Keysat
3c31b1e8a5
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53 lines
5.2 KiB
Markdown
53 lines
5.2 KiB
Markdown
# Ten31 Thesis — Seed v4
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*Revision after Grant's v3 feedback. Changes made: removed the "in bitcoin longer than almost anyone" claim from the throughline (not true); leaned harder into scarcity as the core idea; stopped treating freedom tech as a throwaway fourth item and instead tried it as the connecting theme across three domains (an experiment to react to); cut the kitchen-sink list in pillar 2; dropped the generic "special founders" framing entirely; rewrote the edge around being sought out and pursuing exclusive opportunities (not just "first look"); rewrote the segment angles per your notes. Also: no em dashes and no "we do X, not Y" phrasing, since those read as AI-generated.*
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---
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## The one-liner (two options to react to)
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> **Option A (scarcity-forward):** Ten31 invests in the infrastructure of scarcity. We back the bitcoin, energy, and AI companies that produce and secure the scarce resources these markets are built on.
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> **Option B (freedom-tech as the banner):** Ten31 invests in freedom technology. We back the bitcoin, energy, and AI companies building the foundation for a more sovereign, less centralized economy.
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*(Option B treats "freedom tech" the way a16z treats "American Dynamism": one strong banner that the three domains sit underneath, rather than a vague fourth bucket. It's a bigger swing. Worth deciding which framing you want before we go deeper.)*
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## The throughline
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Bitcoin, AI, and energy are three of the largest growth markets of the next decade, and they run on the same scarce resources: cheap energy, computing power, and money that cannot be printed at will. As these markets grow, the value collects in whoever supplies and secures those scarce inputs. Ten31 invests in that infrastructure. We have strong conviction in where this is going, and we put capital behind the companies building the foundation underneath it.
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## What we invest in (3 pillars)
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**1. Scarcity is the whole opportunity.**
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Every one of these markets is bottlenecked on something scarce. AI and bitcoin both compete for cheap energy and compute. Both settle on money that is hard to produce. The companies that own and supply the scarce side of that equation capture the value as demand grows. That is where we invest.
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**2. We invest in foundational infrastructure with real revenue.**
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The companies that generate energy, secure capital, and power computation. These are real businesses earning real money from real demand today, not stories about what might happen later.
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**3. Founders seek us out, and we lead deals others never see.**
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This is our edge, and it is concrete. Founders in this space come to us because of our experience and our genuine alignment with bitcoin. We pursue and lead opportunities that are exclusive to us and not available to the broader market. People in this ecosystem know our track record and want us on their side.
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## Why it holds up under questioning
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Are these large, growing markets? Yes, and obviously so. Do they share the same scarce inputs? Yes, energy and compute are the bottleneck for both AI and mining, and sound money is the settlement layer. Has anyone built a strategy across all of it with our position in the ecosystem? Very few have. Are these real businesses? Yes, with real revenue.
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## The proof
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$200M+ deployed across two funds into 30+ of the strongest companies in the space, including Strike in bitcoin financial services and Start9 in personal datacenters and edge AI, plus energy and mining infrastructure. Fund III continues the same strategy.
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## Per-segment angle
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- **Bitcoin-native HNWIs (the OGs).** Bitcoin only wins if people build on it. Holding is not enough. You care about making bitcoin succeed, and so do we. We put capital behind the companies that turn bitcoin from an asset into a working economy, and that is how it actually wins. *(Lead with the mission of making bitcoin succeed, not our tenure. These investors may have been in longer than us, and money is not their only motivation.)*
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- **Institutions.** Exposure to the bitcoin, energy, and AI buildout through a team whose institutional investing experience is unmatched in this space, particularly Grant's. The secular trends are real, and we have the discipline and background to invest in them at an institutional standard.
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- **Family offices.** A long-horizon allocation to growth markets grounded in real, revenue-generating businesses, run by a team with deep experience and credibility in the space.
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- **Smaller accredited ($100k).** The same thesis our most convicted investors back, at an accessible entry point.
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- **AI and energy operators.** You live the scarcity of energy and compute every day. We invest across the stack that supplies it.
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## Voice
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Direct, concrete, confident, conviction-driven. Plain sentences a serious LP can verify in their head. Real examples and numbers. Avoid abstract philosophy, avoid "betting"/"gambling" language entirely, avoid em dashes and "X, not Y" constructions, and avoid kitchen-sink lists.
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---
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*Two decisions for you: (1) Option A vs Option B for the framing, and whether to elevate "freedom tech" to the banner or keep it implicit. (2) Whether pillar 3 (being sought out / exclusive deals) is the edge you want to lead with. React and we go to v5.*
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