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MFV Partners,

As we’re writing this note, we’re sitting in East Asia. We’ve been spending time between New York and Beijing to start off our year and double-down on our East-meets-West approach. On the ground we smelled something in the air that reports are not picking up. Having experienced the rate of execution in the East first-hand for over a month, we can’t help but imagine the possibilities when paired with the vision of the West. We are convinced that Maximum Frequency Ventures, bridging the West and the East, is needed today more than ever before.

We have been reading Breakneck, and we see the stories in that book lived firsthand. We spent time with the leadership teams behind Xiaomi and Bytedance, some of the largest companies built outside the U.S. and we keep coming back to the same thought: what US venture returns could’ve looked like if investors had early exposure? In many cases, the outcomes are obvious now but the signal was there well before the rest of the market was paying attention. Being here reminds us of the last two decades in the US, however, this time, much of the most compelling company formation is happening outside the traditional Western venture funnel. And it’s still being underestimated and remains almost impossible to access for the 99%. Fortunately for MFV, with Alex in Hong Kong and Jerome in Singapore, we have direct access to current and future generations of founders in the East. And those founders need the MFV edge - the US go-to-market with deep product and design thinking that we perfected over the last two decades.

That was our core belief when we launched MFV.

At the same time, the broader Web3 environment has gone through a necessary reset. The speculative excess that defined prior cycles has unwound, capital has become more selective, and attention has shifted away from narratives toward execution. To us, this moment feels less like a downturn and more like a return to first principles—where durable platforms are built quietly, before the spotlight comes back. We’ve lived this pattern before. Aptos itself was formed during a similar period of dislocation, when the market had moved on and only teams willing to build through uncertainty remained—emerging on the other side as a $20bn network at its peak. In these environments, execution ultimately determines who matters.

It’s precisely in moments like this that structural blind spots emerge. As capital concentrates around familiar geographies and established signals, early indicators are easy to miss—especially when they form outside traditional Western venture networks. By the time outcomes are obvious, much of the upside is already priced in. This is the gap we focus on: identifying real momentum early, while it still looks quiet, and before it becomes consensus.

The Opportunity We See

What we’ve seen repeatedly across East Asia are founders who are deeply focused on execution and outcomes, often letting results speak before they do. The challenge is that this signal only becomes visible after outcomes materialize—at which point attention has already shifted. That disconnect creates an immense opportunity for investors who can recognize real opportunities earlier, before they become consensus.

This is where MFV operates.

How MFV Wins

We spend our time with founders early on both sides of the world and bring that outcome-driven signal forward in time. For our Western founders, we open doors to Eastern markets, partners, and execution velocity. For founders building across Asia, we help surface their companies to Western markets earlier, with the context, positioning, and access required for global scale.

You can see the impact of this dynamic playing out now, especially since development cycles are tighter. What used to take years now happens in months. Companies built in places like Singapore, Hong Kong, Shanghai, Beijing and Tokyo are competing globally far sooner than the market expects. It took Manus 9 months to get acquired by Meta after moving its HQ from Mainland China to Singapore. Only early stage funds in the East had exposure to the company at the earliest stages. Clearly execution quality has caught up, and in many cases surpassed prior assumptions. The question is whether investors are early enough to participate meaningfully.

Our globally distributed yet in-depth team provides a massive edge bilaterally. Our operational experience and pattern recognition is well structured to identify the new patterns that are forming. We understand where attention is shifting and can drive to where things will move next, getting there before it becomes a consensus bet. We saw this early on with Bitcoin and Ethereum, and built through down markets while founding Aptos, taking it from an idea to a $20B network. That same access and pattern recognition sourced MFV’s first investment of 2026: a founding team member of TikTok and a Google Cryptography PhD uniting to build the next AI social layer.

Our thesis was validated last year. While the market chased asset accumulation, we made the deliberate decision to right-size Fund I for high-velocity execution. We closed on the capital that aligned strictly with our vision, allowing us to stop fundraising and immediately start building. That discipline has paid off big time.

Below, we’ll take you through our portfolio and the investments we’ve made to date, and what that progress looks like in practice. We believe this approach reflects how enduring, opinionated venture firms are being built in this generation.

MFV investments

Since fund inception, we’ve deployed $7.6M and invested in eight companies distributed across the globe. Most of these investments came from our network directly, carried over through our days of building at Aptos and the respective professional journeys of each of our GPs. The deployment rate has been right on pace according to our original portfolio construction, with an average equity valuation of $█M for our seed investments.

We’ve outlined select investments below. Through them all there is one common theme – crypto-native teams building real products where momentum builds and the edge lasts.

Klickl: UAE-based fintech bridge between traditional finance and digital assets

• What they do: An Abu Dhabi Global Market (ADGM) licensed B2B2C Fintech that connects fiat rails (IBAN/banks) with digital-asset rails combined with retail cards and merchant payment infra.
• Why it fits our thesis: At the critical cross-roads of traditional and novel financial infrastructures; strong regulatory moat (licenses in UAE, Europe and NA) and fast growing flows.
• What’s happened so far: Fully activated in USD and EUR corridors between Europe, ME and APAC. Created a robust system to meet compliance requirements of one of the most sophisticated financial regulators. Building towards a trusted and sustainable banking relationship with the old guards.
• How MFV helped: Partnered on GTM strategy and operational planning (governance, reporting, processes) for compliant product rollout.

Moonshot: Next-generation mobile gaming platform and hardware

• What they do: Moonshot is building a mobile gaming ecosystem that combines quality hardware, social infrastructure, and digital ownership to deliver console-quality gameplay on mobile while rewarding players and creators.
• Why it fits our thesis: Moonshot reflects our conviction that durable consumer platforms are built by leading with product quality and community, not financialization. By treating ownership and rewards as infrastructure rather than the headline, Moonshot is positioned to form lasting franchises and network effects in a mobile-first world.
• What’s happened so far: The team has focused on shipping product and getting mass retail distribution first. Advancing hardware, software, and community layers in parallel; while experimenting with creator-led growth and monetization models designed for long-term engagement.
• How MFV helped: We supported Moonshot on product economics and community strategy, helping prioritize retention, creator alignment, and sustainable participation over short-term revenue.

Bluff: Provable on-chain casino & betting platform

• What they do: A next-generation casino and sportsbook, building culturally native betting experiences. They create new wagering verticals that turn social and entertainment moments into interactive play, with a relentless focus on user experience.
• Why it fits our thesis: Entertainment + provable speculation shows clear PMF inside crypto communities. The team pairs consumer-game instincts with the operational and governance discipline needed to scale a durable, responsible betting platform.
• What’s happened so far: Early product-market fit testing and free to play gaming launch.
• How MFV helped: Advised on fundraising and go-to-market for crypto-native audiences.

[Stealth]: IP studio and AI-native consumer storytelling platform

• What they do: A K-entertainment studio that owns & curates its own IPs combined with an AI-enabled community platform that converts webtoons & webnovel into short, shareable formats.
• Why it fits our thesis: Founding team that pioneered the K-webtoon industry. Product that owns upstream IP rather than competes only on distribution. Original thinking around character-franchise digital economies.
• What’s happened so far: Early product development and owned IPs launched on incumbent platforms (KakaoPage and NaverWebtoon) with good reception.
• How MFV helped: Advised on product hooks, day to day operational support (marketing and hiring strategy) and distribution experiments to accelerate IP formation and creator adoption.

[Stealth]: Institutional-grade exchange infrastructure

• What they do: A high performance exchange optimized for low-latency orderbook trading and market-structure rigor, designed to be license-ready for regulated deployments.
• Why it fits our thesis: Deep market-structure expertise and an ambition to build durable trading infrastructure maps to large, defensible economic value.
• What’s happened so far: Architecture and product work focused on performance and risk controls with a view toward regulated adoption.
• How MFV helped: Supported the founders from pre-company incorporation to product strategy and market positioning for institutional customers and regulatory readiness.

[Stealth]: DeFi platform for structured yield and wealth products

• What they do: Packages sophisticated options and derivatives strategies into accessible products, allowing users to gain exposure to institutional-style yield without requiring deep financial or trading expertise.
• Why it fits our thesis: Aligns with our view that the future of DeFi lies in translating on-chain market efficiency into institutionally relevant financial products. By abstracting complexity and focusing on real risk management rather than speculative yield, the platform targets durable, scalable use cases.
• What’s happened so far: Early-stage development has centered on simplifying complex strategies into intuitive user flows while laying the groundwork for institutional adoption and capital alignment.
• How MFV helped: We advised on product-market fit for institutional users and supported positioning and messaging to make advanced strategies understandable and credible for a broader audience. Pulled together early user groups, market makers and liquidity providers to co-build and bootstrap the product in anticipation for launch.

We feel more convinced than ever that crypto will reshape legacy industries and MFV will help the best teams make that change real.

Thank you for your support,

Mo, Neil, Alex, Jerome

此信原为向 MFV 有限合伙人呈报而撰寫，现以改编后的形式分享，旨在让潜在合伙人更清晰地了解我们的投资理念与运作方式。

MFV 各位合伙人：

执笔之际，我们正身处东亚。新年伊始，我们便穿梭于纽约与北京之间，持续深耕东西方交融的投资主线。深入一线这一个月，让我们捕捉到了一些尚未见诸于报告的微妙变化——东方市场的执行效率，唯有亲身经历，才更具象地体会到，当其与西方的远见相结合时，所能激发的巨大潜能。我们愈发坚信，像MFV这样一座横跨东西方的桥梁，在当下这个时代具有前所未有的价值。

最近在读《Breakneck》这本书，书中描绘的故事，我们在现实中找到了鲜活的印证。我们与小米、字节跳动这些在美国之外成长起来的巨头背后的领导团队深度交流，一个念头始终挥之不去：倘若早期投资者能有机会触达这些标的，美国风险投资的回报曲线将呈现何种面貌？如今回过头看，许多成功已是明牌，但在市场尚未形成共识之前，那些关键信号其实早已释放。置身东亚，仿佛看到了二十年前的美国。只不过这一次，最具活力的公司在传统西方VC视野之外成批涌现，它们依然被严重低估，对99%的资本而言甚至可望而不可即。所幸，对于MFV而言，随着Alex常驻香港、Jerome坐镇新加坡，我们得以直接触达东方当下及未来的创业者——而他们所需要的，恰恰是MFV在过去二十年打磨成熟的独门优势：深谙产品与设计思维的美国市场进入策略。

这是我们创立MFV时的核心信念。

与此同时，整个Web3领域经历了一次必要的价值回归。上一轮周期中的投机泡沫逐渐出清，资本变得更加审慎，市场的焦点从宏大叙事转向了扎实的执行。在我们看来，这并非市场低迷，而是回归第一性原理——那些真正具有持久价值的平台，正是在喧嚣褪去时悄然构建的。我们亲历过这一周期：Aptos诞生于上一轮市场震荡期，彼时资本退潮，唯有那些敢于在不确定性中坚持建设的团队留了下来，最终在顶峰时成长为市值200亿美金级的公链。在这样的周期里，只有执行力才能定义谁是最终的赢家。

恰恰是在这种转折点上，结构性的认知偏差最容易出现。当资本向少数成熟区域和既定信号集中时，早期趋势往往被忽视——尤其是当它们萌芽于传统西方VC体系之外。等到成果尽人皆知时，绝大部分红利早已被提前锁定。这正是我们专注的方向：在市场共识形成之前，捕捉那些尚显"安静"的真实势能。

我们看到的机遇

在东亚，我们反复观察到这样一类创业者——他们极度务实，专注执行，倾向于让结果先行。但这也带来了一个挑战：这些信号往往只有在成果兑现之后才变得可见，而那时市场的注意力早已转移。这种信息差，恰好为有能力提前识别的投资者创造了巨大的机会窗口。

这正是MFV的切入点。

MFV的差异化打法

我们长期陪伴世界两端的早期创业者，将那些以结果为导向的信号前置。对于西方的创业者，我们协助打开东方市场的大门，链接本地伙伴，提速执行效率。对于在亚洲创业的团队，我们帮助他们在更早阶段进入西方视野，提供全球化所需的本地化语境、战略定位和渠道资源。

这套策略的效果正在逐渐显现，尤其是在研发周期加速压缩的当下。过去需要数年才能完成的事情，现在数月便见分晓。在新加坡、香港、上海、北京、东京创立的企业，正以远超预期的速度参与全球竞争。以Manus为例，其总部从中国大陆迁至新加坡仅9个月后便被Meta收购——而能够在其最早期阶段介入的，唯有深耕东方的早期基金。执行质量正在以可见的速度追赶并超越过往的认知。问题在于，投资者能否足够早地参与其中，分享成长红利。

MFV这支全球分布但深耕本地的团队，正是我们双边布局的最大底气。我们的运营经验与模式识别能力，帮助我们敏锐捕捉那些正在成型的新趋势。我们理解资本流向的变化，并能在市场共识形成之前提前布局。我们在比特币和以太坊的早期便是如此，也在市场低谷期参与缔造了Aptos，将其从一纸白皮书发展成为200亿美金市值的公链。正是基于同样的触达能力和判断力，我们完成了MFV 2026年的首笔投资——TikTok创始团队成员与谷歌密码学博士联手，共同打造下一代AI社交层。

去年，我们的投资逻辑得到了验证。当市场仍在追逐资产堆积时，我们审慎地为Fund I确定了合理规模，以确保执行速度。我们只吸纳了与自身愿景高度一致的资本，快速关闭募资，第一时间投入建设。这份纪律正在带来可观的回报。

接下来，我们将向各位汇报基金的投资组合及当前进展。我们相信，透过这些案例，各位可以清晰地看到——在当下的周期中，一家具有鲜明立场和长期视野的风险投资机构是如何被构建的。

MFV投资组合

自基金启动以来，我们累计部署760万美元，完成了8笔投资，标的分布全球。绝大多数项目源自我们过往在Aptos及各位GP职业经历中积累的深度网络。投资节奏符合基金预设的配置节奏，种子轮平均估值为█万美元。

以下为部分代表性投资案例。贯穿其中的主线是——加密原生团队，以产品为导向，构筑持久的竞争壁垒。

Klickl：总部位于阿联酋的金融科技公司，链接传统金融与数字资产

• 业务简介：持有阿布扎比全球市场（ADGM）牌照的B2B2C金融科技公司，整合法币通道（IBAN/银行）与数字资产通道，并嵌入零售卡和商户支付基础设施。
• 投资逻辑：处于传统与新型金融基础设施的关键交汇点；监管护城河深厚（持有阿联酋、欧洲、北美等多地牌照），资金流量增长迅猛。
• 项目进展：已全面开通欧洲、中东及亚太之间的美元、欧元通道；搭建了满足顶级监管机构合规要求的稳健体系；正在与传统金融机构建立长期可信的合作关系。
• MFV的增值：在合规产品落地过程中，协助其规划市场进入策略及运营体系（治理、报告、流程）。

Moonshot：下一代移动游戏平台及硬件

• 业务简介：Moonshot正在构建一个移动游戏生态，整合高品质硬件、社交基础设施与数字所有权，旨在移动端实现主机级游戏体验，并回馈玩家与创作者。
• 投资逻辑：契合我们的判断——持久的消费平台，其根基是产品力与社区，而非金融化。Moonshot将所有权与奖励机制作为底层基础设施，而非营销噱头，有望在移动优先时代形成可持续的品牌价值和网络效应。
• 项目进展：团队优先聚焦产品落地与零售渠道拓展；硬件、软件与社区同步推进；同步探索创作者驱动的增长及长期导向的变现模式。
• MFV的增值：在产品经济模型及社区策略层面提供支持，协助其优先关注用户留存、创作者生态与可持续参与，而非短期收入。

Bluff：持牌合规的链上博彩平台

• 业务简介：一家持牌运营的新一代博彩平台，打造具备文化共鸣的投注体验。将社交与娱乐场景转化为可互动的游戏化玩法，极度注重用户体验。
• 投资逻辑：娱乐性与可验证机制在加密社区内显示出明确的产品市场契合度。团队兼具消费类产品直觉与负责任博彩平台所需的运营及治理能力。
• 项目进展：完成早期产品市场契合度测试，并上线免费游戏版本。
• MFV的增值：协助其面向加密原生用户进行融资和市场进入策略规划。

[保密项目]：IP工作室与AI原生消费级故事平台

• 业务简介：一家韩国娱乐工作室，拥有并运营自有IP，同时搭建AI驱动的社区平台，将网络漫画及网络小说转化为易于传播的短内容。
• 投资逻辑：创始团队曾开创韩国网络漫画产业；拥有上游IP而非仅做分发；在角色IP的数字经济层面具有独创性思考。
• 项目进展：早期产品开发中；自有IP已在KakaoPage、NaverWebtoon等主流平台上线，反响积极。
• MFV的增值：在产品切入点、日常运营（市场、招聘策略）、分发实验等方面提供支持，助力IP孵化与创作者生态建设。

[保密项目]：机构级交易所基础设施

• 业务简介：为低延迟订单簿交易及严谨市场结构而生的高性能交易所，设计上满足未来监管部署要求。
• 投资逻辑：团队拥有深厚的市场结构经验，致力于构建具备持久价值的交易基础设施，对应巨大且具备防御性的商业价值。
• 项目进展：当前聚焦架构与产品层面的性能优化及风控体系设计，为后续合规部署做准备。
• MFV的增值：从公司设立前到产品策略、机构用户定位及监管合规准备，全程支持创始人。

[保密项目]：结构化收益及财富产品的DeFi平台

• 业务简介：将复杂的期权与衍生品策略封装为易用的产品，使用户无需深厚金融背景即可获得机构级收益。
• 投资逻辑：符合我们对DeFi演进方向的判断——将链上市场效率转化为机构可用的金融产品。通过抽象复杂性并聚焦真实风险管理，瞄准的是持久、可扩展的落地场景。
• 项目进展：早期开发聚焦于简化复杂策略，同时为机构采用及资本协同打下基础。
• MFV的增值：协助其面向机构用户打磨产品市场契合度，优化信息传递，使复杂策略更易于理解。推动早期用户群、做市商及流动性提供方共同参与产品共建。

我们比以往更加确信，加密技术将深刻重塑传统行业格局。MFV将与最优秀的团队同行，共同推动这一变革成为现实。

感谢各位一路的支持，

Mo, Neil, Alex, Jerome