Cryptocurrency Mining

We mine Bitcoin because its supply is fixed by mathematics, not by policy, and no future committee can dilute it. Mining is how we acquire that supply at a cost basis the open market does not offer. We are not trading the cycle. We are building reserves, the way earlier holding companies built reserves of crude, of timber, of land. We think chip efficiency is plateauing for ASICs and bitcoin's scarcity will compound its value.

The Permian Basin is becoming the AI infrastructure capital of the world. We want to own the things underneath that production: the surface, the water, the easements, the power. Texas Pacific Land, LandBridge, and Waterbridge are the holdings through which we own it. At the end of the day, owning the scarcest base layer is how we want to invest, not the latest model or app.

Exchanges are toll roads. They earn a fee on every trade made across them — long, short, hedge, speculation — without ever taking a directional position themselves. In a world that is becoming less predictable, this group of assets is a great asset class to capture that volatility. OTC Markets, Japan Exchange Group, and MIAX are our three largest holdings. Smaller companies, the Japanese market, and the degradation of society through gambling is the trend.

Asset management is the rare business that earns a fee on capital it does not own and is not exposed to. Fees scale with wealth managed; wealth managed scales with the prosperity of the region. We wanted to be at the intersection of managers that own the infrastructure for the next two decades. We own Horizon Kinetics Holding Corporation, Brookfield Coporation, and Hamilton Lane. Ideally we want hard assets that build critical infrastructure.

Demand for medicine does not compress with the cycle, and the slice of medicine that keeps a body capable — mobility, recovery, the long maintenance of being alive — has the longest demand curve in front of it. We are in the process of setting up Adamantium Health & Recovery based in Pittsburgh, PA. We will start with a Hyperbaric Oxygen chamber and GameReady Ice Compression for surgical and athletic recovery. In the long term, we plan to vertically integrate peptide injections and other evidence-based therapies for a longer, more active life.

People are moving across borders in numbers the prior generation would not recognize, and the infrastructure of arrival — visas, housing, banking, schooling, the small frictions of settling — has remained fragmented and overcharged. Asia is the center of this migration; Singapore is its most efficient hub. We operate GroundWork  in Singapore to deliver the experience this should have always been: clear, fast, human. We think relocation is due for disruption, and intend on holding this running this business for a long time.