Liquid Link Digital
The liquid end of the digital economy.
Digital is the area of Liquid Link scoped to assets that trade on public markets rather than to positions taken privately in a company. It is a scope, not a portfolio.
What sits in scope
Liquid Link Digital is written around liquid markets. The distinction that matters is not which assets are fashionable but which ones can be entered and exited on a public market, because that is what separates this area from Ventures, where an investment is private and held for years.
The scope below is the definition Build Capital has set for the area. It describes what Liquid Link Digital would be built to hold. It does not describe anything that is held.
Scope
- Bitcoin
- Ethereum
- Digital infrastructure
- Public crypto equities
- Digital-asset strategies
What each part of the scope means
Digital infrastructure means the operating layer underneath these markets rather than the assets traded on them: the networks, the settlement capacity, and the businesses that run them. It is named separately because exposure to the layer and exposure to the asset are not the same decision.
Public crypto equities are listed companies whose business is digital assets. They are reached through an ordinary market account rather than by holding an asset directly, which changes the risks even where the underlying exposure looks similar.
Digital-asset strategies is the broadest line in the scope and the one that will need defining most carefully, because a strategy is a method rather than a thing, and a method has to be written down before it can be reviewed by anyone.
Why the scope is drawn this way
Exposure to a market, exposure to the layer underneath it, and exposure to a company operating in it are three different decisions. The scope names them separately so they are not made as one.
Scope first, then structure
Build Capital's order of work is to write the scope before anything is committed to it. The alternative, deciding what to hold and then working out what the holding is, is how a firm ends up describing a strategy it has not written down.
So there is no strategy detail on this page. When there is a written strategy for this area, and when it has been through review, it will appear here and it will say what it actually is. Until that exists, a paragraph describing an approach in general terms would be a placeholder pretending not to be one.
The same applies to everything that sits downstream of a written strategy. Those are real questions, none of them has been settled, and this page does not pre-empt any of them.
What is held today
Nothing. Liquid Link Digital holds no assets, and stating that plainly is more useful than a page that reads as though it does. Every figure a reader might expect on a page like this would today be a number about nothing.
The neighbouring areas are written the same way: Ventures covers private companies, Interactive covers games and game IP, and Liquid Link sets out how the five fit together.