We are a seasoned frontier investor and enter early when four conditions are true.
We back visionary ideas once there are first signs the technology is real.
First paying customers or economic activity happening with first signs of possible value capture.
Crypto sat in a grey zone for years, and that ambiguity was the opportunity. We avoid outright bans and bets that only pay off once a law passes.
Mainstream can be years away, but there has to be a real market to enter now, not just a future one.
In 2013, we were among the first in the world to bet on financial sovereignty.
Fund I (2013–2026) treated crypto as the first sovereignty primitives: instruments for digital ownership, peer-to-peer settlement, and coordination without intermediaries. Bitcoin proved a sovereign digital store of value. Ethereum proved that money could be programmable with permissionless market creation, settlement, and coordination.
Sources: CoinGecko, DefiLlama, Artemis, Visa Onchain Analytics, Chainalysis, OV internal calculation.
Fund I proved the model in crypto. The Triple A thesis applies it to new frontiers.
We backed new categories, often with first cheques, that are today worth $150B+.
The Convergence Thesis that OV underwrote produced category-defining investments before those categories had names. And several years on, across multiple cycles, they are the major categories delivering tangible value.
| Category | First investment | Investments | Market cap |
|---|---|---|---|
| Decentralized AI | 2017 | Fetch, Ocean, NEAR, Hedera | ~$50B+ |
| DePIN / Physical AI | 2017 | IOTA, peaq, AUKI, Mawari, dedicated DePIN accelerators | ~$25B+ |
| RWA Tokenization | 2020 | Aptos, Polygon, DIA, tokenized RWAs | ~$50B+ |
| Privacy / ZK | 2019 | Secret Network, first-ever dedicated privacy accelerator | ~$15B+ |
| Autonomous Agents | 2017 | Cudos, Exabits, Fetch, Biconomy account abstraction, agent payment rails | ~$10B+ |
Sources: CoinGecko sector indices, Messari, DefiLlama, Artemis, OV internal calculation of aggregate category market cap.
Each seed investment was 8–10 years ahead of consensus.
Our Triple A thesis: Sovereignty becomes a $275T+ market by 2036.
The global order is fracturing and trust in its institutions is falling. Nation states, companies, and individuals all want infrastructure they control — they seek sovereignty.
Sovereignty over intelligence. Who controls the compute, the models, and what they produce.
Sovereignty over production. Who can build what, where and how fast at the edge (factories, labs, satellites).
Sovereignty over money, governance, and law. How humans, institutions, and agents make agreements that hold.
2036 forward projection of cross-domain sovereign infrastructure spend. Sources: McKinsey Global Institute, WEF, IMF, BIS, OV internal estimates.
Generative AI drives the cost of producing anything digital toward zero. Verification becomes the scarce input.
We will underwrite solutions that command a sovereignty premium.
Nothing is revealed unless the user chooses to reveal it. Privacy is normal commerce (cash worked this way for centuries).
Anyone can join, build, or transact. Nobody’s permission needed, protecting against censorship and de-platforming.
Anyone can verify the system does what it claims, not just whoever runs it. Math replaces trust.
Users hold the keys. They can leave anytime and take their assets, data, and vote with them. No institution or platform offers such an exit.
Seven investible domains within Triple A.
Sovereign chip design, attested inference, open-weight model stacks.
SignalSovereign AI programmes live across UAE, EU, India, China; geopolitically driven.
Programmable money, on-chain settlement, tokenized real-world assets, agent payments.
SignalStablecoins $321B circulating, $33T/yr settled; AgentFi to drive money movement at exponential scale.
Network states, charter cities, machine-first legal rails, agent personhood.
SignalMachine-first legal rails forming; AI legal-tech compounding 33% CAGR.
Bio-foundries, biosecurity, longevity, edge pharma.
SignalBio-foundries operating outside pharma; AI-driven drug discovery scaling.
Sovereign factories, verifiable supply chains, robotics fleet identity and coordination.
SignalReshoring and defence onshoring active.
Sovereign satellite networks, LEO coordination.
SignalMulti-operator race live (Starlink, IRIS², Guowang, Kuiper).
Energy powers all domains; distributed grids, SMRs / micro-reactors, energy DePIN.
SignalSovereign generation for AI compute.
2036 forward projections. Sources: McKinsey, WEF, IEA WEO 2024, BloombergNEF, Morgan Stanley Space Economy, BIS, OV internal estimates.
Illustrative areas we explore across Triple A.
AI · Cognitive sovereignty
- Sovereign AI compute layer: DePIN inference markets, attested compute, orchestration.
- Generative AI for atoms: foundation models for materials, drug design, manufacturing, robotics.
- Verifiable AI: zkML, attested inference, agent-verification rails.
- User-owned AI: agent identity, human-agent interfaces, personal compute.
Atoms · Manufacturing, Biological, Orbital sovereignty
- Bio-sensor DePIN: continuous biomarker streams, token-attested/verified at the source.
- Bio-foundry + distributed pharma synthesis: bioprinting, lab automation, peptide-synthesis networks.
- Physical AI: fleet coordination, machine identity, telemetry, payments, settlement.
- Sovereign orbital coordination: ground-station DePIN, orbital routing, space-data markets, sovereign space-AI.
Association · Associative, Financial sovereignty
- New on-chain capital formation primitives: conviction markets, prediction markets, agentic capital allocation.
- Tokenized real-asset markets: productive RWAs, outcome-based machine networks, AI-native market structure.
- Agentic infrastructure: agent identity, personhood, payment rails, agent-to-agent contracts, AI-governed DAOs.
- Post-quantum sovereignty primitives: quantum-resistant cryptography, migration tooling.
Sovereignty at just 1% of the market is a $2.75T opportunity by 2036.
Capture is the share of the $275T sovereignty market that runs on the kind of infrastructure we back.
Sovereignty’s growth path mirrors crypto’s last decade. Triple A runs the same playbook on a market roughly 80× larger than crypto today.
Every frontier follows the same curve. OV’s edge is timing: we enter at discovery and exit at consensus.
- 01Discovery
Pre-regulatory, pre-consensus.
Entry - 02Speculative Surge
Hype, capital floods in.
Partial exit - 03Correction
Drawdown, capital flees.
Re-entry - 04Consolidation
Survivors build, real adoption.
- 05Institutionalisation
Incumbents capture, exits realised.
Full exit
Fund I bets have already traced every stage of this curve across Crypto 1.0, Atoms/Physical AI (AUKI, Mawari), and AI (FET exit at peak). Triple A thesis rides the same arc across AI, Atoms, and Association in parallel.
Six shifts are happening at once.
Post-WWII order fragmenting. UAE, UK, EU, India, China, and Japan each building their own stack.
Generative AI drives the cost of producing anything digital toward zero. Verification becomes the scarce input.
Software is no longer the bottleneck. Physical things, hardware, energy, and materials are.
Nations, companies, neo-collectives and individuals all building in parallel.
Agents already pay each other, contract A2A on-chain, and coordinate faster than humans can.
Fund I’s market went mainstream with stablecoins settling $33T a year and AI × crypto leading the industry.
We’ve been investing in each of these shifts since 2013.
- Global coverageOV Base Camp ran across all major continents. Led crypto adoption in LATAM and EMEA with a global founder network across jurisdictions.
- Decentralized AI since 2018Called AI × crypto convergence before consensus. Building portfolio across decentralized compute, model marketplaces, federated learning, small language models.
- Physical AI portfolioInvested early in machine infrastructure and solutions, such as M2M settlement, spatial and edge computing, and a machine-economy L1. Backing half of the InterCognitive Foundation members.
- Sovereignty primitivesBacked oracle networks, RWA tokenisation, and ZK privacy before they were categories — as investor and first-ever global accelerator.
- Autonomous agents portfolioBacked account abstraction that lets agents transact on their own. Built positions across on-chain agent payments, settlement, and early governance experiments.
- Institutional crypto recordRanked a top-three most active early-stage crypto investor. Backed the 2013–2026 institutional build-out across payments, tooling, settlement, and on/off ramps.
We can invest through any instrument and surface.
Most funds are limited to a narrow set: some do equity only, some add tokens. Triple A is structured for all three groups: traditional, crypto-native, and emerging asset classes and markets.
- Equity: early-stage venture, pre-seed → Series A
- Public equities and RWAs: thesis-aligned listed equities and tokenised RWAs
- Fund-of-funds: stakes in specialist micro-funds that widen our deal flow
- Tokens: pre-ICO, launchpad/ICO, liquid in-market utility and governance
- DeFi: LP, lending, staking, restaking
- NFTs and IP rights: programmable ownership of assets and content
- Prediction markets: markets that price the odds of real-world outcomes
- Conviction markets: markets for long-term commitments, OV sub-thesis
- Agents as an asset class: autonomous AI agents as economic entities
Among 30+ active funds, OV alone combines early-stage entry with coverage across all sovereignty domains.
Includes only funds with active crypto / Web3 exposure; placements illustrative; multi-stage firms shown at their most active stage.
This space fills as our portfolio matures.