Ten31

Ten31 is a New York-based venture capital firm uniquely dedicated to fostering innovation within the Bitcoin ecosystem. Unlike broader cryptocurrency funds, Ten31 maintains a singular focus on companies building on Bitcoin, the Lightning Network, and related open-source protocols. This specialized approach positions them as a key strategic partner for entrepreneurs developing infrastructure, applications, and services that leverage Bitcoin's foundational security and decentralized nature. Their mission is to accelerate the adoption and utility of Bitcoin by investing in foundational technologies and user-facing products.

The firm's investment thesis revolves around supporting projects that enhance Bitcoin's scalability, privacy, and usability. They primarily target early-stage companies, ranging from seed to Series A, though they also participate in later-stage rounds for their portfolio companies. Ten31 seeks out founders who are deeply aligned with Bitcoin's ethos and possess a long-term vision for its role in the global financial and technological landscape. Their investment strategy emphasizes long-term value creation rather than speculative trading, reflecting the firm's conviction in Bitcoin's enduring potential as a monetary network and technological platform.

Ten31 has built a robust portfolio of companies that are at the forefront of Bitcoin innovation. Notable investments include Unchained Capital, a leading provider of Bitcoin financial services; River, a Bitcoin-only financial institution; and Blockstream, a pioneer in Bitcoin infrastructure development. The firm has demonstrated its commitment to the ecosystem by deploying significant capital, with reports indicating they have invested over $100 million into the Bitcoin space by 2022. For instance, Ten31 led a $2.1 million seed round for Impervious in 2021, a company focused on decentralized internet protocols built on Bitcoin. Their involvement often extends beyond capital, providing strategic guidance and network access to help their portfolio companies navigate the complex and rapidly evolving Bitcoin landscape.