CoinFund Management LLC — 13F Portfolio

CoinFund Management LLC is a crypto-native investment management firm headquartered in New York, NY, operating as the institutional investment adviser within the CoinFund group. Founded in 2015 by Jake Brukhman, CoinFund is one of the earlier dedicated digital-asset and web3 investors, running both venture capital funds and liquid strategies focused on blockchain infrastructure, decentralized finance, and other token-based ecosystems. The management entity files with the U.S. Securities and Exchange Commission as an institutional investment manager under CIK 0002087493. While CoinFund’s core business spans private venture investments, token positions, and other digital-asset exposures, only a subset of this activity appears in its Form 13F reports. The 13F filings capture the firm’s discretionary long positions in U.S.-listed equities and certain equity-linked instruments—typically securities that provide listed-market exposure to the digital-asset and web3 ecosystem, such as crypto exchanges, miners, hardware providers, brokerage/fintech platforms, and related technology or infrastructure companies. The filings do not disclose direct token holdings, private company stakes, or non-reportable derivatives. Because Form 13F aggregates all reportable positions across CoinFund-managed accounts, the disclosure should be viewed as a composite snapshot of the firm’s U.S.-listed equity sleeve rather than as a single dedicated public-equity fund. Nevertheless, the positions provide a clear window into how CoinFund expresses its crypto and web3 theses in listed markets. Within an advanced 13F analytics environment, the complete 13F History for CIK 0002087493 can be organized into quarter-end snapshots that show the evolving 13F Portfolio Composition by issuer, industry, and exposure type (e.g., operating companies vs. exchange-traded products). When these holdings are normalized to a user-selected starting notional, they can be linked into a reconstructed series supporting an indicative Historical Track Record for the long-only, U.S.-equity sleeve implied by the filings.

CoinFund’s overall investment strategy is explicitly centered on digital assets, web3 infrastructure, and the broader blockchain economy. Across its platform, the firm runs venture capital funds, early-stage token strategies, and liquid strategies that seek to capture value from adoption of decentralized networks, programmable financial systems, and new digital business models. Research integrates on-chain analytics, protocol-level understanding, technology assessment, and traditional fundamental analysis of business models and governance. The 13F-visible portion of this activity reflects how CoinFund translates these theses into U.S.-listed securities. Typical characteristics of the 13F book include: - Thematic concentration in businesses directly or indirectly leveraged to digital assets—crypto exchanges and brokerages, asset managers with significant digital-asset activities, mining and validation companies, specialized hardware or infrastructure providers, and select fintech platforms. - A growth-oriented bias, with a focus on companies whose value is tied to network effects, transaction volumes, or structural adoption of blockchain-based services. - Opportunistic use of listed vehicles (including exchange-traded products where reportable) that provide liquid, exchange-traded exposure to underlying crypto assets or sector baskets. Portfolio construction in the liquid sleeve is active and research-driven. Position sizing typically reflects conviction in the underlying protocol or business model, sensitivity to regulatory and technological risk, and the need to balance thematic concentration with issuer diversification. Turnover in the equity book can be relatively high compared with traditional long-only managers, as the firm adjusts exposures in response to rapid changes in regulatory developments, protocol-level innovations, and digital-asset market structure. Because the 13F data capture only U.S.-listed equities and certain equity-linked instruments, they represent just one component of CoinFund’s multi-sleeve approach. Direct token positions, private equity stakes, and most derivatives or hedging strategies lie outside the 13F reporting universe. For analytics built on public filings, the 13F sleeve is thus best interpreted as the listed-market expression of CoinFund’s broader crypto-native research and portfolio-construction process.

Viewed through its SEC filings, CoinFund Management LLC appears as a specialized, crypto-native investment manager whose 13F record captures the listed-equity expression of web3 and digital-asset theses. The observable portfolio is thematically concentrated in crypto and blockchain ecosystem names, growth-oriented in style, and actively managed, with risk dominated by technology- and regulation-sensitive drivers rather than by broad, diversified sector exposure. For allocators and researchers, organizing the 13F History for CIK 0002087493 into a structured dataset makes it possible to track how the firm’s 13F Portfolio Composition has evolved through different crypto and equity market cycles—across exchanges, miners, infrastructure providers, and ancillary fintech or technology names. A normalized reconstruction supports an indicative Historical Track Record that can be benchmarked against both traditional equity indices and, conceptually, against digital-asset cycles to understand the sleeve’s capital trajectory. Within a Portfolio Simulator or Backtesting Service, those holdings can be used to run Performance Backtests Online that estimate the reconstructed sleeve’s Volatility Profile and its indicative Alpha Generation vs S&P 500, acknowledging that the S&P 500 is a broad-market proxy rather than a perfect benchmark for a crypto-centric theme. Because 13F data exclude direct token positions, venture holdings, and non-reportable derivatives that are central to CoinFund’s full strategy set, these analytics should be interpreted strictly as a lens on the gross long U.S.-equity component. Within that constraint, the central diagnostic question for allocators is how a concentrated, crypto-linked equity sleeve of this type would behave under sustained shifts in both digital-asset and traditional equity regimes—for example, if digital assets experienced a prolonged sideways or bear phase while broader equity markets rotated between growth and value leadership—and whether CoinFund’s historical positioning suggests structural tilts or adaptive behavior in navigating such cross-market regime changes.

The risk profile implied by CoinFund Management LLC’s 13F disclosures is that of a concentrated thematic equity allocation tied closely to the digital-asset and blockchain ecosystem. Even when diversified across multiple issuers, the holdings typically share common drivers—crypto-asset prices, transaction activity, regulatory actions, and sentiment toward high-growth technology—which can create high correlation across names. At the level of a notional portfolio reconstructed from 13F holdings, key risk characteristics include: - Elevated equity-market beta during risk-on periods, with additional sensitivity to digital-asset price cycles (particularly Bitcoin and Ethereum) and to liquidity conditions in crypto markets. - Sector and factor concentration in technology, financials, and communication services, with style tilts toward high growth, momentum, and speculative innovation, and less exposure to traditional defensive sectors. - Material idiosyncratic and event risk around regulatory actions, protocol failures, exchange incidents, and shifts in the competitive landscape for web3 infrastructure. These features suggest that a reconstructed long-only equity sleeve based on CoinFund’s 13F history is likely to exhibit a pronounced Volatility Profile, with substantial upside convexity in strong digital-asset bull markets and deep drawdown potential in adverse regimes. Because Form 13F does not report short positions, token holdings, off-exchange derivatives, or cash balances, it is not possible from 13F alone to observe any risk hedges or diversification CoinFund may employ elsewhere in its capital structure. Within a 13F-driven analytical framework, quarter-end holdings can nonetheless be chained into a normalized series to estimate realized volatility, downside path behavior, and the magnitude and persistence of historical drawdowns for the listed-equity sleeve. These reconstructions describe how the publicly disclosed portion of CoinFund’s strategy would have behaved in isolation, rather than the risk of the full multi-asset portfolio.