“This isn’t a space that is as easily understood as some of the other sectors that are out there on the public markets.” – 00:02:50
Elliot Han, CIO of C1 Fund, joins Remy Blaire to discuss the evolution of the digital asset landscape. The conversation begins with a reflection on the early days of cryptocurrency, where passionate believers in digital money, particularly Bitcoin, navigated a world that largely overlooked their vision. Remy highlights how, by 2025, the crypto space has transformed significantly, driven by strategic venture capital investments that focus on foundational blockchain technologies and real-world applications rather than mere speculation.
Elliot shares insights into the maturation of digital asset companies, noting that many have progressed to a stage where they generate real, recurring revenue and serve global customers—an evolution that was less evident five years ago. As they approach the end of 2025, Remy and Elliot discuss the implications of the first Spot Bitcoin ETF launched in early 2024 and explore the current investment structures available to public investors.
The discussion shifts to the challenges faced by both retail and institutional investors in understanding the business models of digital asset companies. Elliot emphasizes the importance of due diligence and the hurdles posed by a lack of network, bandwidth, and knowledge in this complex space. He explains how funds like C1 are stepping in to provide access and insights, acting as a proxy for public investors.
Remy then inquires about how to identify leaders within the crowded digital asset field. Elliot outlines the criteria C1 uses to evaluate companies, focusing on scale, governance, and revenue durability. This approach helps narrow down the field to those companies that are not only viable but also have a solid foundation for growth.
The conversation also explores the types of digital asset businesses currently attracting institutional interest. Elliot notes that the focus is on late-stage companies that provide essential infrastructure—such as custody platforms, trading venues, and compliance analytics—rather than on tokens themselves. These businesses are gaining traction due to their real-world applications.