Merkle Tree Capital
Venture capitalRoad Town
Investment thesis
Merkle Tree Capital views information technology as evolving through multi-decade cycles of emergence, expansion, consolidation, and decentralization. The firm believes the new asset class enabled by blockchain technology represents an investment opportunity poised to commoditize incumbent business models and drive a new wave of innovation.
Source: firm website, verified Aug 3, 2026.
What they invest in
from 12 of 16 portfolio companiesCrypto & Web3 Γ11Data & Infrastructure Γ4Fintech Γ3AI & Machine Learning Γ1Cleantech Γ1Cybersecurity Γ1Energy Γ1Social Γ1
HQs:United StatesΓ2
Investments Β· 16 tracked
founders shown can be your intro path
Aave Labs is the original author and contributor to Aave, a decentralized finance (DeFi) protocol for lending and borrowing crypto assets.
Crypto & Web3Fintech
Co-investorsAegis VentuesArkStream CapitalBig Candle CapitalBlockchain CapitalDeFiance CapitalDraft Ventures Llc+12 more
Decred is a cryptocurrency protocol that uses a hybrid proof-of-work and proof-of-stake consensus system, emphasizing holder participation through direct voting rights and treasury-funded development.
Crypto & Web3
tacotime
Co-investorsBlueYard CapitalLvna CapitalPlaceholder VC
Polkadot is an open-source proof-of-stake protocol that links independent blockchains for shared security and cross-chain messaging.
Co-investors1confirmationAdvanced BlockchainAngelONE CapitalArrington CapitalBig Candle CapitalBollinger Investment Group+22 more
Energy Web builds blockchain-based infrastructure and a marketplace (Energy Web X) offering compute pools such as SmartFlow, Carbon-Aware, and GP4BTC for energy and sustainability applications.
CleantechCrypto & Web3Energy
Ed Hesse(Founder)
Co-investors1k(x)1kxAdvanced BlockchainBlackhorn VenturesFuture Energy VenturesMoonlanding Ventures+2 more
A customer-owned banking platform that invests 50% of profits toward environmental protection and social justice initiatives.
Co-investorsAusum VenturesBuckhill CapitalMorgan Creek Capital
Hive indexes and ranks Twitter accounts by community, identifying notable figures within communities based on follower networks and social graph analysis.
Data & InfrastructureSocial
Co-investorsTq Ventures Llc
Kusama is a blockchain network serving as an experimental platform for zero-knowledge technology and decentralized applications.
Crypto & Web3
Co-investorsBig Candle CapitalKR1LucidBlue VenturesNarcissus VenturesPantera CapitalNalu Capital
Ocean Protocol offers technology to tokenize AI models and data, letting users monetize datasets and models while preserving privacy.
AI & Machine LearningCrypto & Web3Data & InfrastructureSingapore
Franz MJ Pfister(Director)Trent McConaghy(Director)Bruce Pon(Chief Executive Officer and Director)Daryl Arnold(Director)
Co-investorsBlockwallBR CapitalCogitent VenturesElliptiFabric VenturesMoonlanding Ventures+3 more
Orchid builds decentralized Web 3.0 technology to enable digital privacy and peer-to-peer marketplaces on Ethereum.
Crypto & Web3CybersecurityData & InfrastructureSector AgnosticSan Francisco, US
Brian J. Fox(Director)Gustav Simonsson(Director)Stephen Francis Bell(Executive Officer, Director)Steven Richard Waterhouse(Executive Officer, Director)Jay Freeman(Director)
Co-investorsAndreessen HorowitzBorderless VentureCrunchFundStruck CapitalTransmedia CapitalTuesday Capital+3 more
Pocket Network provides decentralized infrastructure for Web3 applications, enabling developers to access blockchain data without relying on centralized providers.
Crypto & Web3Data & InfrastructureTampa, US
Pabel Nunez(Treasurer)Michael O'Rourke(President)Luis Correa(Vice President)
Co-investorsArrington CapitalBlockwallCogitent VenturesDeepTech VenturesFlorida FundersMapleblock Capital+8 more
Co-investorsBlockchain CapitalDeepTech VenturesLvna CapitalPanxora Management Corporation
Synthetix is a decentralized perpetual futures protocol built on Ethereum that combines off-chain order matching with on-chain settlement to provide low-latency trading of cryptocurrency derivatives.
Crypto & Web3Fintech
Co-investorsCoinbase VenturesElliptiFenbushi CapitalGenblock CapitalIOSG VenturesMarin Digital Ventures+5 more
Terraform Labs operated in the cryptocurrency and blockchain space.
Crypto & Web3
Co-investorsDunamu & PartnersCMCC GlobalHashed
THORChain is a decentralized, permissionless layer 1 protocol and cross-chain DEX that lets users swap native cryptocurrencies across blockchains (including Bitcoin, Ethereum, Solana, and XRP) directly from self-custody wallets without centralized exchanges or wrapped tokens.
Crypto & Web3
Co-investorsAGE CryptoBlack DragonMapleblock CapitalMulticoin Capital
Yearn is a decentralized finance protocol offering automated yield-generating vaults that allocate deposited crypto assets across DeFi opportunities to produce risk-adjusted returns.
Crypto & Web3Fintech
Co-investorsContinue CapitalDeepTech Ventures
Portfolio news
latest coverage across their companiesThorchain Β· coinpedia.org Β· May 15, 2026
Pocket Network Β· pocket.network Β· May 1, 2026
Synthetix Synthetic Asset Β· 99bitcoins.com Β· Sep 25, 2025
Frequently asked questions
- How many investments has Merkle Tree Capital made?
- Merkle Tree Capital has 16 tracked investments.
- What sectors does Merkle Tree Capital focus on?
- Merkle Tree Capital focuses on Crypto & Web3.
- Where is Merkle Tree Capital located?
- Merkle Tree Capital is headquartered in Road Town, VG.
- Who does Merkle Tree Capital co-invest with?
- Merkle Tree Capital most often shares deals with DeepTech Ventures, Big Candle Capital, Ellipti, among 68 tracked co-investors.
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