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Ten31 is a bitcoin-focused investment platform established in 2013, dedicated to supporting companies that build technology and infrastructure for the Bitcoin ecosystem. The firm operates from key locations including New York, Austin, and Nashville, and has deployed nearly $250 million since its inception. Ten31 manages multiple fund vehicles, including Fund I, Fund II, and a target for Fund III, which aims to raise between $100 million and $150 million.
The firm has a strong emphasis on bitcoin infrastructure and freedom technology, which includes sectors such as open source software and artificial intelligence. Ten31's commitment to the bitcoin ecosystem is reflected in its investment strategy, which prioritizes companies that generate durable economic value rather than those reliant on token speculation.
Ten31's portfolio consists of ten companies, showcasing its focus on innovative solutions within the bitcoin space. The firm actively seeks to partner with promising founders and companies that align with its mission to accelerate bitcoin adoption.
Ten31 invests primarily in sectors related to bitcoin and freedom technology, including bitcoin infrastructure, lightning, custody, security, bitcoin mining, energy infrastructure, and financial services. The firm is particularly interested in companies that can create sustainable economic value and are not dependent on token speculation. This focus allows Ten31 to support businesses that enhance bitcoin's utility, security, liquidity, privacy, and commercial integration.
The firm operates globally, with a specific emphasis on the United States. Ten31 engages with companies at various stages, including pre-seed, seed, Series A, Series B, and pre-IPO. While specific check sizes are not disclosed, the firm has directed over $100 million in investments since its inception, indicating a significant capacity for funding promising ventures.
Ten31's investment thesis is centered on accelerating bitcoin adoption by backing companies that contribute to the bitcoin ecosystem. The firm looks for founders who are committed to building profitable infrastructure and technology solutions that align with its vision.
Ten31's portfolio includes ten notable companies that exemplify its focus on bitcoin infrastructure and freedom technology:
This diverse portfolio reflects Ten31's commitment to supporting innovative solutions that enhance the bitcoin ecosystem.
Grant Gilliam — Co-founder and Managing Partner. He has 20 years of experience in private equity and venture investing and serves on the board of Strike. Previously, he worked at CVC Capital Partners.
Jonathan Kirkwood — Co-founder and Managing Partner. He holds an MD/MBA and has extensive experience in business development, capital formation, and investment management. He is a board member at Start9 Labs and Battery.
Matt Odell — Managing Partner. A freedom-tech advocate, he hosts the Citadel Dispatch and Rabbit Hole Recap podcasts. He is a co-founder of Open Sats, Bitcoin Park, BitcoinTV, Bitcoin Dev List, and Final Message.
Marty Bent — Managing Partner. He is the founder of TFTC.io and serves on the board of Cathedra Bitcoin. Previously, he was the Director of Business Development at Great American Mining.
John Arnold — Principal. He has over seven years of experience in transaction analysis, having previously worked at Goldman Sachs, Citadel, and Crestline.
To pitch Ten31, founders should visit their website at ten31.vc. While specific details about the pitch process are not disclosed, it is advisable to include a clear overview of the business model, market opportunity, and how the startup aligns with Ten31's focus on bitcoin infrastructure and freedom technology.
Founders should prepare for a thorough evaluation of their business's potential to generate durable economic value. A warm introduction may enhance the chances of engagement, but specific preferences for introductions are not detailed.
In recent months, Ten31 has continued to solidify its position in the bitcoin investment space. The firm has actively deployed capital across its portfolio, focusing on companies that enhance bitcoin's infrastructure and utility.
Ten31's ongoing commitment to the bitcoin ecosystem is evident in its strategic investments, which align with its mission to accelerate bitcoin adoption. The firm has also been involved in discussions around the future of bitcoin technology and its implications for financial services.
As of May 2026, Ten31 is in the process of raising Fund III, targeting between $100 million and $150 million, which will further expand its investment capabilities in the bitcoin sector.
What are Ten31's investment criteria?
Ten31 focuses on companies within the bitcoin infrastructure and freedom technology sectors. They seek businesses that generate durable economic value and are not reliant on token speculation.
How can I pitch to Ten31?
Founders interested in pitching to Ten31 should visit their website at ten31.vc for more information on their pitch process.
What makes Ten31 different from other venture capital firms?
Ten31 is distinct in its exclusive focus on the bitcoin ecosystem and freedom technology. Unlike traditional VC firms, Ten31 prioritizes investments that enhance bitcoin's utility and adoption.
What is Ten31's geographic focus?
Ten31 operates globally, with a particular emphasis on the United States and the broader bitcoin ecosystem.
What is the typical check size for investments?
While specific check sizes are not disclosed, Ten31 has directed over $100 million in investments since its inception, indicating a significant capacity for funding.
What is Ten31's post-investment involvement like?
Ten31 adds value to its portfolio companies by providing strategic guidance and support within the bitcoin ecosystem, leveraging its extensive network and expertise.
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