoul before turning to on-chain markets. Focuses on lending, liquidity and how risk moves between protocols.
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Freja Lindholm
Partner, Risk and Operations
Previously ran operational risk for a Nordic asset manager. Oversees custody, compliance and the processes that keep the fund auditable.
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Diego Alvarez
Portfolio Lead
Built data pipelines for a market maker in Lisbon before joining. Keeps the portfolio accounts, the reconciliations and the quarterly review pack in order.
Open a profile to read the full bio.
Marcus Chen
Founder & Managing Partner
- Focus
- Fund strategy, early-stage deals
- Based in
- Singapore
- With Thaw since
- Founding
Marcus grew up in Singapore and spent ten years across Asian crypto desks and early protocol rounds before starting Thaw. He sets the fund thesis, chairs the investment committee and takes the first call with every founding team.
He still writes the first draft of every new sector memo himself and keeps a short list of founders he checks in with each month.
Minji Park
Head of Research
- Focus
- Decentralised finance and market structure
- Based in
- Seoul, South Korea
- With Thaw since
- 2024
Minji built trading and research books in Seoul before moving fully on-chain. She sizes every DeFi position and tracks how collateral and liquidity behave under stress. She is the person who says no most often.
She plays go, badly, and keeps a log of every position the fund has closed.
Freja Lindholm
Partner, Risk and Operations
- Focus
- Tokenised assets and custody
- Based in
- Stockholm, Sweden
- With Thaw since
- 2025
Freja designed the fund’s custody set-up after years in Nordic asset management. She reviews every tokenised-asset structure against the legal documents behind it. Her sign-off is required before any redemption terms change.
She trained as a lawyer and still reads the regulatory consultations most people skip.
Diego Alvarez
Portfolio Lead
- Focus
- Infrastructure and data
- Based in
- Lisbon, Portugal
- With Thaw since
- 2025
Diego owns the portfolio graph, the holding records and the performance figures on this site. When a number is shown here, he has reconciled it first.
In his spare time he restores old synthesisers and writes about them in a small newsletter.
04 Performance
Two years, in the open
This is the fund's record so far. It is history, not a forecast.
Illustrative, unaudited