Top Crypto Fund of Funds on the Current Crypto Cycle, Hedge Funds, & VCs | Pure Crypto LP

Sep 25, 2025

Zach Lindquist and Jeremy Boynton, managing partners at Pure Crypto, dive into the evolving landscape of the crypto market. They discuss how ETFs and treasury companies are reshaping market dynamics and impacting traditional investment flows. The duo shares insights on their selective approach to manager allocation, favoring seasoned operators who have weathered market cycles. They also touch on the implications of regulation changes, their decision to avoid market-neutral strategies, and why understanding real-world crypto use cases is crucial for future success.

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INSIGHT

New Marginal Buyers Are Reshaping Cycles

ETF buyers and digital-asset treasury companies are now the most significant marginal buyers moving crypto markets.
That changes cycle dynamics and likely elongates this bull market compared with prior cycles.

INSIGHT

ETF Rollout Spurs Capital Rotation

Ethereum and soon Solana ETFs let capital rotate beyond Bitcoin into other L1s.
Over time the market may become broadly indexed with ETFs for many assets.

INSIGHT

Treasury Firms Can Amplify Leverage Risk

Treasury companies can create leverage dynamics that fuel bull runs and exacerbate blow-off tops.
Not every treasury company will trade at NAV multiples; balance sheet and leverage matter.

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Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds.

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