For purposes of this brochure, the “Adviser” means Paradigm Operations LP, a Delaware limited
partnership, together (where the context permits) with its affiliated general partners of the Funds
(as defined below). The Adviser provides investment advisory services to one or more investment
vehicles (“Funds”) that are exempt from registration under the Investment Company Act of 1940,
as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of
1933, as amended (the “Securities Act”).
The Funds primarily invest in blockchain assets, crypto-related assets, and crypto and crypto-
related companies, projects, and protocols, as discussed in further detail in Item 8 below. The
Adviser’s advisory services consist of investigating, identifying, and evaluating investment
opportunities, structuring, negotiating, and making investments on behalf of the Funds, managing
and monitoring the performance of such investments, and disposing of such investments.
The Adviser provides investment advisory services to the Funds in accordance with the limited
partnership agreement of each Fund and separate investment management agreement (each, an
“Advisory Agreement”).
Investment advice is provided directly to the Funds,
subject to the discretion and control of the
applicable general partner, and not individually to the investors in a Fund. Services are provided
to a Fund in accordance with the Advisory Agreement with a Fund and/or organizational
documents of a Fund. Investment restrictions for a Fund, if any, are established in the
organizational or offering documents of such Fund, Advisory Agreements and/or side letter
agreements negotiated with investors in such Fund (such documents collectively, a Fund’s
“Organizational Documents”).
The descriptions of the Funds in this brochure, including the type of investments made and
strategies used, fees and expenses charged, risk factors and conflicts of interests that may
arise in the Adviser’s management of such Funds are qualified in their entirety by reference
to each Fund’s Organizational Documents.
The principal owners of the Adviser are Matthew Huang and Frederick Ernest Ehrsam III. The
Adviser has been in business since 2018. As of December 31, 2023, the Adviser managed
approximately $10,077,295,617 in regulatory assets under management on a discretionary basis.
The Adviser does not manage assets on a non-discretionary basis.