The investment arm of Boxmining

Backing the rails of an open financial system.

We invest in crypto-native teams building infrastructure, financial protocols and products with the potential to outlast the cycle.

Explore the portfolio ↗ Our investment thesis ↓

InfrastructureNetworks and systems others build on

Financial railsMarkets, yield and open settlement

ApplicationsProducts with durable user pull

Long-termTeams that keep building

How we build conviction

Crypto should do necessary work.

A
Use the product.
The strongest narrative is still weaker than a working product in the hands of real users.
B
Ask the hard question.
We want the architecture, dependency and trade-off—not a category label borrowed from the market.
C
Back durable teams.
Markets change faster than missions. We look for builders who keep shipping after attention moves on.

Selected portfolio

What earned
conviction.

A portfolio is more useful when it explains the judgment behind it. Each profile starts with the product or market signal that made the project worth backing.

All investments and archive ↗

01 Avalanche Sovereign chains without starting from zero. Investment signal Avalanche made a direct bet that one global chain would not fit every application. Its architecture gave teams a path to customize execution and governance while retaining a shared technical foundation. Layer 1 active

02 Curve Finance Liquidity infrastructure for on-chain markets. Investment signal Curve turned a narrow insight—similar assets should trade on a purpose-built curve—into core market infrastructure. Its advantage came from mechanism design, not a louder interface. DeFi active

03 Enjin Digital ownership built into the game stack. Investment signal Enjin treated digital items as product infrastructure before NFTs became a market category. Its early bet was that ownership should feel native to the game, not bolted on after the experience was designed. Gaming infrastructure active

04 Injective A Layer 1 purpose-built for markets. Investment signal Injective treated exchange infrastructure as a shared network primitive. Builders could focus on the financial product rather than rebuilding matching and liquidity infrastructure for every interface. DeFi infrastructure active

05 Lava Network The data-access layer behind the interface. Investment signal Nearly every on-chain product depends on RPC infrastructure, yet users rarely see it. Lava targets that hidden dependency with provider selection, quality measurement, and on-chain settlement. Infrastructure active

06 Mantle A modular route to scaling Ethereum. Investment signal Mantle paired a modular technical architecture with community-controlled capital and distribution. That combination made it more than a pure scaling experiment. Ethereum scaling active

07 Polygon Making Ethereum usable at application scale. Investment signal Polygon recognized early that the Ethereum ecosystem needed practical scale before a single perfect scaling architecture had won. It built, shipped, and iterated in public. Ethereum scaling active

08 VeChain A public blockchain built for real-world systems. Investment signal VeChain pushed blockchain beyond trading and into supply chains, product records and enterprise workflows. The bet was that public infrastructure could make real-world claims more transparent without forcing every user to understand gas. Enterprise infrastructure active

09 Yearn Finance YFI · Automated strategy execution for on-chain yield. Investment signal Yearn made strategy automation a crypto primitive. It showed that open vaults could package complex, constantly changing DeFi work into a product a user could evaluate and enter. DeFi active

Core convictions

A view of where crypto is going.

These beliefs shape the markets, products and infrastructure we pay attention to.

Full investment thesis ↗

BTC

The decentralized currency.

We believe Bitcoin is the clearest expression of money without a central issuer.

ETH

The financial machine.

We believe Ethereum will power decentralized finance and programmable settlement.

MNT

Distribution becomes an ecosystem.

We backed Mantle and believe its connection to deep liquidity and distribution is a meaningful advantage.

STK

Staked capital should keep working.

Ether.fi, Lido, EigenLayer and Pendle turn staking into a financial and coordination layer.

Field notes

Understand
the mechanism.

Plain-English working notes on the systems we invest around, their trade-offs and the questions still open.

Infrastructure explained · 10 Aug 2026

The interface is only as good as its RPC

Why Lava Network's invisible infrastructure matters every time a wallet loads a balance or an agent submits a transaction.

Read · 6 min ↗

DeFi explained · 08 Aug 2026

Pendle, explained without the alphabet soup

Principal Tokens, Yield Tokens and the surprisingly old financial idea inside one of DeFi's more original markets.

Read · 7 min ↗

Networks explained · 04 Aug 2026

What 'modular' actually means for Mantle

A clear look at the jobs inside a blockchain stack—and why separating them can change cost, performance and risk.

Read · 6 min ↗

Box Ventures / Global

Built from crypto's front row.
Investing for what comes next.

About Box Ventures ↗