Family office · In formation
We only buy whatwe intend to keep.
Danial Ventures is a family office in formation. The two positions below are real and already held. What does not exist yet is the structure around them, and we would rather build the thing worth holding first and the institution second.
Thesis
We build a business, and keep what it earns in sound money.
That is the whole shape of it. KodeData is the work, and Bitcoin is where the proceeds go: fixed in supply, held directly, and on no one else's balance sheet. We think that will still be true in twenty years, which is the only timeframe we are really interested in.
A thesis that has to be rewritten every quarter was never a thesis. So we do not trade around ours, and we do not expect it to change.
Positions
Two held · Personally, for now
01 · Operating business · Not yet incorporated
KodeData
Software for Indonesia's financial industry: a debt collection platform and voice infrastructure, built to banking-grade standards and run by us.
Shipping, with paying customers, and not yet a company on paper. It is not an investment we made. It is the business the capital comes from, and the reason there is anything to hold at all.
02 · Digital assets · Held personally
Bitcoin
Where the proceeds go. Held in a personal portfolio rather than by the office, for the simple reason that the office does not exist yet. Bought to keep rather than to trade, with no price we would sell at and no exit in mind.
Outside the mandate
Ring-fenced · Sized to zero
Everything above is held to keep. This is not that.
A separate pocket, deliberately small, for positions taken on attention and on odds rather than on cash flow. Each has an exit, a thesis short enough to state in one line, and conditions under which we would walk away — none of which is true of the two entries above.
We list them because a ledger that shows only conviction is not the whole ledger. Keeping this pocket apart from the ledger is the discipline. Saying which is which is the honest part.
PUMP
Pump.fun
- Class
- Speculative · protocol token
- Thesis
- Fees on speculation, half of them buying back the supply
- Risk
- The revenue is the cycle. It ends when the cycle does.
- Horizon
- A cycle, not a decade
- Sizing
- Sized to zero
- Funding
- Never from the positions above
CAKE
PancakeSwap
- Class
- Speculative · protocol token
- Thesis
- Swap fees that burn a capped supply, every month
- Risk
- The burn is only as large as the chain's trading, and that has already fallen by two-thirds.
- Horizon
- A cycle, not a decade
- Sizing
- Sized to zero, and entered only once the position above is full
- Funding
- Never from the positions above