In this episode of Inside the Hutt, Brooke Pollack speaks with Jesse Walden, founder of Variant, a seed-stage crypto investment firm. Jesse shares his journey from founding Mediachain to launching Variant, highlighting his focus on the ownership economy and regulatory clarity in crypto. He explains Variant’s barbell strategy of early-stage and liquid investing, insights on vertical integration, and their team’s legal-forward approach. Jesse also covers evolving opportunities in DeFi, NFTs, and why he believes crypto is still early in its adoption cycle—especially in the U.S. market.

Key Points From This Episode:

Jesse Walden’s background, founding Mediachain, and transition from Spotify to A16Z.

Founding Variant and its origin as a seed-focused crypto fund with a distinct ownership thesis.

Variant’s evolution, team structure, and strategic decision to remain lean.

Importance of legal and regulatory infrastructure, including internal policy expertise.

Original ownership economy thesis and how it’s held up over time.

Regulatory shifts in the U.S. and potential impact of the market structure bill.

Founder behavior in anticipation of upcoming SEC rulemaking.

Liquidity strategies and long-term approach to token investments.

Current investment themes across DeFi, infrastructure, AI, and consumer.

Investment logic behind L1s and L2s, and vertical integration trends.

Thoughts on corporate players launching blockchains (Stripe, Coinbase, etc.).

Investment in Blockaid and the opportunity in crypto security.

Hype vs. reality in categories like prediction markets and stablecoins.

Why DeFi remains underappreciated despite stablecoin traction.

Long-term vision for NFTs and their infrastructure layer role.

Jesse’s views on competition, Variant’s positioning, and platform differentiation.

Ongoing importance of policy support even with regulatory clarity.

Links

Jesse Walden on LinkedIn: https://www.linkedin.com/in/jessewalden

Variant: https://variant.fund/

Brooke Pollack on X: https://x.com/bhpollack

Brooke Pollack on LinkedIn: https://www.linkedin.com/in/brookepollack/

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack welcomes back Joe Eagan, co-founder of Anagram and the podcast’s very first guest. Joe shares how Anagram has evolved from a two-person operation to a 25-person holding company and crypto venture platform. He explains their build-first strategy, the firm’s emphasis on composable synergy between building and investing, and the structure behind their asset management arm. Joe also discusses recent spin-outs like Glider, Swig, and Breeze, reflects on the firm's approach to engineering-led ideation, and addresses the growing role of Solana within their portfolio. The conversation closes with thoughts on crypto treasury plays, regulatory shifts, and the firm’s outlook as a holding company with permanent capital.

Key Points From This Episode:

Joe Eagan’s background and the early days of Anagram.

Anagram’s thesis: pairing human and financial capital for crypto investing and building.

Structure of Anagram’s 25-person team, including asset management, investment, engineering, building, and talent teams.

The evolution of Anagram’s internal build process and emphasis on rapid iteration.

Overview of projects like Glider, Swig, Breeze, and the firm’s Solana validator.

Strategy behind internal product development and its relation to supporting portfolio companies

The value of engineering-led ideation and bottoms-up product creation.

Examples of internal tools and spin-outs powering Anagram’s flywheel.

Role of Lily Liu as co-founder and her involvement with Solana Foundation.

Why Anagram remains chain-agnostic despite a strong Solana footprint.

Overview of Anagram Asset Management and its three crypto-focused funds.

Unique structure of short-duration, niche venture funds to match crypto’s pace.

How Anagram Liquid Ventures mirrors its venture strategy

The rationale behind running a holding company instead of a traditional VC fund.

Joe’s thoughts on long-term investor adoption and why skepticism still exists.

Links

Joe Eagan on LinkedIn: https://www.linkedin.com/in/joseph-eagan-22531577

Anagram: https://www.anagram.xyz

Anagram on X: https//x.com/@anagramxyz

Brooke Pollack on X: https://x.com/bhpollack

Brooke Pollack on LinkedIn: https://www.linkedin.com/in/brookepollack/

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack interviews Serge Kassardjian, co-founder of Sixth Man Ventures. Serge recounts his journey from early stints at Google and Sony to founding StayTuned and later co-launching Sixth Man Ventures. He discusses the firm’s investment focus on crypto applications, their early conviction in NFTs and Solana, and how the team approaches building with founders. Serge also unpacks market trends, token and equity dynamics, and the evolving sophistication of crypto founders, while offering insight into standout portfolio companies like Pump.fun and Sleepagotchi.

Key Points From This Episode:

Serge Kassardjian’s background and path from Google and Sony to founding StayTuned and Sixth Man Ventures.

How Sixth Man Ventures began with NFT trading and a small experimental wallet fund.

The firm’s focus on application-layer investments in both consumer and enterprise crypto use cases.

Why Sixth Man Ventures is chain-agnostic, despite early success in the Solana ecosystem.

Strategy around liquid token investments and preference for long-term theses over short-term trading.

Views on opportunities beyond financial use cases, including gaming, DePIN, collectibles, and RWAs.

Approach to evaluating projects like Pump.fun and conviction-driven investing.

Thoughts on the current state of the crypto venture market and signs of increasing regulatory clarity.

Comparison between crypto VC and traditional VC in terms of liquidity, M&A, and overall returns.

Perspective on investing across tokens and equity and the impact of IPO and token unlock trends.

Serge’s investment focus areas within the firm, including speculative apps, content, and gaming.

Insights into portfolio companies Sleepagotchi and Hogg, and their novel approaches to crypto use.

Why disciplined capital deployment and founder-fit remain key differentiators for Sixth Man Ventures.

Observations on founder quality in crypto and evolving investor behavior in the space.

Serge’s alternate dream career: basketball podcaster.

Links

Serge Kassardjian on X: https://x.com/sergekass

Serge Kassardjian on LinkedIn: https://www.linkedin.com/in/sergekass/

Verda Ventures: https://6thman.ventures/

Brooke Pollack on X: https://x.com/bhpollack

Brooke Pollack on LinkedIn: https://www.linkedin.com/in/brookepollack/

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack interviews Alex Witt, founding general partner of Verda Ventures. Alex shares his path from traditional finance and crypto mining in China to launching Verda, a stablecoin infrastructure fund focused on emerging markets. The discussion explores Verda’s strategic partnerships with Tether and MiniPay, the evolving role of stablecoins in cross-border payments, and how regulatory developments and geopolitical dynamics are shaping the future of stablecoin adoption.

Key Points From This Episode:



Alex Witt’s background in traditional finance and early crypto ventures in China

His transition to Silicon Valley and the founding of Verda Ventures and APF

Verda’s focus on stablecoin infrastructure in emerging markets

Strategic partnerships with Tether and MiniPay to support portfolio companies

The utility and impact of stablecoins in cross-border commerce and remittances

Differences in stablecoin adoption across the U.S., Europe, and the Global South

Rationale for USD dominance and expectations for non-USD stablecoin growth

How stablecoins support U.S. dollar dominance and treasury demand

Investment opportunities in stablecoin infrastructure and cross-border rails

Regulatory clarity in the U.S. and its implications for Circle and big banks

Outlook on Ethereum as the foundational blockchain for stablecoins

Role of Tether and MiniPay in Verda’s investment and growth strategy

Future trends in stablecoin adoption: FX usage and private B2B transactions

Geopolitical implications of stablecoin use in unstable currency regions

Projections for global stablecoin supply over the next decade

Market impact of Circle’s IPO and Stripe’s stablecoin-related M&A activity

Exit dynamics and acquisition appetite from major fintechs and banks

Alex’s hypothetical career path outside crypto and tech

Links

Alex Witt on X: https://x.com/alexlwitt

Alex Witt on LinkedIn: https://www.linkedin.com/in/alexwitt

Verda Ventures: https://verda.ventures/

Brooke Pollack on X: https://x.com/bhpollack

Brooke Pollack on LinkedIn: https://www.linkedin.com/in/brookepollack/

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack interviews Jason Kam, founder of Folius Ventures. Jason shares his journey from traditional finance to launching a hybrid crypto hedge fund, focusing on both liquid and private investments with a strong presence in Asia. He explains the structure of Folius, his evolving views on fund models, the importance of flexibility in crypto investing, and the challenges of navigating the Asian founder landscape. Jason also introduces BidClub, a platform to improve idea-sharing and transparency in liquid token investing.

Key Points From This Episode:

Jason Kam’s background in investment banking and hedge funds before entering crypto.

The launch of Folius Ventures and its hybrid fund structure.

Why Jason prioritized APAC and Chinese founders for early investments.

The rationale behind Folius’ mix of liquid and private investments.

Views on the advantages of a permanent capital or HoldCo structure in today’s market.

Jason’s approach to diligence for liquid vs. private crypto investments.

Observations on crypto regulatory landscapes in Asia and challenges for Chinese founders.

Sectors Folius is focused on: trading, stablecoins, and asset issuance.

Discussion on token governance, transparency, and long-term fundamentals in liquid markets.

Overview of BidClub and its role in surfacing investment ideas for liquid tokens.

Links

Jason Kam on LinkedIn: https://hk.linkedin.com/in/jason-kam-35080625

Folius Ventures: https://www.folius.ventures/

BidClub: https://www.bidclub.io/

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

Jason Kam on Twitter: https://twitter.com/MapleLeafCap

BidClub on Twitter: https://twitter.com/BidClubio

In this episode of Inside the Hutt, Brooke Pollack speaks with Andy Kangpan, co-founder of Metalayer Ventures. Andy shares his journey from ff Venture Capital and Two Sigma to founding Metalayer, a firm focused on the future of finance moving on-chain. The conversation explores Metalayer’s investment thesis, the evolving crypto infrastructure landscape, and what Andy believes are the most exciting opportunities across stablecoins, market infrastructure, and asset tokenization. He also discusses the firm’s data-driven sourcing platform, founder support strategy, and broader views on DeFi and blockchain adoption.

Key Points From This Episode:

Andy Kangpan’s career path from ff Venture Capital to Two Sigma and into crypto.

The origins of Metalayer Ventures and its spinout from Two Sigma.

Metalayer’s thesis: the global financial system will be on-chain within the next decade.

Breakdown of Metalayer’s three investment categories: market infrastructure, stablecoins, and tokenized assets.

Rationale behind early-stage equity and token investments in crypto.

Evolution of exit opportunities for equity-based crypto businesses.

Regulatory improvements accelerating institutional crypto adoption.

In-depth analysis of stablecoin investment categories and use cases.

Challenges and opportunities in crypto market infrastructure.

Comparison of competition dynamics across stablecoins and infrastructure.

Insights into real-world asset tokenization, especially in private credit.

Metalayer’s approach to investing in DeFi and institutional-focused protocols.

Blockchain ecosystems gaining traction among financial institutions (Ethereum, Solana, Avalanche).

Metalayer’s data-driven sourcing engine, Morai, and how it supports the investment process.

What differentiates Metalayer as a capital partner for founders.

Geographic investment focus by category across the Metalayer portfolio.

Highlight of Station 70, a recent investment in digital asset security infrastructure.

Andy’s past ambition to become a professional skateboarder and his continued passion for skating.

Links

Andy Kangpan on Twitter: https://x.com/kangpandabear

Andy Kangpan on LinkedIn: https://www.linkedin.com/in/andrewkangpan

Metalayer: https://www.metalayer.vc/

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack welcomes Sam Hallene, investment partner at CMT Digital, a blockchain-focused venture capital firm operating under the broader CMT Group. Brooke and Sam explore current trends in DeFi, stablecoins, DePIN and sector-specific blockchains, along with candid insights into founder relationships, portfolio construction, and long-term conviction in the industry.

Key Points From This Episode:

Sam’s background and how he joined CMT Digital after reading the Bitcoin and Ethereum white papers.

Overview of CMT Digital’s evolution and its relationship with the broader CMT Group.

CMT Digital’s venture strategy, early-stage focus, and investment approach.

The operational implications of being a registered investment advisor (RIA).

CMT’s generalist thesis in blockchain, spanning multiple verticals and geographies.

Observations on the potential for U.S. crypto re-onshoring and regulatory shifts.

CMT’s global footprint and approach to investing across jurisdictions.

Investment check size, ownership targets, and CMT’s long-term founder engagement strategy.

Current state of DeFi and its progression into new financial instruments and integrations.

Stablecoins as a transformational technology and investment opportunity.

Perspectives on credit infrastructure and the role of stablecoins in payments.

1Money as an example of a purpose-built stablecoin-centric blockchain.

CMT’s views on investing across multiple L1s and L2s and how they think about competitive overlap.

Discussion of portfolio company Strike and the enduring demand for Bitcoin-centric financial services.

Thoughts on DePIN and key takeaways from Andrena’s growth model.

Sam’s conviction that global finance and infrastructure will shift to blockchain rails.

Why founders and LPs choose to work with CMT Digital.

Links:

Sam Hallene on LinkedIn: https://www.linkedin.com/in/sam-hallene-353650bb

CMT Digital: https://cmt.digital/

CMT Digital on Twitter: http://twitter.com/cmt.digital

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack interviews Hootie Rashidifard, founder of Hash3, a crypto-focused venture fund. Hootie shares his personal journey from Canaan Partners to launching Hash3, driven by a mission to promote self-sovereignty through decentralized technologies. They explore Hash3’s unique fund structure, investment philosophy, and the evolving dynamics of crypto venture investing, including token models, infrastructure focus, and how regulatory clarity could shape the industry’s future.

Key Points From This Episode:

Hootie Rashidifard’s background and his path from Canaan Partners to founding Hash3.

The personal story behind Hootie’s passion for decentralization and self-sovereignty.

Overview of Hash3’s mission, structure, and focus on enabling self-sovereignty.

Differences between operating a large venture fund and a solo GP crypto fund.

Hash3’s flexible investment approach and focus on infrastructure.

The concept of "crypto regime change" and evolving token market dynamics.

Challenges with low float, high FDV token models and emerging founder strategies.

The importance of fundamentals in crypto investing amid a growing number of tokens.

Perspectives on infrastructure vs. application investments in crypto.

Potential impacts of U.S. regulatory developments on crypto venture investing.

Alpha vs. beta deal sourcing and how Hash3 wins competitive allocations.

Highlights of Hash3 portfolio companies, including Nirvana Labs and Chakra Labs.

Hootie’s passion for classic cars and what he’d pursue outside of crypto and venture.

Links:

Hootie Rashidifard on Twitter: https://x.com/hootie_r

Hootie Rashidifard on LinkedIn: https://www.linkedin.com/in/hootanrashidifard

Hash3: https://www.hash3.xyz/

Fund I [Abridged] Q4 2024 LP Letter: https://www.dropbox.com/scl/fi/qdu7puck2d85zviwwk3q2/Hash3-Venture-Fund-I-Abridged-Q4-2024-LP-Letter.pdf?rlkey=s9an69m4q88atuoesrqer2yqw&st=3jw7jid9&dl=0

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/