A core reason for the past wave of crypto VC and project demise was that funding was largely consumed by developing teams that produced useless web3 products. A major misconception was comparing them to web2 products. Essentially, web3 is a financial industry, and there's no need to repeatedly develop web2 products. Historically, the most successful companies in the crypto industry have all focused on financial products, from stablecoins and exchanges to payment systems. Now, with the arrival of the AI era, there's no need for large-scale funding and team building. Furthermore, AI + finance presents new opportunities. We believe that a talented founder leading a few elite individuals can build a top-tier company, representing the biggest opportunity in primary investment today.

SBF's investment portfolio Anthropic + SpaceX Robinhood/Cursor/Genesis Digital has returns approaching $100 billion. Tier 1 investments aren't unprofitable; it's just about investing in the right trends and top-tier teams.