Theia Blockchain – Fundamentals-based value investing in crypto | Fundamentals ep.56
In this episode of the Fundamentals podcast, we’re joined by John McNiff and Felipe Montealegre, the founders of Theia Blockchain – a fundamentals-driven investment fund that is applying the principles of prudent investing to blockchain.
We discuss Theia’s founding story, their investment strategy and underwriting engine, what fundamentals mean in crypto, and the main KPIs that Theia is looking for in potential investments. We also learn about the thesis behind Theia’s investments in GMX, Trader Joe, HoudiniSwap, and more. Also, we discuss the current challenges faced by funds in crypto and the most exciting developments in the market!
Listen to the episode:
02:31 Theia’s founding story & overview of the fund
05:30 The problem that Theia solves for investors
07:17 All-DeFi rule at Theia
08:43 Theia’s 3 strategies & how they work with and support portfolio co’s
12:02 The possibilities that come with real-time streaming of data
13:56 What do fundamentals mean in crypto?
15:34 Crypto projects do generate cash flows for tokenholders
17:37 The Theia Underwriting Engine
18:55 The Theia Underwriting Engine: Case GMX
21:33 Open source = composability for both projects and investors
22:57 What does Theia look for in potential investments?
28:04 Investment thesis: Trader Joe
29:15 Investment thesis: gTrade (Gains Network)
30:27 Focus on DeFi and cash flows
32:47 Bottom-up approach to the market
33:56 Challenges that funds face in crypto: Getting reliable data
35:36 Challenges that funds face in crypto: Regulatory overhang
36:34 Challenges that funds face in crypto: Risk management
38:34 What it requires to be a fundamental investor in crypto
39:25 What are John and Felipe most excited about in crypto right now?
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