Early Riders’ 2025 Investor Letter
Our Annual 2025 Investor Letter is Now Available
This past year's price action perplexed many. However, beneath the surface of that disappointment, sovereign and institutional capital entered at scale while custody risks and digital asset plumbing emerged as the most limiting constraints. These dynamics further aligned with our thesis of why we're investing in and building businesses at the intersection of traditional finance and digital scarcity. We have released an open source version of our annual letter to investors, highlighting the traction in our thesis of investing in businesses that hurdle the returns of the world’s most scarce asset (bitcoin).
