Frontier Tech Venture Fund & Accelerator (@LongHashX) | Investing at the Convergence of AI, Robotics, and Digital Assets || @emmacui + @theshikhai
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The AI prospectus everyone was waiting for arrived on 18 September.
It was not Anthropic's. It was its landlord's.
Nscale's S-1: $103.4B contracted, 85% from two customers, and Anthropic can cancel.
Full breakdown: longhashvc.substack.com/p/thโฆ ๐งต๐
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๐งต 8 billion AI tokens ran through @ionet models in a single day. Kamino named a two-decade fintech veteran as CEO to enter the US market. And 16 confidential yield vaults went live for institutions.
Here's the full breakdown across the @LongHashVC portfolio ๐
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Anthropic showed its IPO prospectus to a hand-picked room of investors instead of publishing it.
The day before, OpenAI ruled out going public in 2026 entirely.
The public S-1 still does not exist.
Full breakdown: longhashvc.substack.com/p/anโฆ ๐งต๐
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๐งต Robinhood just switched on AI agent trading for 100% of eligible users โ on our portfolio's rails.
$50M hit Kamino vaults via Binance Wallet in under 24h. And confidential USDC went live on Ethereum.
Here's the full breakdown across the @LongHashVC portfolio ๐
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Anthropic has committed about $127B to compute:
โ ~$77B of contracted purchases from third parties
โ $50B of its own capital
โ Two of its largest relationships, no public price at all
Full breakdown: longhashvc.substack.com/p/anโฆ ๐งต๐
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๐งต A confidential-finance token just landed in front of 70 million Revolut users.
Agent ownership opened up on Solana. And a confidential USDC vault cracked Morpho's top 10 on Ethereum.
Here's the full breakdown across the @LongHashVC portfolio ๐
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Unitree priced the first humanoid IPO at $9B on Aug 6, roughly 50% above where its books opened six days earlier. Trading starts this week.
Meanwhile Anthropic's backers are briefing a $2 TRILLION October listing.
The machine economy is getting priced in public.
Full breakdown: longhashvc.substack.com/p/unโฆ ๐งต๐
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๐งต $200M in agent volume just hit Robinhood Chain.
A $25M institutional credit vault went live on-chain. And a 2.4T-parameter model was serving requests on decentralized compute ~2.5 hours after release.
Here's the full breakdown across the @LongHashVC portfolio ๐
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OpenAI raised its compute budget to $750B. Anthropic's secondaries crossed $1 trillion. Unitree opened the first humanoid IPO books. In one fortnight, the machine economy stopped raising money and started pricing itself.
Full breakdown: open.substack.com/pub/longhaโฆ ๐งต๐
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๐งต AI agents just became discoverable across Binance Wallet.
Confidential DeFi finally got its compliance layer. And a top multichain trading platform relaunched from the ground up.
Here's the full breakdown across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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Our co-founder @theshikhai joined @askadamtorres to talk about why we invest where AI, crypto, and robotics converge instead of picking one lane.
AI gives machines intelligence. Robotics gives them a body. Crypto gives them the ability to transact and coordinate through smart contracts.
Our portfolio company @virtuals_io proved this early. Their AI agent @luna_virtuals got a wallet, became a crypto millionaire, then hired humans to paint murals of her around the world.
๐ต Apple Podcasts:
lnkd.in/g5RgEsx7
๐ข Spotify:
lnkd.in/gMMCADTS
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On July 15, Anthropic's bankers started booking investor meetings for a $965B listing.
Same fortnight: China approved Unitree's IPO in 73 days, the fastest in STAR Market history.
The machine economy is lining up to list.
Full breakdown: open.substack.com/pub/longhaโฆ ๐งต๐
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๐งต AI agents drove $30M in DEX volume in their first week on Robinhood Chain โ powered by one of our portcos.
Also: $13M into confidential USDC yield on Morpho, and Claude Fable 5 live on 0G below list price.
Here's the full breakdown across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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Anthropic and OpenAI have both confidentially filed to go public.
Figure AI's factory is now shipping a humanoid robot roughly every hour, 55+ a week, 350+ built so far.
Two very different timelines for the same AI buildout.
Full breakdown: open.substack.com/pub/longhaโฆ ๐งต๐
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One of our portcos crossed 535K views announcing confidential USDC yield on Morpho. AI agents are now trading tokenised Wall Street stocks. ARX launched. $50K in $0G dropped.
A lot happened in two weeks across the @LongHashVC portfolio ๐open.substack.com/pub/longhaโฆ
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Hyperliquid isn't just another perp DEX.
We broke down why its architecture is structurally different and how institutional capital is actually positioning in DeFi right now.
Watch the full recording ๐
longhash-webinar.vercel.app?โฆ
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Figure AI is producing one humanoid robot every 90 minutes at its BotQ factory.
Sierra just closed $950M at a $15.8B valuation.
JPMorgan's AI program generated ~$2B in savings.
Full breakdown: open.substack.com/pub/longhaโฆ ๐งต๐
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$24M in compute revenue. Fortune's Crypto 100 #9. $400K in free AI inference. $10B in loans, zero bad debt.
Two weeks. Eight portfolio companies.
Here's the full breakdown across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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A privacy company just bought its way into institutional finance. A compute network crossed 2.9 billion tokens a day. One AI agent pulled in $2.1M.
Here's the full breakdown across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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AI agents just completed 176 million on-chain transactions.
$73M settled via stablecoins. 76% of payments under $0.30.
A delivery robot in Seoul made its first autonomous USDT payment on-chain.
The machine economy already arrived. ๐งต๐
open.substack.com/pub/longhaโฆ
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Identity discourse is here along with a Visa card for AI agents.
An open-source 35B model shipped from a chain. Confidential compute just got a gas unit.
Full breakdown across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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AI is eating crypto's narrative and the money is about to follow.
BERT is the #1 Web3 AI project by mindshare. a16z just led a $300M round on privacy infra. Paradigm flagged decentralized AI as thesis #1.
But here's the gap nobody's talking about ๐งต๐
open.substack.com/pub/longhaโฆ
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A 970K-view manifesto on broken identity. A $292M bridge post-mortem. Confidential txs shipping to regulated custodians.
Privacy infrastructure crossed from research into production this fortnight.
Full breakdown across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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3 signals that tell you exactly where we are heading:
1. $630M moved to cold storage in 2 weeks (BlackRock pulled $291M off Coinbase alone)
2. Every major VC is raising new funds with the same thesis: decentralized AI
3. OCBC (Singapore) just launched tokenized gold on Ethereum + Solana
Here's why this matters ๐งต๐
open.substack.com/pub/longhaโฆ
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$100B in tokenized assets committed. $20B in HELOC routing to DeFi. A manifesto on broken internet identity hit 1.5M views.
The institutionalโopen-web bridge is no longer theoretical.
8 developments across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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Our Co-founder @theshikhai visited the @virtuals_io robotics lab in Kuala Lumpur, Asia's largest and Malaysia's first humanoid robotics lab. Built not by a hardware company, but by a crypto protocol.
AI agents in crypto are mostly software today. Virtuals is building for when they have bodies.
If autonomous robots need to transact, prove identity, and coordinate in the real world, the infrastructure they'll run on looks a lot like what crypto has been building.
Virtuals Protocol is a LongHash Ventures portfolio company. This is the thesis in motion.
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70% of global crypto fund inflows went to Europe last week.
Switzerland: $157M
U.S.: $28M
Meanwhile, U.S. ETH ETFs lost $71M in back-to-back outflows. BlackRock's ETHA shed $46.67M in a single day.
The capital isn't disappearing. It's migrating. ๐งต๐
open.substack.com/pub/longhaโฆ
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Our co-founder @theshikhai was recently invited onto the Mergers & Acquisitions podcast by the Society for Economic Anthropology to talk about crypto from a practitioner's lens.
Crypto governance. Censorship resistance. Why blockchains might have been built for AI agents, not humans. And what it means to run a licensed fund in Singapore while the rules are still being written.
Full writeup here:
open.substack.com/pub/longhaโฆ
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One portco just made every wallet chain-agnostic in 4 minutes. Another turned gold's negative carry into 3.5% yield. A third launched real-time Proof of Solvency via Chainlink.
8 developments across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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Mastercard: acquired a crypto firm for $1.8B.
Kalshi: raised $1B at $22B valuation.
Algorand: cut 25% of staff.
Gemini: slashed 25-30%.
TradFi is buying crypto's infrastructure.
Crypto is laying people off.
Here's what's actually going on ๐งต๐
open.substack.com/pub/longhaโฆ
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The S&P 500 is now tradable 24/7 on-chain. No closing bells, no prime brokerage. Built by a team of 11 with zero venture funding.
Our co-founder @emmacui_ broke down why Hyperliquid matters in a recent webinar for allocators.
If you're an institutional investor and want to learn more about our breakdown, drop a comment below and we'll get back to you.
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8 portfolio developments from the past two weeks.
One company is publicly challenging NVIDIA's $1T AI factory buildout.
One just co-authored a new Ethereum standard with the Foundation.
Here's the full breakdown across the @LongHashVC portfolio ๐
open.substack.com/pub/longhaโฆ
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Saylor: 738,731 BTC.
Farage: personally bought in.
Winklevoss twins: cashed out $130M.
The smart money is making big moves but not all in the same direction.
Here's what's actually happening behind the headlines ๐งต๐
open.substack.com/pub/longhaโฆ
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Stripe added x402 agent payments. Cloudflare is building agent identity. Google is developing Chrome for agent browsing.
But deploying an agent still means 10+ API keys stitched together.
The infrastructure works. The on-ramp doesn't.
Here's the breakdown from our Principal @0xRaghav at @TheTieIO Innovate Denver 2026. ๐งต
open.substack.com/pub/longhaโฆ
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๐งต In this fortnight's Portco Highlight, we look at 8 main events that have happened so far:
๐ณ @kamino USDS goes live in PRIME Market with ~7.5% APY and up to 8.3ร leverage
๐ @0G_labs launches Apollo Program AI Accelerator with Google Cloud and Privy
๐ค @TheoriqAI selected as one of the first projects in Kaito AI Studio beta
โก @ParticleNtwrk powers Wagmi trade bot with Universal Accounts on Telegram
๐ @LitProtocol ships v3 "Chipotle" with programmable keys and autonomous agents
๐ค @virtuals_io Fabric Protocol (ROBO) becomes first Titan launch
๐ @union_build expands into private payments with built-in compliance
๐ก @Sagaxyz__ CEO Rebecca Liao speaks at EthCC Cannes on AI agents as onchain actors
Here's the rundown of each event ๐
open.substack.com/pub/longhaโฆ
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$128B wiped from crypto markets in hours after the U.S.-Israel strike on Iran. BlackRock, Citigroup, and Bitcoin ETFs all moved.
But $3.8B in ETF outflows reversed to $1.02B inflows in a single week. 64% of exchange inflows came from large holders.
Institutions accumulated. Retail fled.
We mapped what shifted beneath the surface. ๐งต
open.substack.com/pub/longhaโฆ
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All three markets map onto a broader agent lifecycle:
1. Discovery & Reputation โ find and evaluate
2. Transaction & Delivery โ pay and verify
3. Learning & Optimization โ improve and personalize
This article focuses on Discovery & Reputation. Next part will focus on Transaction & Delivery.
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We break the problem into three infrastructure markets:
1. The Capability Market - how agents find function
2. The Identity Market - how agents find trust
3. The Performance Market - how agents find reliability
Each solves a distinct failure mode. Together, they form the discovery and reputation stack.
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๐งต In this fortnight's Portco Highlight, we look at 8 main events that have happened so far:
๐ค @virtuals_io $1M/month Agent GDP Program to fund agent builders
๐ @zama Developer Program, $ZAMA staking & 2026 roadmap launch
๐ @0G_labs Live on Ledger hardware wallet for $0G tokens
๐ @Humanityprot $5,000 USDT community campaign for Humanity Army
โก @Sagaxyz__ SagaEVM recovery update, blocks returning soon
๐ณ @ParticleNtwrk Chain abstraction as the key to stablecoin payments
๐ฅ๏ธ @ionet Distributed compute as the answer to centralized data center bottlenecks
๐๏ธ @neutron_org Community live stream series returns with Hydro Markets
Here's the rundown of each event ๐
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๐งต ๐๐ฟ๐๐ฝ๐๐ผ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ป๐ฎ๐น๐๐๐ถ๐ | ๐๐ฒ๐ฏ๐ฟ๐๐ฎ๐ฟ๐ ๐ฎ - ๐๐ฒ๐ฏ๐ฟ๐๐ฎ๐ฟ๐ ๐ญ๐ฒ, ๐ฎ๐ฌ๐ฎ๐ฒ
Bitcoin crashed 24% to $60K causing panic everywhere.
But while retail fled, one institution quietly deployed $1 BILLION.
This is how smart money operates when everyone else is running for the exits.
The breakdown ๐
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๐งต In this fortnight's Portco Highlight, we look at 6 main events that have happened so far:
๐ @zama launches $ZAMA token, expands to Solana
๐ค @virtuals_io ships 60 Days & hits $200K USDC agent milestone
๐ @0G_labs partners with ARC Terminal for onchain AI infrastructure
๐ก @ionet rebuilds tokenomics around demand-driven utility
๐ฎ @Sagaxyz__ pivots to AI agents, announces SagaEVM testnet recovery
โก @primev_xyz shatters mev-commit volume records in January
Here's the rundown of each event ๐
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๐ค Is the "Agent Economy" finally here?
This week, Anthropicโs Claude Cowork launch sent a shockwave through the stock market, wiping $285B off global software caps. The message is clear: Open Source AI are going to change the world.
But how do these agents move value safely? ๐ธ
In this session from the Web3 Forum, @theshikhai and @tengyanAI anticipated this exact shift.
Click below for the full video ๐
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๐งต ๐๐ฟ๐๐ฝ๐๐ผ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ป๐ฎ๐น๐๐๐ถ๐ | ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ญ๐ต - ๐๐ฒ๐ฏ๐ฟ๐๐ฎ๐ฟ๐ ๐ฎ, ๐ฎ๐ฌ๐ฎ๐ฒ
The last two weeks show crypto shifting into a more institutional phase: ETF flows rotated but didnโt break, corporate treasuries aggressively accumulated BTC, VC and M&A focused on infrastructure, and U.S. policy momentum (Senate bill + regulatory normalization) is setting up major catalysts for late January.
Top narratives: regulatory clarity, RWA tokenization, privacy infrastructure.
๐ Read more
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๐งตย In this weekโs Portco Highlight, we look at 8 main events that have happened so far:
๐ @zama surpasses $121M TVS in its public auction
๐ฆ @kamino launches USD1 stablecoin + high-yield vaults
โ๏ธ @Arcium reaches Internal Mainnet Alpha
๐ณ @EtherFi ships physical cards
๐ @union_build enables private payroll onchain
โก @primev_xyz crosses $1B in preconfirmed transaction volume
๐ @TheoriqAI executes its first $100K $THQ buyback
Hereโs the rundown of each event ๐
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Is it riskier to invest in Crypto VC... or to ignore it? ๐ค
New data from Cambridge Associates suggests the latter.
After a decade of data, the "speculative experiment" is posting numbers that traditional markets can't ignore.
๐ Read more via the link below
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๐งต ๐๐ฟ๐๐ฝ๐๐ผ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ป๐ฎ๐น๐๐๐ถ๐ | ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ฑ - ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ฑ, ๐ฎ๐ฌ๐ฎ๐ฒ
The last two weeks show crypto shifting into a more institutional phase: ETF flows rotated but didnโt break, corporate treasuries aggressively accumulated BTC, VC and M&A focused on infrastructure, and U.S. policy momentum (Senate bill + regulatory normalization) is setting up major catalysts for late January.
Top narratives: regulatory clarity, RWA tokenization, privacy infrastructure.
๐ Read more: bit.ly/crypto-market-analysiโฆ
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๐จ The "Bridge Anxiety" That Still Plagues Web3
Weโve all done it: holding our breath while moving assets across chains, hoping the funds actually arrive.
Why? Because the industry is built on "Trust me, bro" intermediaries.
Fragile multi-sigs and centralized bridges have cost billions in hacks and fractured liquidity across a mess of L1s and L2s.
@union_build is ending the era of trusted bridges.
Here is the breakdown ๐
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๐งตย In this weekโs Portco Highlight, we look at 7 main events that have happened so far:
โก๏ธ @primev_xyz kicks off 2026 with 7-figure L1 transaction volume
โ๏ธ @Arcium is bringing C-SPL to @solana in Q1 2026
๐ฃ @ParticleNtwrk recaps a breakout 2025, scaling Universal Accounts into a chain-agnostic ecosystem
๐๏ธ @kamino enters its โNext Chapterโ, evolving from lending into Solanaโs institutional finance + tokenized asset infrastructure
โ @Sagaxyz__ hits $30M TVL as Saga accelerates into multichain DeFi
๐ @zksync lays out its 2026 roadmap to bring โincorruptibleโ finance onchain
๐ฒ @ZapApp is now a swipe-to-trade crypto app built for frictionless onboarding
Hereโs the rundown of each event ๐
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๐งต ๐๐ฟ๐๐ฝ๐๐ผ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ป๐ฎ๐น๐๐๐ถ๐ | ๐๐ฒ๐ฐ๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ๐ฎ - ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ฑ, ๐ฎ๐ฌ๐ฎ๐ฒ
The last two weeks of 2025 and the first days of 2026 were a reminder that headline volatility can hide structural accumulation.
Despite choppy price action and holiday illiquidity, the data shows three clear themes:
1.Bitcoin ETFs saw ~$100M outflows before rebounding with ~$1B in net inflows from Dec 29 to Jan 5
2.Corporate treasuries kept buying size while exchanges bled BTC
3.AI, privacy, and payments are consolidating as the next dominant narratives for 2026
Here is the data and what it sets up for January 2026 ๐
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๐งต ๐๐ฟ๐๐ฝ๐๐ผ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ป๐ฎ๐น๐๐๐ถ๐ | ๐๐ฒ๐ฐ๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ด - ๐๐ฒ๐ฐ๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ๐ฎ, ๐ฎ๐ฌ๐ฎ๐ฑ
The biggest change did not involve price. It involved policy, collateral, custody and tokenization approvals. Regulators moved from conflict to coordination.
Hereโs what the last 2 weeks reveal ๐
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