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Founded in 2015, XBTO is a full-service institutional digital asset investment firm headquartered in Bermuda. Initially established as a proprietary trading firm, XBTO has expanded its operations to include trading, custody, asset management, and venture capital through its distinct arm, XBTO Ventures. The firm is licensed by the Bermuda Monetary Authority to conduct digital asset business and has processed over $100 billion in trading volume, positioning itself as a leader in the cryptocurrency market.
As of 2026, XBTO manages a fund size of $217 million and operates globally with offices in major cities including Miami, New York, London, Paris, and Abu Dhabi. The firm has evolved significantly since its inception, transitioning from a trading-focused entity to a comprehensive financial services organization that caters to qualified investors and institutions. XBTO Ventures, established in 2017, represents the firm's commitment to investing in innovative companies across various sectors related to cryptocurrency and digital assets.
XBTO invests across multiple sectors related to cryptocurrency and digital assets, including web3, fintech, artificial intelligence, and consumer technology. The firm targets investment stages ranging from seed to growth equity, focusing primarily on opportunities outside the United States. Check sizes are not explicitly detailed, but XBTO emphasizes sophisticated investment strategies tailored for qualified investors and institutions.
The organization seeks to partner with companies involved in asset management, trading platforms, custody services, market making, and tokenization. XBTO's investment thesis revolves around providing advanced solutions in the digital asset space, ensuring that portfolio companies benefit from the firm's extensive expertise and resources. The firm also engages in strategic partnerships to enhance liquidity and operational efficiency for its investments.
XBTO's portfolio includes a diverse range of companies that are making significant strides in the cryptocurrency and digital asset sectors. Notable portfolio companies include:
Philippe Bekhazi: CEO and Founder of XBTO, Philippe has been featured in various industry publications, including GARP and FINTECH.TV. He has extensive experience in the cryptocurrency market and has led numerous initiatives within the firm.
Javier Rodriguez Alarcon: Chief Commercial Officer, Javier plays a key role in driving XBTO's commercial strategy and partnerships.
Karl Naim: General Manager for the Middle East, Karl oversees XBTO's operations and investments in the region, leveraging his expertise in the digital asset space.
To pitch to XBTO, founders should visit their website at xbto.com for more information. A comprehensive pitch deck should include details about the business model, market opportunity, and team qualifications. While specific response time expectations are not provided, it is advisable to follow up after submitting a pitch.
XBTO offers several programs and services, including:
In March 2026, XBTO raised $217 million to scale client infrastructure and launch new products, further solidifying its position in the digital asset market. The firm has also engaged in strategic partnerships and investments, including notable contributions to Valkyrie and Algorand.
In May 2025, XBTO achieved a significant exit with the acquisition of its portfolio company Deribit by Coinbase. This acquisition highlights XBTO's successful investment strategy and its ability to identify promising opportunities in the cryptocurrency sector.
What are XBTO's investment criteria?
XBTO invests in companies across various sectors related to cryptocurrency and digital assets, focusing on those that provide innovative solutions in asset management, trading, custody, and market making. The firm targets qualified investors and institutions, primarily outside the United States.
How can I pitch to XBTO?
Founders interested in pitching to XBTO can visit their website at xbto.com for more information. Specific details on the pitch process are not provided, but it is advisable to prepare a comprehensive deck that outlines the business model, market opportunity, and team qualifications.
What makes XBTO different from other investors?
XBTO distinguishes itself through its full-service approach to digital assets, combining trading, custody, asset management, and venture capital. The firm has processed over $100 billion in trading volume and is licensed by the Bermuda Monetary Authority, ensuring compliance and security in its operations.
What is the geographic scope of XBTO's investments?
XBTO primarily focuses on investment opportunities outside the United States, targeting global markets in North America, Europe, and Asia. This international perspective allows the firm to identify unique opportunities in the rapidly evolving digital asset landscape.
What is the typical check size for investments?
While specific check sizes are not disclosed, XBTO invests across various stages, including seed, Series A, Series B, and growth equity, indicating a flexible approach to funding based on the needs of portfolio companies.
What kind of support does XBTO provide to its portfolio companies?
XBTO offers strategic partnerships, access to institutional-grade resources, and expertise in the cryptocurrency market. The firm enhances liquidity and operational efficiency for its investments through its trading platforms, custody solutions, and market-making capabilities.
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