Why Now Philosophy Portfolio Team
Digital Assets Fund  ·  Since 2018

The financial system is moving on-chain. We have been positioned for it since 2018.

Not Bitcoin. The settlement layer, the lending protocols, and the tokenization rails that everything else runs on.

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Est. 2018 · For Accredited Investors · San Francisco, CA

2018
Fund inception
100+
Limited partners
76+
IC calls published
Infrastructure & Operations
7 Years Active
Since 2018
Monthly IC Calls
Open to LPs
Park City Summit
Annual gathering
Accredited Only
Qualified investors
Why Now

The regulatory environment has completely shifted. Integration is now the story.

For years, regulatory uncertainty held institutional capital on the sidelines. That is over.

JPMorgan is launching tokenized money funds. BlackRock has added seven crypto roles and is pursuing what it calls "first-mover big bets" in Asia. BitGo received regulatory approval to become a bank. The SEC chairman publicly stated that US financial markets are poised to move on-chain.

This is not future-tense. It is happening now, and the infrastructure that powers it is what we own.

SEC
Paul Atkins, SEC Chairman
@SECGov

"US financial markets are poised to move on-chain. Under my leadership, the SEC is prioritizing innovation and embracing new technologies to enable this on-chain future."

January 2026 · SEC.gov

Regulation by enforcement is over. The institutions that spent five years watching from the sidelines are now deploying capital into the infrastructure we have held since 2018.

Our Philosophy

This is a long-hold bet on a slow-moving financial revolution.

On-chain products offer lower fees, global distribution, and 24/7 availability. Traditional finance is migrating toward that. We own the infrastructure it migrates onto.

We do not trade cycles. We do not chase narratives. We identify the protocols that will become load-bearing infrastructure for the on-chain financial system and we hold them with conviction through the volatility.

Stablecoin market cap is at $312 billion, an all-time high. DeFi total value locked is $170 billion. Monthly stablecoin transaction volumes hit $1.5 trillion in late 2025. The usage is already there. The price catches up eventually. It always does.

We were early into Synthetix and Aave. We remain significant holders today. That is not stubbornness. It is conviction in a thesis that the data keeps validating.

"The fundamentals are there. Usage growth eventually translates to price appreciation. It is just painful to be patient."

Matt Moravec, Permian Capital IC Call, September 2025
$312B
Stablecoin market cap
All-time high, 2025
$170B
DeFi total value locked
Approaching all-time highs
$19B
Real-world assets tokenized
Growing toward $374B by 2030
$1.5T
Monthly stablecoin volume
October 2025 peak
The Portfolio

Six positions. Every one of them load-bearing infrastructure.

We do not own tokens. We own the protocols that the on-chain financial system runs on.

Every position maps back to the same conviction: as more financial activity moves on-chain, the value of the infrastructure it runs on increases. These are not bets on price. They are bets on adoption of the underlying protocols.

Hear us walk through each position on the next IC call
EthereumETH
+
The settlement layer for the on-chain financial system. 90% of stablecoin transactions run on Ethereum. Core developers are now targeting 10,000+ transactions per second on Layer 1, returning to a unified scaling vision. Tom Lee calls it "the biggest macro trade over the next 10 to 15 years."
ChainlinkLINK
+
The oracle network connecting on-chain protocols to real-world data. Every tokenized asset needs a price feed. Chainlink has partnerships with SWIFT and DTCC. Under the previous regulatory regime, those integrations sat dormant. They are now deploying. Matt described it on the November 2024 IC call as "coiling up like a spring."
AaveAAVE
+
The dominant decentralized lending protocol with $71 billion in deposits, ranking it approximately 35th among US banks by deposit size. Galaxy Digital uses it for balance sheet liquidity. The Ethereum Foundation borrowed against it. BTCS deposited $100M in staked ETH and saw 150% stock appreciation. Revenue is up. The price has not caught up yet.
Ondo FinanceONDO
+
The leading pure-play tokenization protocol, bringing US Treasuries and money market funds on-chain. $19 billion of real-world assets are already on-chain today. At current growth rates, that reaches $374 billion by 2030. Ondo is the bridge between TradFi products and DeFi rails.
SolanaSOL
+
The highest-throughput smart contract platform with strong developer ecosystem and growing institutional adoption. ETF approved. Real consumer adoption at scale. Solana and XRP ETFs are seeing inflows while Bitcoin and Ethereum ETFs see outflows, a rotation worth watching.
MorphoMORPHO
+
Permissionless lending with isolated risk pools. Every pool operates independently. If one has a problem, it does not cascade through the protocol. This is the next evolution of DeFi lending architecture, purpose-built for exotic collateral types without systemic risk.

Get the Ethereum Infrastructure Report

Our TradFi migration forecast, ETH valuation model, and why we have held the same core position since 2018.

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Track Record

Seven years. Every cycle. One consistent thesis.

Through DeFi Summer 2020, the 2021 peak, the FTX collapse, and the institutional adoption wave of 2024 to 2025.

We have managed investor capital since 2018. Our track record reflects a consistent thesis, not cycle-chasing. We were down in 2022. We came back. The investors who stayed made the most money. That is the nature of a long-hold position in early-stage financial infrastructure.

Performance data and fund documents are available to accredited investors upon request.

Request performance data

"Most people on this call have stuck with the thesis so far. The fundamentals are there. You have to sit in it, even while other sectors are in the hype and taking capital."

Matt Moravec, Permian Capital IC Call, September 2025
2018
Fund inception
Early DeFi pioneers
Monthly
Investment Committee calls
Deep market analysis and live Q&A
Annual
Permian Capital Summit
Park City investor gathering
Permian Research

Ethereum: The Global Settlement Layer for Financial Markets

Our TradFi migration forecast and ETH valuation model. Seven years in the making. Enter your email to receive the PDF and a video walkthrough from Matt.

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Check your email. We will send the ETH Valuation Report PDF to your email shortly. You will also receive an invitation to the next monthly IC call.

Ethereum: The Global Settlement Layer for Financial Markets
TradFi Onchain Migration Forecast 2030 to 2040 · Network Effects and Economic Moats · Valuation Scenarios
  • Why $19B in RWAs on-chain today becomes $374B by 2030
  • The TradFi migration timeline: which products move first and when
  • Ethereum network effects and economic moats vs. competing chains
  • ETH valuation scenarios: base case, optimistic, and full migration model
  • Why we hold ETH as the core infrastructure position
  • What we are watching in 2026 and beyond
Available to accredited investors
The Team

Two partners. One thesis. Seven years of conviction.

We have managed investor capital through every major digital asset cycle since 2018.

Matt Moravec
Matt Moravec
Chief Investment Officer

Matt co-founded Permian Capital in 2018 and leads portfolio strategy and investment thesis development. He was an early investor in Aave and Synthetix during DeFi Summer 2020 and has held a consistent non-Bitcoin infrastructure thesis through every cycle since. He hosts the monthly IC call (76 open sessions of unscripted, data-driven market analysis) and runs an AI-augmented research operation that monitors on-chain data and evaluates positions continuously.

Josh Kernan
Josh Kernan
Chief Operating Officer

Josh co-founded Permian Capital and leads operations, investor relations, and business development. He brings deep networks through his role as a chapter executive at CAIA (Chartered Alternative Investment Analyst Association) and the broader investment community. He leads the annual Permian Capital Summit in Park City, a gathering of LPs and invited guests for direct conversation about where digital asset markets are headed.

Infrastructure Intelligence

Our weekly market brief. Free.

Every Tuesday: one macro signal, one portfolio update, one take from Matt. What we are watching and why it matters. No noise. No spam. Unsubscribe anytime.

Sent every Tuesday. Your information is confidential and will never be shared.

Monthly Investment Committee

See how we think. No commitment required.

Every month we hold an open IC call: 40 to 60 minutes of deep market analysis, portfolio positioning, and live Q&A. It is how most of our investors got started.

Format: Zoom, 40 to 60 minutes, live Q&A with Matt and Josh

Who: Open to accredited investors and qualified institutional allocators

Frequency: Monthly, notes published after each call

By submitting you confirm you are an accredited investor or qualified purchaser.