Delivers A Macro Thesis Through Equity

10T is a mid to late stage growth equity fund that invests in private companies operating in the digital asset ecosystem (DAE)

10T Team

Dan Tapiero

Managing Partner and CEO

Michael Dubilier

Partner & Vice Chairman

Stan Miroshnik

Partner

Clark Gillam

Venture Partner

Dan Freuman

Venture Partner

Polina Bermisheva

Principal

George Dawson

CFO, CCO

Steven Venino, CFA

Senior Associate

Christopher Cheung

Associate

Bhavin Vaid

Associate
Research and Analytics Staff

Digital Asset Ecosystem of Private Companies is Large and Growing

New Paradigm

Computing Power, Connectivity, and Reduced Cost Now Enable New Economy – Creating New Leaders

Mainframe Dominance

1960-1980
Pre-Internet
Centralized

Client / Server

1980-2000
Lan/WAN Internet (1.0)
Centralized

Cloud / Mobile

2000-Present
Internet 2.0
Centralized

New Paradigm

The Invention and Discovery of Bitcoin Did Not Come Out of the Blue, It Is The Result of 40 Years of Scientific and Cryptographic Research

1974 - 1979
  • 1974 Cerf and Kahn, “A Protocol for Packet Network Intercommunication” – TCP/IP
  • 1976 Whitfield Diffie and Martin Hellman, “New Directions in Cryptography”
  • 1978 RSA Public-key Cryptosystems
1980 - 1989
  • 1980 Ralph Merkle, “Protocols for Public Key Cryptosystems”
  • 1981 David Chaum, “Untraceable Electronic Mail”, Return Addresses, and Digital Pseudonyms
  • 1982 Murray Rothbard, “The Ethics of Liberty”
  • 1983 David Chaum, “Blind Signatures for Untraceable Payments”
  • 1985 Elliptic Curve Cryptography
  • 1988 Timothy C. May, “The Crypto-Anarchist’s Manifesto”
1990 - 1999
  • 1991 Phill Zimmerman, Pretty Good Privacy – PGP
  • 1991 S. Haber, W.S. Stornetta, “How to time-stamp a digital document”
  • 1992 Eric Hughes, Timothy C. May and John Gilmore, "Cypherpunks founded in SF"
  • 1992 Tim Berners-Lee, World Wide Web
  • 1993 Eric Hughes, “A Cypherpunk‘s Manifesto”
  • 1994 Timothy C. May, “The Cyphernomicon”
  • 1994 CyberCash
  • 1996 E-gold
  • 1996 NSA, “How To Make a Mint”
  • 1997 Adam Back, HashCash, DOS counter-measure w/ proof-of-work
  • 1997 Nick Szabo, “Formalizing and Securing Relationships on Public Networks” – Smart Contracts, Third part vulnerabilities
  • 1998 Nick Szabo, “Securing Property Titles with Owner Authority” – Timestamped database
  • 1998 Bit Gold
  • 1998 Wei Dai, “B-money” – decentralized database to record txs and using a type of proof-of-work
2000 - 2009
  • 1998-2001 Many online retailer currencies in the dotcom bubble (Beenz, Flooz, etc) - demand
  • 2001 Bram Cohen, Bittorrent
  • 2001 Distributed Hash Tables
  • 2001 Video game currencies and markets (era started in 2001) - demand
  • 2006 Liberty Reserve
  • 2009 Bitcoin launched, “Chancellor on brink of second bailout for banks”

It's Still Early: It's 1996 Equivalent for Digital Asset Ecosystem

In 1996, 1% or ~50MM people had internet access
Today, there are 65MM+* crypto accounts / wallets, ~1% of the world population

DAE Growth Rate Tracking Growth Rate of Internet Adoption From Inception

DAE is here
Sources: ITU, www.internetworldstats.com, www.blockchain.com * Note: Wallets opened at www.blockchain.com as of January 2021

Early Stage Markets Grow Quickly

DAE Market at Early Stage

Asset Backed Securities (ABS) Market Exhibited Exponential Growth Rates from Inception

CAGR 66%
1985-1995
CAGR 20%
1995-2007
DAE is here
Source: SIFMA Note: Amounts outstanding include collateralized debt and loan obligations, automobile, equipment, credit card, student and other asset-backed loans

Post-COVID Macro Fundamentals Very Supportive for Bitcoin and DAE Growth

Greatest Monetary Expansion of the Modern Era ...

U.S. M1 Money Supply Growth (%, Y‑o‑Y)

66%
Source: Federal Reserve, January 2021
... Drives Investors To Search for Alternative Stores of Value

Bitcoin Price, $

$30,000
Source: CoinMarketCap, January 2021

Post-COVID Macro Fundamentals Very Supportive for Bitcoin and DAE Growth

... Drives Investors To Search for Alternative Stores of Value

Bitcoin Price, $

$30,000
Source: CoinMarketCap, January 2021