DACM

Digital Asset Capital Management · Est. 2017

Digital assets for institutional capital

A specialist digital asset investment manager, running liquid directional and venture strategies for institutional, family office and wholesale investors since 2018.

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Approach

Fundamental investing, refined through multiple market cycles

DACM's five-stage investment process has been applied through every market cycle since 2018: investment themes, commercial due diligence, technical due diligence, portfolio construction, portfolio maintenance.

In digital assets, diligence means reading the contracts, running the product, participating in the network, and speaking to the users who depend on it. A protocol can present well and still be unusable in practice, or carry a token with no claim on the economics its product generates.

“Crypto is still misunderstood — and that is the opportunity. The returns will go to those who can identify durable, fundamentally-driven businesses and weather the volatility the sector is known for.”

Richard Galvin Executive Chairman & CIO
Richard Galvin, Executive Chairman and Chief Investment Officer

Strategies

Seed stage venture to listed tokens

DACM has run liquid directional and venture strategies since 2018. Our liquid directional funds are open to wholesale and professional investors.

01 Liquid directional

Concentrated, actively managed positions in listed tokens.

02 Venture

Backing early-stage teams building on blockchain.

Flagship · liquid directional

Open to new investors

Digital Asset Fund

A concentrated, liquid portfolio of actively managed crypto assets, with flexibility to invest in primary and unlisted later-stage venture. Running since January 2018.

Recognition
Ranked first, long-only crypto funds

Crypto Fund Research awards, calendar years 2020 and 2021.

Ranked by Crypto Fund Research for the calendar year(s) shown. The ranking is historical, is not current, and is not a reliable indicator of future performance. View the ranking at Crypto Fund Research →

Established
January 2018
Jurisdiction
British Virgin Islands
Structure
BVI professional fund
Investment manager
Digital Asset Capital Management Inc
Min investment
US $250,000
Liquidity
Monthly, on notice, after 12-month lock-up

Australian wholesale · daily dealing

Open to new investors

DACM Global Digital Asset Fund

A concentrated, liquid portfolio of actively managed crypto assets, accessed through an Australian wholesale unit trust which invests through the DACM Global Master Fund, with daily dealing, AUD unit pricing and Australian tax reporting.

The DACM Global Digital Asset Fund is an Australian unregistered wholesale unit trust. Quay Wholesale Fund Services Pty Ltd (AFSL 528526) is the trustee and issuer. DACM Australia Pty Ltd is its investment manager and, as a corporate authorised representative of Quay, does not accept subscriptions or receive subscription monies.

Unit price
Available via Morningstar
Established
December 2021
Jurisdiction
Australia
Min investment
A $50,000
Liquidity
Daily dealing
Trustee and issuer
Quay Wholesale Fund Services
Investment manager
DACM Australia Pty Ltd

Open-ended · three-year lock-up

Launching Q4 2026, subject to regulatory approval

DACM Decentralised Markets Fund

The fund aims to provide focused exposure to the recovery and growth in decentralised exchange (DEX) trading volumes, through an initial portfolio of around ten listed DEX tokens across seven blockchain ecosystems. Each subscription is subject to a three-year lock-up.

The DACM Decentralised Markets Fund is not yet open for investment. Registering interest is not an application and does not create any obligation to offer or issue interests in the fund.

Cycle entry

DEX trading volumes are highly cyclical. The fund launches after a fall in volumes comparable to the 2021 to 2022 drawdown.

Tokenisation, a structural shift

DEXs have been taking spot market share from centralised exchanges, and the tokenisation of equities and other real-world assets is widening the range of assets traded on-chain.

Volume-linked exposure

The prices of DEX tokens have moved closely with the trading volumes on their venues. The link varies by token and may not hold.

These are DACM's views. They are not forecasts and may not be borne out.

Launch
Q4 2026
Jurisdiction
British Virgin Islands
Structure
Approved fund, in formation (maximum 20 investors and US$100 million)
Investment manager
DACM Australia Pty Ltd
Strategy
Initially around ten listed DEX tokens across seven blockchain ecosystems, reviewed quarterly. Leverage is not expected to be used.
Liquidity
Three-year lock-up per subscription, then quarterly redemption on seven business days' notice
Min investment
US$250,000
Reporting
Quarterly, including a volume dashboard

Venture · early-stage

Closed to new investors

DACM Liquid Venture Fund

Early-stage venture positions in blockchain projects.

The DACM Liquid Venture Fund is a British Virgin Islands professional fund and is closed to new subscriptions. Information is provided for completeness only and is not an offer.

Recognition
Ranked first, venture-style crypto funds

Crypto Fund Research awards, calendar year 2020.

Ranked by Crypto Fund Research for the calendar year(s) shown. The ranking is historical, is not current, and is not a reliable indicator of future performance. View the ranking at Crypto Fund Research →

Established
August 2018
Jurisdiction
British Virgin Islands
Structure
BVI professional fund
Investment manager
Digital Asset Capital Management Inc

Venture · possible future vehicle

Under consideration

Future venture vehicle

DACM may in future establish a further venture vehicle. Wholesale and professional investors can register an expression of interest to hear from us if one proceeds.

No such fund has been established and none is open for investment. Registering an expression of interest is not an application, creates no obligation on you or on DACM, and no offer or invitation is being made.

Focus
Early-stage blockchain venture
Expressions of interest
Wholesale and professional investors only

Wholesale and professional investors only

Fund terms shown are summaries only and are subject to change. Redemptions are subject to notice periods and lock-ups, and each fund may suspend dealing, apply a gate, pay redemptions in instalments or in specie, or hold assets in side pockets, as set out in its offering documents. Where anything here differs from a fund's offering documents, constitution or subscription agreement, those documents prevail. Minimum subscription amounts may be varied by the relevant board or trustee, subject to any statutory minimum.

Statements about future matters, including launch timing, market outlook and the potential of blockchain technology, are opinions. They are not forecasts or guarantees of any return, they are based on assumptions that may prove incorrect, and they may change without notice. Actual outcomes may differ materially.

The firm

Eight years in digital assets, two full cycles

DACM was co-founded in 2017 by Richard Galvin, after a career in technology investment banking at Goldman Sachs and J.P. Morgan. The flagship Digital Asset Fund began trading on 15 January 2018 and has run without interruption since.

The team has specialist experience across technology, digital assets, financial markets and risk management. Eight years in the sector have given the team direct relationships with founders, core developers and co-investors — the access that makes early positions and hands-on due diligence possible.

Insights

Research, commentary and conversations

All insights
Research Sector theses and deep dives Fundamental work on the protocols, applications and infrastructure we invest in. CIO letters Positioning and market views Richard Galvin on portfolio positioning, market structure and where we see the cycle. Conversations Conversations and appearances The DACM Insights podcast, and selected interviews and contributions from the investment team elsewhere.

Subscribe to Insights

The monthly CIO letter and new research

Updates are provided to wholesale and professional investors only. By subscribing you confirm that you are one.

Speak with the DACM team

For fund documentation, due diligence materials or an introduction to our investment team.

Investor portal

DACM enquiries

Please provide us some details so we can ensure your enquiry reaches the right team.

Enquiries are handled by DACM Australia Pty Ltd. Submitting this form is not an application for an interest in any fund and does not create any obligation on you or on DACM.