- November 29, 2024
Vikara November 2024 Update – Unprecedented Shift Drives Digital Asset Tailwinds
We haven’t felt this optimistic about the path forward at any point during our 20+ year careers. Trump winning the House, Senate, and popular vote (all while strengthening Republican control over the supreme court) unlocks enormous potential if you zoom out from the player and observe the game.
We start by noting that our portfolio rose ~55% this month, so perhaps our optimism needs tempering even if this period of outperformance has been discussed in our monthlies since we launched the fund in 2022. We also had the opportunity to be interviewed for a piece on crypto in The Australian weekend edition and pressed the go button our Australia feeder fund.
A united US can deal with centralized regimes like China, Russia, Iran and North Korea. It can regulate on issues like the border, digital assets, and the sanctity of the constitution as trump winning the popular vote signalled to politicians this was important.
In short, Trump (and his team) have more ability to change the course of history than any prior administration in recent years. In our view, a course correction has never been more critical than it is today. Debt, war, inflation, and personal sovereignty are at stake.
Trump’s vision of the future of the US won’t necessarily end in four years. JD Vance is capable of carrying the baton for at least four, maybe eight years. There are no new democrats to speak of, and the era of Obama, Biden, and Clinton is over. It’s clear to us that change is now here.
A political shift towards centre, a monetary and fiscal turning point, a nationalist pivot away from globalism, and a rise in honest expression over silent compliance. These issues have driven most of the structural imbalances over the past two decades.
We believe this change strengthens America’s institutions, grows real incomes, and reduces social division. America is about to invest in itself, its people, and its future. Every single time in history that it has done it has driven a period of rapid growth and technological advancement.
Digital assets sit in the middle of these changes. AI = crypto. Free Speech = crypto. Nationalism = crypto. Privacy = crypto. The largest technological change in our generation is in full swing and we cannot convince potential LPs that it is anything more than a series of meme coins.
In lieu of a nicely worded pitch on the opportunity we are investing in, a simple chart should suffice. This cycle is just beginning (Chart 1), and Vikara is well positioned to navigate it.
Chart 1 – Altcoin Market Cap (2016-2024)
Source: @el_crypto_prof
Macro
Isn’t it amazing how quickly consensus changes? From our view, the US election result was not surprising as it confirmed an undercurrent of change that we have been watching sweep the world. People are fed up with bureaucracy, overspending, and the overreach on personal liberties.
While many will never divulge what their opinion of the election was, markets don’t lie. Have a look at the change in Goldman’s sentiment indicator after the election, it is up only (the low occurred at peak Kamala in August 2024) (Chart 2).
Chart 2 – Sentiment Indicator (December 2023-2024)
Source: Haver, EPFR, Factset, CFTC, Goldman Sachs Global Investment Research, TheDailyShot
The collapse in volatility says it all. Markets, and every participant in them, breathed a huge sigh of relief (Chart 3). Lower volatility means more capital can be deployed.
Chart 3 – Vix election analogue, days before and after election
Source : Nomura, Ollari Consulting
Capital investment decisions, which have declined for over three years, have rebounded immediately post Trump’s win (Chart 4). All of a sudden there is a renewed excitement about the growth profile of America and domestic capacity requirements this needs to fulfill.
Chart 4 – Capex Plans – Mfg & Services Sectors (2008-2024)
Source: Macrobond, Federal Reserve System, Ironsides Macro
The transport sector knows what prosperity a strong domestic manufacturing base can bring. Transports are a key sentiment and macro barometer in that these stocks are pivotal to the economic output of the US economy (Chart 5).
Chart 5 – Dow Jones Transports (2011-2024)
Source: Topdown Charts, LSEG
Bond markets breathed a sigh of relief as well, with the average spread for US investment-grade bonds falling to its lowest level since 1997 (Chart 6).
Chart 6 – Bloomberg US Aggregate Corporate OAS (1996-2023)
Source: Bloomberg, TheDailyShot.com
The NY Fed’s index of regional factory activity surged in November post the election result, potentially signalling improvement at the national level (ISM), an encouraging sign that US industry is getting back to work (Chart 7).
Chart 7 – ISM Manufacturing PMI (R1) x Empire State Manufacturing (L1) (2007-2024)
Source : TheDailyShot.com, @TheTerminal, Bloomberg Finance L.P.
A strong outlook for the US economy has resurfaced fears of second wave of inflation. Investor inflation expectations increased sharply post the election (Chart 8).
Chart 8 – Percent expecting higher global CPI and higher short term rates (2001-2023)
Source: BofA Global Research, TheDailyShot
Consumer perceptions of inflation uncertainty have been increasing, with the view that tariffs may lead to rising prices (Chart 9).
Chart 9 – US Inflation Uncertainty (orange) versus YoY CPI (black) (2015-2024)
Source: Daniel Curtis, Bloomberg
We are much less worried about inflation as falling energy prices will continue to provide tailwinds for lower inflation (Chart 10).
Chart 10 – Brent Crude Oil (L) versus USD 5yr Inflation Swap (R) (2022-2024)
Source: TheDailyShot.com, @TheTerminal, Bloomberg Finance L.P.
The Fed fund rates is a long way above inflation and the terminal rate, meaning that it has room to move lower even if inflation tracks sideways or rises modestly from here (Chart 11).
Chart 11 – Fed fund rates versus the US terminal rate (2024)
Source : @TheTerminal, Bloomberg Finance L.P, TheDailyShot.com
Lastly, labour markets are back to equilibrium, with job openings in October being the fewest since January 2021 and quits rates the lowest since June 2020 (Chart 12).
Chart 12 – US Job Openings (2005-2020)
Source: Creative Planning, @CharlieBilello
Until something changes, inflation appears contained. We believe inflation has a downward bias globally given China’s continued deflation that will ripple into global supply chains. Prices in China fell for the sixth consecutive quarter in Q3 2024, the longest streak since 1999 (Chart 13).
Chart 13 – China GDP deflator, PPI, and CPI (2005-2024)
Source: China’s National Bureau of Statistic, Bloomberg calculations, @KobeissiLetter
Troubles in Europe are increasingly obvious, with Germany’s industrial economic engine in free fall, something which likely ends in considerably lower growth and inflation (Chart 14).
Chart 14 – German Industrial Production (1993-2025)
Source: Duetsche Bundesbank, @ThorstenPolleit
Putting it all together, there is one and only place to invest right now, it is the US. But this is no secret, with this year being one of the S&P’s strongest years since 1928 (Chart 15).
Chart 15 – Calendarized S&P 500 Performance Since 1928 (2024)
Source: Bloomberg, Datastream, Goldman Sachs GIR., @MikeZaccardi
There have been eight other times when markets had back-to-back total returns of 20% or more, with six of these being positive with an average 12.3% return (Chart 16).
Chart 16 – S&P 500 Returns After Back-to-Back 20% Returns (1950-2024)
Source: Ryan Detrick – Carson Group
If the economy is getting better, and markets continue to rise, how can anyone look past digital assets? Particularly given the Trump administration is supportive of keeping the industry inside the US. It is no surprise that correlations between digital assets and equities continue to rise (Chart 17).
Chart 17 – Correlation between Bitcoin and the S&P 500 Futures (90d) (2020-2024)
Source: TheDailyShot.com
Checking in on where we are in the Bitcoin halving cycle, everything looks to be tracking right in line with prior cycles. Give the macro back drop, we believe this cycle will be similar (Chart 18).
Chart 18 – Bitcoin post-halvng returns (365 days)
Source: Steno Research, CryptoQuant
Our optimism doesn’t mean markets can’t get volatile and it doesn’t mean prices can only go up. It just means that the macroeconomic backdrop is supportive, regulatory environment improving, and investors are returning again and these together underpin our view that it is a great time to be allocating into this space.
Digital Assets
November was the month many of us in crypto have been waiting for. The election of a pro-crypto executve branch in the US, the start of the election month pump and BTC breaking to all-time highs, dragging the rest of crypto with it. So far, so good.
Beyond the positive news that the US now has a pro-crypto adminstration, other news we found of interest is below.
- Near Protocol (NEAR) announced plans to build the world’s largest open-source artificial intelligence model with the 1.4 trillion parameter model being 3.5x larger than Meta’s current open-source Llama model. Near also announced the alpha launch of a crosschain AI agent that searches the web to buy products for fiat, enable users to book flights or order takeaway food on Web2 sites, for example.
- Cantor Fitzgerald announced the acquisition of a 5% stake in Tether (USDT) valued at $600 million.
- Mastercard and JPMorgan announced a new business-to-business cross-border payment solution where Mastercard’s Multi-Token Network (MTN) and JPMorgan’s Kinexys Digital Payments will be able to settle transactions through a single application programming interface (API) integration.
- Sui (SUI) and Franklin Templeton announced the launch of a SUI ecosystem partnership to develop new blockchain technologies and use cases on the layer 1 network.
- Chainlink (LINK), Swift and UBS, under the Monetary Authority of Singapore’s (MAS) Project Guardian, announced the completion of a pilot for tokenized fund settlement. The initiative uses Swift’s global financial messaging network that encompasses over 11,500 institutions to integrate tokenized fund processes with existing fiat payment systems.
- Blockchain gaming studio Mythical Games (MYTH) has partnered with Federation Internationale de Football Association (FIFA) to launch FIFA Rivals, a free-to-play soccer game on iOS and Android.
- Goldman Sachs announced it will spin out its cryptocurrency platform to create a new company focused on creating and trading financial instruments on blockchain networks.
- PayPal’s Xoom announced that it has started settling cross-border payments using its stablecoin, PayPal USD
- Ethena (ENA) approved Wintermute’s proposal to share a portion of the decentralized finance (DeFi) protocol’s revenues with tokenholders.
- Ripple (XRP) and Archax have partnered to launch the UK’s first tokenized money market fund on the XRP Ledger.
- Immutable (IMX) announced that it has been given a Wells Notice by the SEC, believing the agency’s is targeting the “listing and private sales” of its token in 2021.
- DWF Labs partnered with the University of California, Los Angeles (UCLA) on a new educational initiative focused on tokenized securities with the aim of advancing institutional understanding of tokenization and security token offerings (STOs).
- McDonald’s announced a partnership with Doodles, the media franchise that began as a non-fungible token (NFT) project where they will initially launch a “McCafé x Doodles Holiday cups coming 11/18”.
- Lamborghini announced that it will use crypto on-ramp firm Transak to allow users to mint their Revuelto NFTs as part of the car manufacturer’s Fast ForWorld collaboration with Web3 gaming and venture capital firm Animoca Brands.
Crypto has historically followed cyclical boom and bust patterns tied to a four-year cycle, with a 12 to 18 month period of (very) outsized returns the broader crypto universe significantly outperforms Bitcoin. We appear to be entering that phase.
Let’s start with a reminder of how crypto cycles have worked in the past. While we included this in last month’s monthly letter, we’ve had many new subscribers, hence we will discuss it again. Bitcoin moves first, followed by Ethereum (seems it’s Solana this time although ETH is making a comeback), then large caps, then full on altseason where nearly everything goes higher (Figure 1).
Figure 1 – Path to Altseason
Source: x.com
We believe as more institutional capital enters the space, volatility will naturally fall and the four-year cycle will become less pronounced or stop working all together. That said, we are not there yet. The macro backdrop, the size of the crypto market, retail dominance and fact this cycle mirrors previous cycle patterns as evidenced by BTC’s path versus the previous two cycles (Chart 19).
Chart 19 – BTC Market Cycle ROI (Pink: 2022-Present; Green: 2018-2021; Orange: 2014-2017)
Source: Into the Cryptoverse
One ratio that many market watchers use to signal if we’re flipping from BTC season to altseason is the BTC dominance ratio, or BTC’s percentage of the total crypto market cap.
During the last altcoin bull market, BTC dominance fell from 74% to 39% between January 2021 and September May 2021, demonstrating how quickly altcoins can rise versus BTC. BTC dominance hit nearly 62% on November 21, 2024 and has fallen to 58.5% as altcoins started to outperform. A good sign for altcoin investors.
Chart 20 – BTC Dominance (January 2019 – Present)
Source: Tradingview
We pointed out last month that many retail metrics remain in the doldrums. We monitor retail given the dominance of retail in the tokens outside the top 20. Take Coinbase app downloads. When BTC was $71k in March 2024, the app was ranked 20th by downloads. BTC was at $71k last month and the app was ranked 482nd.
Fast forward one month and Robinhood was the #1 and Coinbase #2 most downloaded finance apps in the US. Coinbase at one stage became the 8th most downloaded app globally after Trump won and BTC surged to new ATHs. Apparently, retail got the message Trump is good for crypto.
Further, Phantom, Solana’s primary decentralized wallet and an indicator of memecoin activity has been the #2 most download app in the US for the past week. Memecoin top?
Figure 2 – Most Downloaded “Utility” Applications in the US Apple Store
Source: appfigures.com; as at November 26, 2024.
While we pay attention to the cycles for positioning in the fund, we undertake fundamental analysis to try and be best positioned in tokens that will perform well throughout this cycle and any more that are ahead.
Onto the biggest news of the month. Donald Trump is back in the White House. The below note titled “The Donald is Back” on Trump and what it may mean for crypto was sent to our LPs mid-month. We’ve updated it to reflect BTC’s move and new appointments.
The Donald is Back
Donald J. Trump has been elected the 47th president of the United States. The majority of the American people have spoken and the digital asset markets approve.
Interesting tidbit. Trump is only the second US president to be elected to non-consecutive terms. The other being Democrat Grover Cleveland, 22nd and 24th US president, serving from 1885 to 1889 and from 1893 to 1897.
President Cleveland’s focus on political reform and fiscal conservatism and a commitment to the principles of classical liberalism made him an icon for American conservatives even though he was a Democrat. Further, his crusade against political corruption, patronage, and bossism convinced many Republicans to cross party lines and support him during his first campaign for president. MAG(A) of the late 1800s?
Trump Pump
The week prior to the election, as uncertainty peaked, crypto markets sold off, with Bitcoin bottoming the day before the election at $68,600. Fast forward three weeks later and Bitcoin came within $200 of $100,000, reaching $99,800, sitting at $94,800 on November 26.
Chart 21 – Bitcoin Price Performance (November 2024)
Source: Tradingview
Why the Excitement?
As highlighted in our September note “Trump vs. Harris: Who’s Better for Crypto?” we commented:
“Donald Trump has been much more consistent while also making multiple policy statements that support the crypto industry. Ranging from the creation of a Bitcoin strategic reserve to self-custody to the creation of a presidential advisory council focused on Bitcoin and cryptocurrency regulation, all are very positive for the industry hence his election would likely be a catalyst for cryptocurrency industry growth and token prices.”
Now that he is the President-elect, that view proved to be correct, with shape taking to what the next four years will look like and ensuring the right bodies are in the right seats to push the industry forward.
Recall Trump has made numerous supportive policy statements including:
- Creation of BTC strategic reserve
- Establish a presidential advisory council focused on Bitcoin and cryptocurrency regulation
- Support the right to self-custody
- Nominate a crypto-friendly SEC chair
- Block the Federal Reserve from creating its own central bank digital currency (CBDC)
He also recently added the potential to make certain cryptocurrency gains tax free (woohoo!).
Beyond Trump’s statements supporting crypto, his cabinet and advisors are comprised of crypto advocates. This includes:
- JD Vance – VP, previously disclosed a sizable Bitcoin holding, has long held a positive stance on crypto, shaped likely by his time working with Peter Theil.
- Vivek Ramaswamy – appointed as co-head of the Department of Government Efficiency (DOGE), has long been pro-crypto and stated during the Republican Party primary debates that “my view is that most forms of cryptocurrency should be in the category of commodities, not securities”, a positive for the space.
- Elon Musk – the first buddy, who is heading up DOGE with Vivek, has accepted crypto payments at his various companies, has held BTC on balance sheet and has been a regular promoter of Dogecoin.
- RFK Jr – appointed head of Health and Human Services (HHS) and has long been pro-BTC, calling it the “currency of freedom”. Note he was first to propose a BTC strategic reserve during his presidential run. He also claims to hold 70% of his wealth in BTC.
- Scott Bessent – appointed Treasury Secretary Bessent is the founder of hedge fund Key Square Group has long supported BTC, saying it’s a way for young people, many who have been locked out of markets, to participate in capitalism while also stating “crypto is about freedom” and “crypto is here to stay”.
- Howard Lutnick – appointed Commerce Secretary, Cantor Fitzgerald CEO has been a long-time advocate of BTC and Tether (USDT). Since 2021, Cantor has helped Tether manage their significant holdings of US Treasuries that back its USDT stablecoin. Cantor recently launched a $2bn BTC financing business with the goal of providing leverage to BTC investors.
There are other pro-crypto professionals vying for cabinet and/or head of agency positions.
Frontrunners include:
- Brian Brooks & Dan Gallagher (SEC Chair) – two leading SEC Chair candidates include Brooks, former CEO of Binance USA and board member of HBAR and Gallagher, Robinhood’s chief legal officer. Both are openly pro-crypto and both have worked in industry.
It was also widely reported that on November 18, Trump met with CEO of Coinbase Brian Armstrong, where they discussed personnel appointments for his second administration, even the creation of a crypto specific position inside government, along with what a BTC strategic reserve would look like (the US government has historically used Coinbase to custody and sell BTC).
This is a great start to creating a pro-crypto administration who can work to provide regulatory clarity, especially as crypto has become a bipartisan issue.
Please Regulate Us
Rarely would we take the view that the US needs more regulation, but in the case of crypto, we would welcome a sensible regulatory framework that achieves the goals of weeding out bad actors, facilitating the on and offboarding of capital, while providing clarity and comfort to capital allocators looking to support a nascent industry.
On the latter point, as we’ve noted many times, few large asset managers (think state pension funds or university endowments) will allocate in size until there is regulation in place. This is evidenced by assets managers / hedge funds using the BTC ETF or using publicly traded equities such as MicroStrategy or BTC miners to gain exposure to digital assets.
While it’s hard to forecast what the regulatory framework will look like, putting the right bodies in the right seats is essential to avoid a Gary Gensler 2.0. Under his SEC leadership, regulation by enforcement became the norm. He presided over Operation Chokepoint 2.0, whose primary goal was to limit or stop access to the cryptocurrency market, at least in the US.
Good news is that Gary Gensler’s reign of terror is over. It is rumored that he will submit his resignation in late November / early December and be out of office before Trump’s inauguration on January 20.
Figure 3 – SEC Chair Gary Genslar Tried and Failed
Source: x.com
Gensler’s impending departure is on the heels a lawsuit filed on November 15 by a coalition of 18 U.S. states against the SEC and Chairman Gensler. The lawsuit accuses the SEC of “gross government overreach” in its regulatory actions against the emerging cryptocurrency industry. It also argues that the SEC has overstepped its authority by attempting to regulate the crypto industry without explicit Congressional approval. The states claim that the SEC has been trying to seize regulatory control from the states through a series of enforcement actions.
Further, the Senate incumbents and anti-crypto army suffered some major casualties earlier this month. Elizabeth Warren, Chief of the embattled forces, won her re-election but with the Republicans winning the Senate, she moves into a minority position.
Recall from our last note that Warren co-sponsored the Digital Asset Anti-Money Laundering Act (DAAMLA) in December 2022, whose name has a nice ring to it but has been heavily criticized on both sides of the aisle. Further, the Blockchain Association alongside 80 former national security and military professionals penned a letter to Congressional leaders stating, “risks our nation’s strategic advantage, threatens tens of thousands of US jobs, and bears little effect on the illicit actors it targets.” Republican Senator Roger Marshall, who co-sponsored the bill with Warren, recently withdraw his support for his own bill, meaning it no longer has bipartisan sponsorship. Currently there are 18 congresspeople left supporting the bill, with only one Republican, Senator Lindsay Graham.
First Lieutenant in the anti-crypto army, Sherrod Brown, current Senate Banking Committee Chairman, lost his Senate seat to political upstart and Cleveland car dealer magnate Bernie Moreno. He will likely be replaced as Chairman by Tim Scott, current minority Chair. Scott has been a vocal advocate of the crypto industry, stating at BTC Nashville in July:
“We need to make sure that on our Committee, the Banking Committee, that we create the kind of rules of the road for crypto that are very wide. We need a wide pathway for Bitcoin to be successful here at home. We need to make sure that things like taxation and regulation do not stifle innovation.”
With Warren moving into a minority position and Brown gone, Operation Chokepoint 2.0 is on life support and we can hopefully move into a new era of a pragmatic, bipartisan regulatory environment.
Bitcoin Strategic Reserve
One of Trump’s promises while running for office was to create a BTC strategic reserve. The debate has been whether this is done through on market purchases or if the US pushes their confiscated BTC into a fund.
The initiative’s biggest advocate is Senator Cynthia Lummis, who first introduced a bill to establish a strategic Bitcoin reserve, known as the BITCOIN Act of 2024 (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act) in July of this year. The bill proposes that the US treasury acquire one million Bitcoin, just under 5% of the fully diluted supply, over a five-year period.
Figure 4 – Senator Lummis and Creation of a Bitcoin Strategic Reserve
Source: x.com
Advocates claim establishing a strategic Bitcoin reserve will protect against debasement of the US dollar and, over time, will help the nation pay down its US$35 trillion debt. Regardless, it will put a floor under the price of BTC during the US’s acquisition period, assuming the path follows Senator Lummis’s suggestion.
The Trump Effect
While federal support has significant momentum with Trump’s return, states have begun to embrace crypto. The Pennsylvania House of Representatives introduced legislation on November 14 aimed at allowing the state to include Bitcoin as a reserve asset on its balance sheet
Trump’s pro-crypto stance is also having an impact outside America.
In Australia, Coalition MPs (Labor) are calling for government to embrace cryptocurrencies and deliver ‘legal certainty’ over the industry, following Trump’s election and “polls” in the US. Funny how it takes polls in the US to move the needle in Australia! Politicians doing what they do best, I guess.
In Poland, Presidential candidate Sławomir Mentzen pledged that he will turn the country into a “cryptocurrency haven” if he comes to power, including creating a “strategic bitcoin reserve” (Figure 5).
Figure 5 – President of Poland candidate “BTC to the Moon”
Source: x.com
While the Middle East and Asia have embraced the crypto industry, it is encouraging to see countries aligned with the US charting a new course following Trump’s return to office.
To the Moon?
While it’s still two months until Trump is back in the POTUS seat, industry expectations are high. Normally we’d have little faith that politicians deliver on even 10% of the litany of their promises but it was a red wave. People seemingly voted for real change, and it may happen given Republicans control both the executive and legislative branches. Further, Trump is proposing pro-crypto industry people to powerful roles.
But regardless of the Trump tailwinds, this crypto cycle is mimicking the others. BTC rises followed by large caps (historically Ethereum (ETH) but looks like it’s Solana (SOL) now). Then midcaps and finally in the blow off top nearly all altcoins rise. We are likely still in BTC-SOL phase of the cycle. While the Trump Pump pushed BTC higher, many tokens are still moving sideways, presenting a potential opportunity as the macro and regulatory environments continue to become more favorable moving into 2025.
Tokens
While it has certainly felt euphoric in crypto since the US elections, especially if you spend time on Crypto Twitter, with things like Fear and Greed moving above 90 or the Coinbase App reaching the number 8 most downloaded app globally, many tokens are lagging well behind Bitcoin’s move.
Up until a week ago, we heard the chorus signing this is a “BTC + meme only rally” given most utility tokens (gaming, AI, decentralized infrastructure, layer 1s, for example) have underperformed BTC since altcoins’ September 2023 bottom.
While we have noted many times that memes are the easiest entry into crypto given there is no need to understand the technical merits of a project (not that many do anyways), they also have run hard and we have no edge. Look at Peanut the Squirrel, an ode to the decapitated pet squirrel in NY state. PNUT went from zero to a $2.5bn market cap in less than a week. That said, dominant meme L1 Solana has been rewarded given increased activity and fees being paid to Solana Labs and controversial meme platform Pump.fun.
So, for all those asking if you’ve missed it, no, crypto as a whole hasn’t mooned. Memes had definitely gone into the banana zone but large cap, broadly held memes have fallen by 50% of more in the past week, with many smaller ones down much more, which is a good thing. That capital is being rotated into tokens with a business case.
Below is table of widely held, larger cap tokens. This by no means reflects what we hold at Vikara but represents tokens that people outside crypto have asked us about over time.
The data below demonstrates that we are likely just moving into altseason stage 2 given only two of the 11 widely held utility tokens have outperformed the goliath Bitcoin.
Figure 6 – Performance of widely held tokens
Source: Tradingview; Vikara Capital; data through November 26
But really the point here is that if this is a crypto cycle that mimics the others, then nearly all boats rise. And if it doesn’t, then the goal of being in the highest quality tokens that have a use case is by far and away better than chasing the hottest “meta”. And while seeing a crypto bro’s memecoin go up 1,000% can be painful, style drift is a killer.
Luke McFarlane
Co-Founder & Portfolio Manager
Vikara Capital
Mark Riccio, CFA
Co-Founder & Portfolio Manager
Vikara Capital
Contact Us
Vikara is a liquid, open-ended fund investing in digital assets (excluding Bitcoin and Ethereum) with no lockups (add or redeem monthly). Vikara’s proprietary investment and rigorous risk management processes aim to outperform the broader digital asset markets. Founders have over 40 years combined investment experience at Millennium, Balyasny, Platinum, Merrill Lynch and Macquarie.
Vikara, in Sanskrit, describes the process of change. Its definition is constantly evolving, changing with economic cycles, technology, and geopolitics. It is a transformation of thought or logic, a modification in the direction of travel, an alteration in action or participation. It is one thing to want change, but another to drive it. We believe in a world where commerce doesn’t need intermediaries. Where people are paid directly for content, time, and effort. Where privacy, data and free speech is given, not something to opt-in for.
This material is for the general information only and should not be construed as an offer to sell or the solicitation of an offer to buy any security or asset in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any specific action based on this material. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. The material is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only and only represent the views of the author and not those of Vikara, unless otherwise expressly noted.
This material is produced as of a particular date. Accordingly, this material may have already been updated, modified, amended and/or supplemented by the time you receive or access it. Vikara is under no obligation to notify you of such changes and you should discuss this material with your Vikara representative to ensure such material has not been updated, modified amended and/or supplemented.
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