Valuation Velocity Audit
Isolate exceptional growth from temporary momentum.
- Revenue by stream, geography, product line
- Customer usage, churn, segmentation, pricing elasticity
- Cohort behavior, monetization, CAC compression
Anchored by a representative direct transaction on a top crypto exchange — entry below $4B implied valuation, partial exit at 2.2× cash-on-cash, capital fully returned with a significant remaining position.
AI-augmented screening and human judgment narrow the late-stage crypto universe into a focused investment pipeline. Four selection criteria, four diligence pillars, one investment decision.
Visible potential for IPO, M&A, token event, or future secondary exit.
Clear position in a core crypto infrastructure vertical.
Attractive entry relative to last round, fundamentals, and expected liquidity path.
Security type, structure, rights, or pricing create a margin of safety.
Isolate exceptional growth from temporary momentum.
Understand real ownership and downside exposure.
Convert diligence into disciplined entry pricing.
As more category leaders remain private for longer, secondary supply becomes larger, more fragmented, and harder to access.
Fund and investor relationships reveal potential seller supply.
Direct networks surface fragmented early-stakeholder liquidity.
Operators help identify non-brokered positions and larger blocks.
Private events build direct access to founders and investors.
Transfer, carry, and allocation barriers are solved through sourcing, settlement, and aggregation. Specialized capability converts deal-level friction into pricing power.
SHA & Articles · Board consent · ROFR / ROFO · Co-sale rights. Structural limits can make a transaction non-executable.
Identifies executable supply and coordinates transfer approvals early. Seller / cap-table access · consent / ROFR coordination · alternative structures.
Average secondary platform transaction ~$400K. Supply is episodic and sourced from employees or early investors — typically below institutional check sizes.
Aggregates smaller blocks into institutionally relevant exposure through broker, marketplace, and direct channels — target position building.
GP carry creates a pricing gap between buyer entry and seller proceeds. Appreciated positions often require gross-up or structural adjustment.
Aligns buyer entry price, seller proceeds, and carry economics via gross-up / true-up structures preserving target returns.
Three live opportunities representative of the Keystone mandate: regulated infrastructure, stablecoin liquidity, and category-leading prediction networks.
Fast-growing volume, strong take-rate potential, and clear relevance for event-driven institutional trading.
Massive adoption, treasury-scale reserves, and high-margin financial infrastructure with deep regulatory relevance.
Strong engagement, strategic exchange backing from ICE/NYSE owner, and clear monetization upside through hybrid on-chain settlement.