Ten31 Review
Bitcoin-only venture platform backing infrastructure, Lightning, mining, and freedom tech since 2020.
Why We Recommend Ten31
Ten31 stands out as one of the few venture firms with genuine Bitcoin-native conviction, having deployed over $100 million exclusively into Bitcoin infrastructure since 2020 while most crypto VCs chased altcoin narratives. The firm leads or provides the exclusive capital in roughly 90-95% of its deals, meaning portfolio companies get a deeply aligned partner rather than a passive check-writer. Their "Low Time Preference Funds" structure explicitly ties returns to long-term Bitcoin adoption rather than quick flips, and they fund open-source Bitcoin development directly from management fees—a rare commitment that signals authentic ecosystem participation.
The team brings institutional pedigree from CVC Capital Partners, Goldman Sachs, and Citadel, combined with deep Bitcoin community credibility through years of technical commentary, podcasts, and visible presence in Bitcoin hubs like Austin and Nashville. Their published analyses on topics like quantum threats to Bitcoin demonstrate genuine technical literacy rather than surface-level marketing. For founders building in the Bitcoin ecosystem, Ten31 offers more than capital—they provide access to a concentrated network of Bitcoin builders, co-investors, and operators who actually understand the space.
Best For
Ten31 is ideal for founders building Bitcoin-native infrastructure, Lightning applications, mining operations, security tools, financial services, or "freedom tech" like open-source software and censorship-resistant communication protocols including Nostr. If you're raising seed to Series A capital and want a lead investor who genuinely understands Bitcoin's technical and philosophical underpinnings—rather than a generalist crypto fund treating Bitcoin as just another token—Ten31 offers rare alignment. Their concentrated position-taking means founders get a committed partner rather than one of dozens of small checks.
For accredited and qualified investors, Ten31 provides concentrated exposure to private Bitcoin infrastructure companies—the "picks and shovels" of Bitcoin adoption—rather than direct token holdings or diversified crypto baskets. This appeals to LPs who want a specialist Bitcoin sleeve within a broader alternatives portfolio and believe in long-term hyperbitcoinization rather than short-term trading cycles.
The firm is not suitable for investors needing liquidity, short-term returns, or broad diversification. Similarly, founders planning to support multiple blockchains or pivot beyond Bitcoin may find Ten31's strict thesis constraining. This is a platform built for true believers in Bitcoin's long-term trajectory.
Services & Features
- Seed to Series A funding
- Lead investor positions
- Bitcoin infrastructure focus
- Lightning investments
- Mining sector deals
- Freedom tech backing
- Open-source project funding
- Syndicate participation
- LP fund vehicles
Considerations
Highly concentrated Bitcoin thesis means significant thematic and regulatory risk tied to Bitcoin's adoption cycles. Standard venture illiquidity with multi-year capital lockups—no redemptions or daily liquidity available.
