Investment Thesis
Investing in the ownership economy at Variant Fund. Pioneer of on-chain data analysis for crypto investment decisions. Believes data-driven analysis is key to identifying the best crypto investments.
What Excites Them
On-chain metrics, data-transparent protocols, user-owned networks, DeFi protocols with strong on-chain fundamentals.
What They Pass On
Consumer apps that don't need crypto
How to Pitch
Spencer is the OG on-chain data investor. Come with dashboards, on-chain metrics, and quantitative evidence of traction. He can quickly spot vanity metrics vs. genuine on-chain usage.
Notable Writing
L2 transaction volumes now exceed L1, marking a permanent shift in Ethereum scaling.
On-chain metrics provide better fundamental analysis for crypto than traditional finance metrics.
Podcast Appearances
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Key Quotes
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Background
General Partner at Variant Fund. Previously led crypto investments at DTC Capital. Known as one of the first investors to use on-chain data extensively for investment analysis. Founded 'Our Network' newsletter covering on-chain analytics.