Liberty
Innovation is measured by whether it expands ownership, access, and voluntary exchange.
Private fund · Independent research
Capital for the long arc of open financial systems.
Vellum Capital invests in Bitcoin and cryptoassets on a multi-cycle horizon — positions grounded in nine years of published research on durable ledgers, market structure, and individual liberty.
Vellum /ˈveləm/
A durable surface for records designed to outlast their authors.
2017Founded · nine years of market cycles
PublicEvery thesis dated and open
Multi-cycleLong-horizon positioning
Our thesis
Crypto was built for machines, not humans.
Trustless settlement, self-executing contracts, and incentives tuned for automated participants were never concessions to poor human usability. They were the design target. Humans speculated their way in; the machine era is the destination.
The convergence of crypto rails with AI and autonomous agents is the demand this asset class has not yet priced, and it is what the portfolio is positioned for.
Read the June 2026 letterHow we evaluate
Technology
Protocols, incentives, and infrastructure beneath the price chart.
Markets
Uncertainty, liquidity, and the humbling information contained in prices.
The public record
Read what we believed before it was consensus.
Crypto vs. Traditional Asset Markets
Written December 2018. Argued that crypto market cap and trading volume were manipulated measures that told investors almost nothing, and that Bitcoin held most of the real long-term upside despite roughly half the nominal market share. The critique of those metrics has aged better than the metrics.
Read essayInvestment Narratives and a Future Convergence
Published June 2026. Argues that crypto's design target was never the human user, and that the AI and agent economy is the demand the asset class has not yet priced. This is the current house view, and the letter says plainly that it could be wrong.
Read essayWhat's the Deal with Tether? USDT and the Reserves Question
Written June 2018, when an imminent Tether collapse was close to consensus. Argued the market-manipulation case against it was unproven. Defended an unpopular read when it cost something to do so; Tether did not collapse.
Read essay
Why Vellum
Records shape civilization.
Vellum was the writing surface chosen for records meant to outlast their authors. Better systems for recording ownership create profound economic change — that conviction is the firm.
Meet the people behind VellumFor qualified investors
Request information about the fund.
Vellum Capital works with accredited investors, family offices, and institutions. To receive information about the private fund, introduce yourself below.
More about the fund structure