Discount Capture
Entry below last-round valuation creates embedded upside at purchase. Liquidity-driven sellers create episodic supply at meaningful discounts to primary pricing.
- Entry vs. last primary round
- 80–85%
A disciplined secondary strategy in crypto infrastructure.
Keystone Capital acquires late-stage category leaders below last-round pricing — through direct sourcing, information advantage, and execution where most capital cannot transact.
“We acquire scarcity — late-stage category leaders in crypto infrastructure — at a discount, before the market converges.”
As more category leaders stay private longer, the late-stage secondary market expands as the primary liquidity channel. Three structural advantages compound at every entry.
Entry below last-round valuation creates embedded upside at purchase. Liquidity-driven sellers create episodic supply at meaningful discounts to primary pricing.
Private access, cap-table context, and operator-level network reduce uncertainty. We see what bilateral platforms cannot.
Transfer gates, ROFR coordination, carry net-off, and common-stock aggregation narrow the buyer universe. Difficulty becomes pricing power.
The structural dislocation behind late-stage crypto secondaries — fragmented supply, episodic selling, value accrual by layer, and the narrowing direct-competition set.
Anchored by a representative direct transaction on a top crypto exchange — $5M entry at ~$4B valuation, 2.2× partial exit, capital fully returned, significant remaining position with IPO upside.
Closed-end vehicle with a calibrated liquidity sleeve. Cayman LP. SPV-by-deal structure. Deloitte audit. Copper & Coinbase custody. The mechanics behind the discipline.
The full track record — 48% IRR · 4.0× MOIC vintage. Augmented screening from 10,000+ startups to two candidates. Sourcing channels, diligence pillars, and the live deal flow in full detail.
Two principals. One specialized mandate. Twenty-five+ investments across crypto infrastructure, structured by a partnership that has operated through every market cycle since 2017.
Meet the PartnersAvailable to qualified institutional investors and family offices. Minimum commitment $500K · 20–30% target net IRR · 2.5–4.0× target gross MOIC.