Inside the Hutt

In this episode of Inside the Hutt, Brooke Pollack interviews Hootie Rashidifard, founder of Hash3, a crypto-focused venture fund. Hootie shares his personal journey from Canaan Partners to launching Hash3, driven by a mission to promote self-sovereignty through decentralized technologies. They explore Hash3’s unique fund structure, investment philosophy, and the evolving dynamics of crypto venture investing, including token models, infrastructure focus, and how regulatory clarity could shape the industry’s future.

Key Points From This Episode:

Hootie Rashidifard’s background and his path from Canaan Partners to founding Hash3.

The personal story behind Hootie’s passion for decentralization and self-sovereignty.

Overview of Hash3’s mission, structure, and focus on enabling self-sovereignty.

Differences between operating a large venture fund and a solo GP crypto fund.

Hash3’s flexible investment approach and focus on infrastructure.

The concept of "crypto regime change" and evolving token market dynamics.

Challenges with low float, high FDV token models and emerging founder strategies.

The importance of fundamentals in crypto investing amid a growing number of tokens.

Perspectives on infrastructure vs. application investments in crypto.

Potential impacts of U.S. regulatory developments on crypto venture investing.

Alpha vs. beta deal sourcing and how Hash3 wins competitive allocations.

Highlights of Hash3 portfolio companies, including Nirvana Labs and Chakra Labs.

Hootie’s passion for classic cars and what he’d pursue outside of crypto and venture.

Links:

Hootie Rashidifard on Twitter: https://x.com/hootie_r

Hootie Rashidifard on LinkedIn: https://www.linkedin.com/in/hootanrashidifard

Hash3: https://www.hash3.xyz/

Fund I [Abridged] Q4 2024 LP Letter: https://www.dropbox.com/scl/fi/qdu7puck2d85zviwwk3q2/Hash3-Venture-Fund-I-Abridged-Q4-2024-LP-Letter.pdf?rlkey=s9an69m4q88atuoesrqer2yqw&st=3jw7jid9&dl=0

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, host Brooke Pollack welcomes Jakub Rusiecki and David, co-summoners of Social Graph Ventures (SGV), a Web3 social investment vehicle. They discuss their personal journeys into crypto investing, the formation and structure of SGV, and the unique opportunities in Web3 social. The conversation covers SGV’s investment thesis, the evolution of blockchain-powered social platforms like Farcaster and Lens, and how open social graphs can disrupt existing incumbents. Jakub and David also explore how SGV operates as a community-driven investment DAO, their experience in early-stage investing, and the future of Web3 social applications.

Key Points From This Episode:

Introduction to SGV – Jakub and David share their backgrounds and how they formed Social Graph Ventures.

What is Web3 Social? – Explanation of how decentralized social platforms function and their potential impact.

Investment Focus of SGV – Discussion on why SGV prioritizes Web3 social apps, middleware, and social protocols.

Challenges in Web3 Social Adoption – Why competing with Web2 incumbents is difficult and how SGV sees new opportunities.

Farcaster and Lens as Flagship Platforms – The role of these decentralized social networks in the ecosystem.

The Community-Driven Investment Model – How SGV operates without LPs, using a member-based structure.

Motivating Member Participation – Reward-based incentives to keep contributors engaged and active.

The Future of SGV – Potential expansion, additional vehicles, and staying disciplined in investment strategy.

Highlighting Portfolio Investments – Overview of SGV-backed startups like Neynar, and Rodeo.

Long-Term Vision for Web3 Social – How open social graphs and blockchain-based social networks might evolve.

Links

Jakub Rusiecki on Twitter: https://x.com/jakub_rusiecki

David on Twitter: https://x.com/clujso

Social Graph Ventures: https://www.socialgraph.vc/

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack welcomes Vishwa Naik, co-founder of Anera, a DeFi-focused prime brokerage. Vishwa shares his journey from finance and traditional startups to the world of blockchain, explaining how Anera provides inventory and execution services to institutional traders. They explore the complexities of cross-chain liquidity, arbitrage opportunities between CeFi and DeFi, and the future of capital-efficient trading. Vishwa also discusses the technical and security challenges of building a DeFi protocol, the role of tokenized assets, and how Anera is positioning itself to scale within both DeFi and traditional financial systems.

Key Points From This Episode:

Vishwa’s background – from finance to blockchain entrepreneurship.

The vision for Anera – building a DeFi-focused prime brokerage.

Why interoperability between chains is critical for market efficiency.

How Anera helps institutional traders access capital-efficient arbitrage.

The evolving role of DeFi prime brokerage and its relationship with existing players like FalconX.

Why Anera transitioned away from servicing retail users to focus on institutions.

How DeFi protocols and CeFi traders interact in arbitrage markets.

Challenges in scaling a prime brokerage for DeFi and key liquidity trends.

The role of tokenized yield-bearing assets in Anera’s future.

The importance of hiring domain experts from prop trading and market-making firms.

Regulatory considerations and the impact of a new U.S. administration on crypto markets.

Anera’s upcoming product launch in March 2025 and expansion plans.

Links

Vishwa Naik on LinkedIn: https://www.linkedin.com/in/vishwa-naik-4748a3137

Anera Labs: https://www.linkedin.com/company/anera-labs

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack sits down with Kyle Samani, co-founder of Multicoin Capital, to explore the firm’s evolution, investment philosophy, and the current and future landscape of blockchain investing. Kyle shares his journey from early tech startups to launching Multicoin, the lessons learned along the way, and the firm's strategic approach to infrastructure, applications, and capital markets. The conversation touches on Solana’s architecture, stablecoins, DeFi capital efficiency, Deepin, AI-integrated blockchain ventures, and political advocacy for crypto legislation. Kyle also dives into emerging trends like zero-employee companies and decentralized GPU marketplaces, highlighting the future of crypto-powered AI.

Key Points From This Episode:

Kyle’s journey from programming to co-founding Multicoin Capital.

Lessons learned from building a fund from scratch in 2017.

The firm’s strategic focus on Solana, DeFi, and deep infrastructure investments.

Why Solana’s architecture makes it the preferred blockchain for trading and applications.

The growing role of stablecoins and how to invest in their ecosystem.

Evolution of capital efficiency in DeFi and risk management in different models.

Deepin's growth and crypto's role in AI and robotics.

The concept of zero-employee companies and AI-driven business models.

Multicoin’s involvement in crypto regulatory advocacy and political support.

Kyle’s take on the future of crypto cycles and where the market is heading.

Exciting Multicoin portfolio companies, including Ionet’s decentralized GPU marketplace.

Links

Kyle Samani

Multicoin Capital

Brooke Pollack on Twitter

Brooke Pollack on LinkedIn

Hutt Capital

Multicoin 2024 Summit Highlights

In this episode of Inside the Hutt, host Brooke Pollack interviews Spencer Bogart, General Partner at Blockchain Capital. Spencer shares his journey into venture capital, transitioning from sell-side equity research to joining Blockchain Capital nearly a decade ago. The conversation delves into Blockchain Capital’s history, investment strategy, and how the firm has remained a leading player in blockchain venture investing. Spencer also provides insights on navigating market cycles, evaluating investment opportunities, and the evolving dynamics within the crypto and blockchain ecosystem. 

Key Points From This Episode: 

Spencer Bogart’s career journey, from economics undergrad to General Partner at Blockchain Capital. 

Blockchain Capital’s history, starting with a $1M fund and scaling to billions in assets under management. 

The firm’s focus on pure venture investments and its disciplined approach to liquid assets. 

Importance of maintaining team integrity, transparency, and low turnover in a venture setting. 

Investment philosophies and how Blockchain Capital identifies opportunities uniquely enabled by blockchain. 

Notable investments in projects like EigenLayer and Worldcoin, and the rationale behind these decisions. 

The impact of market cycles on investment strategies and how Blockchain Capital prepares for bull and bear markets. 

Insights into the future of DeFi and its nearly infinite design space for financial innovation. 

Discussion on the regulatory environment and its impact on blockchain startups and innovation in the U.S. 

Perspectives on differentiating as a blockchain-focused venture fund and sustaining a competitive edge. 

How allocators are realizing that the liquidity profile of crypto venture funds is becoming strictly superior to general venture funds and why.

Links 

Spencer Bogart on LinkedIn 

Blockchain Capital 

Brooke Pollack on Twitter 

Brooke Pollack on LinkedIn 

Hutt Capital 

In this episode of Inside the Hutt, host Brooke Pollack welcomes Simao Cruz, founding partner of Lightshift Capital. Simao shares insights on building Lightshift as a venture firm and engineering platform focused on early-stage blockchain projects. The discussion delves into Lightshift's origin story, its engineering-driven investment strategy, and how the firm acts as a "third co-founder" for portfolio companies. They also explore the challenges and rewards of contributing hands-on technical expertise, discuss Lightshift’s strategic focus on decentralized technologies, and examine how Lisbon is becoming a hub for blockchain innovation. 

Key Points From This Episode: 

Introduction to Simao Cruz and Lightshift Capital’s founding team 

Lightshift’s engineering-centered approach and “third co-founder” philosophy 

Focus on low-level infrastructure and high-growth market applications 

Differentiation through early-stage support in product development and engineering 

Role of Lightshift in project incubation and the firm’s approach to incubating startups 

Strategic investments in decentralized health data sharing and tokenized domain name services 

The importance of tokenization and the overlooked impact of decentralized data 

Lightshift’s engineering diligence process and alignment with portfolio founders 

The growing prominence of Lisbon as a blockchain ecosystem hub 

Regulatory contrasts between the U.S. and Portugal’s stance on blockchain 

Links 

Simao Cruz on LinkedIn 

Lightshift Capital 

Brooke Pollack on Twitter 

Brooke Pollack on LinkedIn 

Hutt Capital 

In this episode of Inside the Hutt, Brooke Pollack sits down with Nicolas Priem, co-founder of Tioga Capital Partners, to discuss the evolving landscape of blockchain venture investing in Europe. Nicolas shares his background in private equity and his transition to the crypto space, along with insights into Tioga’s strategies in early-stage crypto investing. They explore key topics such as the rise of real-world assets (RWA), the opportunities in tokenizing corporate bonds, and the growing European crypto startup ecosystem. Nicolas also reflects on the unique challenges and benefits of investing in crypto, the importance of founder-driven investment strategies, and the influence of the MiCA regulatory framework in Europe.

Key Points From This Episode:

Overview of Tioga Capital Partners and their investment focus on early-stage crypto startups in Europe.

Tioga’s strategies around real-world assets (RWAs) including insights into tokenizing corporate bonds and other areas ripe for disruption such as the opaque art world.

The growing European crypto ecosystem with Lisbon and London serving as key hubs.

The impact of the MiCA framework on crypto regulation in Europe.

Core emphasis of founder-driven investment strategies and long-term relationships with exceptional entrepreneurs.

Tioga’s focus on providing value to portfolio companies through extensive product testing and market feedback.

The importance of discipline during market cycles and the growing role of traditional finance players in the crypto space.

Links

Nicolas Priem on LinkedIn: https://be.linkedin.com/in/nicolas-priem-01648a58

Tioga Capital Partners: https://tioga.capital/

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://www.linkedin.com/in/brookepollack/

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, host Brooke Pollack speaks with Tracy Li, Managing Partner of Istari Ventures. Tracy shares her journey from being a startup founder in Silicon Valley to building her career in the crypto space with roles at Coinbase and Circle. The conversation explores Istari Ventures’ focus on blockchain-based payments and fintech strategies, particularly in emerging markets, and examines the unique challenges and opportunities within the crypto industry. Tracy also provides insights into the evolving role of crypto in global payments, the potential for M&A activity, and the importance of building strong relationships within the venture community.

Key Points From This Episode:

Tracy’s background from Silicon Valley tech to crypto ventures.

Founding Istari Ventures and its focus on blockchain-based payments and fintech.

The role of blockchain in improving speed, cost, and programmability of payments.

Emerging market opportunities, particularly in Latin America and Southeast Asia.

Institutional adoption of blockchain and the potential for future M&A in the sector.

The significance of stablecoins in crypto payments and their future role.

Challenges in DeFi adoption, particularly among institutions.

Building a venture firm’s brand and ecosystem in the blockchain space.

Links

Tracy Li on LinkedIn

Istari Ventures

Brooke Pollack on Twitter

Brooke Pollack on LinkedIn

Hutt Capital

In this episode of Inside the Hutt, host Brooke Pollack speaks with David Feiock, GeneralPartner at Anagram Ventures. David shares his journey from traditional finance to blockchain venture investing, discussing the unique structure and strategy of Anagram Ventures. The conversation explores key topics such as modular blockchains, the intersection of crypto and AI, and the importance of privacy in decentralized applications. David also provides insights into Anagram's investment focus and how the firm supports its portfolio companies.

Key Points From This Episode:

Background of David Feiock

The Fundamentals Of Money

Anagram Ventures Background

Galileo Ventures Merging With Anagram Ventures

How The Intersection Of Tech Verticals Improve The Application Layer

Comparing Cosmos And Solana

Understanding Chain Abstraction

PayFi, DePIN, Crypto AI Applications

How Crypto Assists Emerging Markets

What Makes Anagram Ventures Superior

The Dynamic Behind Low Float High FDV

Exciting Port Cos For Anagram Ventures

Links

David Feiock on Twitter 

Anagram Ventures

Brooke Pollack on Twitter 

Brooke Pollack on LinkedIn 

Hutt Capital 

In this episode of Inside the Hutt, host Brooke Pollack sits down with Mahesh Ramakrishnan, co-founder of Escape Velocity (EV3), an early-stage venture firm focused on the Deepin sector. Mahesh shares his journey from traditional finance at Apollo to launching EV3, driven by a passion for decentralized infrastructure networks. The conversation explores the concept of Deepin, the potential of community-driven infrastructure, and how Escape Velocity navigates this emerging space. They also delve into the challenges and opportunities within the Deepin sector, from decentralized telecom to compute networks, and the future of venture capital in this niche.

Key Points From This Episode:

How The Incentives In Religion Extend To Economics

Background On Escape Velocity

What Is Interesting About DePIN

The Duration Mismatch Seen In Telecomm

Thesis Behind DePIN & Crowdsourcing Infrastructure Networks

Why DePIN Is Superior To Traditional Infrastructure

How Blockchain & Crypto Are Used In DePIN

The Sectors Of DePIN

Emerging DePIN Ecosystems

The Progression & Usage Of DePIN

Decentralized Compute & Wireless Networks

Deal Curation Process At Escape Velocity

Capital Inflows Into DePIN

Links

Mahesh Ramakrishnan on Linkedin

EV3

Brooke Pollack on Twitter

Brooke Pollack on LinkedIn

Hutt Capital