The Reference · Market segment
Infrastructure.
The definition
Digital asset infrastructure is the market's plumbing: settlement networks, scaling layers, custody systems, oracles, data pipelines, and market-making rails. It is the segment where value accrues most durably, because every other segment pays it a toll regardless of which applications win.
The institutional read
The institutional read: infrastructure behaves like utilities with venture upside. Custody, transfer agency, and compliance systems already have credible institutional providers; execution and data layers are consolidating; settlement networks compete on throughput, finality, and regulatory posture.
The firm's infrastructure thesis runs through its portfolio — data-layer, network-infrastructure, and payment-rail positions — and through a decade of structuring work that depends on this plumbing functioning at institutional standard.
GDA in this segment
Portfolio positions include Skrybit (the data layer of the Bitcoin blockchain), Layer4 Ventures (network infrastructure), and XRP Systems (public-ledger payment rails).
How the firm engages