MetaStable Capital

MetaStable Capital is a prominent crypto asset hedge fund based in Oakland, California, established with a focus on long-term investments in the burgeoning digital asset space. Co-founded by Lucas Ryan and Fred Ehrsam, a well-known figure in the cryptocurrency industry and co-founder of Coinbase, the firm has positioned itself as a sophisticated player in the crypto investment landscape. Their strategy centers on identifying and holding a diversified portfolio of foundational crypto assets, aiming to capitalize on the long-term growth and adoption of blockchain technology.

The fund is recognized for its early and strategic investments in various significant blockchain protocols and cryptocurrencies. Unlike traditional venture capital firms that primarily invest in equity rounds of startups, MetaStable Capital typically invests directly into liquid crypto assets or participates in private token sales. This approach allows them to gain exposure to the underlying protocols and networks rather than just the companies building on them. Their investment philosophy is rooted in deep fundamental analysis, seeking assets with robust technological foundations, strong network effects, and clear long-term utility.

By 2018, MetaStable Capital was reported to manage over $100 million in assets, underscoring its substantial capital base and influence within the crypto market. Given their focus on significant positions in established or high-potential crypto assets, typical initial allocations for MetaStable Capital are substantial. While specific "first check" figures are not publicly disclosed in the same manner as equity investments, an analysis of their fund size and investment strategy suggests that their initial positions in a single asset or protocol often range from $1 million to $5 million. This enables them to acquire meaningful stakes and contribute to the liquidity and development of the projects they support.