The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 18, 2026
Sigil Core returned 14.05% net of fees in Q2 2026, outperforming Bitcoin by 32.92%, driven primarily by large positions in perpetual exchanges Hyperliquid and Lighter. The broader crypto market faced headwinds from DeFi exploits totaling over $500M, including KelpDAO and Drift Protocol hacks, and MicroStrategy's financial stress as it sold Bitcoin to service dividend obligations. Despite challenges, the fund maintains conviction that crypto represents the next evolutionary step of fintech, with infrastructure finally ready for institutional adoption and regulatory landscape improving under current administration. Key positions include perpetual DEXes as a secular perp-ification of finance trend, and Zcash as a privacy play with post-quantum roadmap. The fund is proceeding cautiously in DeFi given elevated exploit risks but sees evolutionary pressure strengthening surviving protocols. Looking forward, the next major adoption wave will likely come from institutions and tech companies rather than retail, driven by matured infrastructure including Solana upgrades, Circle's Arc launch, and Robinhood Chain, alongside expanding pre-IPO perpetual markets that are bringing private market price discovery on-chain.
Crypto infrastructure has matured to institutional-grade readiness while regulatory environment has shifted favorably, positioning the market for the next $1T in capital from financial institutions and tech companies rather than retail users, with perpetual DEXes and privacy-focused assets representing secular opportunities spanning multiple cycles.
The fund expects crypto markets to remain in a slow bleed mode rather than panic, with most sellers already out but recovery requiring positive catalysts to retake narrative. The next major adoption wave will likely come from financial institutions and tech companies rather than retail users, driven by matured infrastructure and improved regulatory environment. DeFi is being forced to transform from move fast and break things to mission-critical infrastructure with formal verifiability. The perp-ification of finance and expansion of pre-IPO markets represent secular trends spanning multiple cycles.
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