--- title: DACM — Digital assets for institutional capital description: A specialist digital asset investment manager running liquid directional and venture strategies for wholesale and professional investors since 2018. --- [![DACM](https://www.dacm.io/hubfs/raw_assets/public/DACM/images/dacm-logo-primary.png)](https://www.dacm.io/?hsLang=io) [Strategies](https://www.dacm.io#funds) [Approach](https://www.dacm.io#approach) [Firm](https://www.dacm.io#story) [Insights](https://www.dacm.io/insights?hsLang=io) [Investor portal](https://portal.navfundservices.com/navportalcore/login) ![](https://www.dacm.io/hubfs/raw_assets/public/DACM/images/dacm-homepage-hero.jpeg) 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. [Explore our strategies](https://www.dacm.io#funds) [Speak with us](https://www.dacm.io#contact) 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](https://www.dacm.io/hubfs/raw_assets/public/DACM/images/richard-galvin.png) 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. Digital Asset Fund Global Digital Asset Fund Decentralised Markets Fund 02 Venture Backing early-stage teams building on blockchain. Liquid Venture Fund Future venture vehicle (under consideration) 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 →](https://cryptofundresearch.com/crypto-fund-performance-awards/) Request Information 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. Request Information Unit price Available via [Morningstar](https://www.morningstar.com.au/investments/security/fund/44601/overview) 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. Request Information 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 →](https://cryptofundresearch.com/crypto-fund-performance-awards/) Request Information 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. Register Expression of Interest 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](https://www.dacm.io/insights?hsLang=io) [Research Sector theses and deep dives Fundamental work on the protocols, applications and infrastructure we invest in.](https://www.dacm.io/insights?hsLang=io) [CIO letters Positioning and market views Richard Galvin on portfolio positioning, market structure and where we see the cycle.](https://www.dacm.io/insights?hsLang=io) [Conversations Conversations and appearances The DACM Insights podcast, and selected interviews and contributions from the investment team elsewhere.](https://www.dacm.io/insights?hsLang=io) 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. Contact us [Investor portal](https://portal.navfundservices.com/navportalcore/login) 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. ![DACM](https://www.dacm.io/hubfs/raw_assets/public/DACM/images/dacm-logo-primary.png) DACM Australia Pty Ltd (ABN 50 624 214 777), Corporate Authorised Representative No. 001293214 of Quay Wholesale Fund Services Pty Ltd (ACN 647 044 602, AFSL 528526), Suite 3701, Level 37, 1 Macquarie Place, Sydney NSW 2000, telephone 1300 114 980. Digital Asset Capital Management Inc., c/o Folio Trust Limited, PO Box 800, Road Town, Tortola, British Virgin Islands. Site [Strategies](https://www.dacm.io/#funds) [Approach](https://www.dacm.io/#approach) [Firm](https://www.dacm.io/#story) [Contact](https://www.dacm.io/#contact) Connect [LinkedIn](https://www.linkedin.com/company/digital-asset-fund/) [X](https://x.com/digiassetfund) [Investor portal](https://portal.navfundservices.com/navportalcore/login) For wholesale clients in Australia and professional investors elsewhere. Not directed to US persons or to the public in the British Virgin Islands. General information only: not personal advice, and not an offer or invitation to acquire an interest in any fund. Past performance is not a reliable indicator of future performance. Digital assets are high risk and you may lose the whole amount invested. [Read the Important Information](https://www.dacm.io/important-information?hsLang=io). 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