# CMS Holdings

CMS Holdings is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** cmsholdings.io
- **LinkedIn:** https://www.linkedin.com/company/cms-holdings-llc

## Regulatory record

- **Reports private funds:** No

## About

CMS Holdings launched out of the institutional crypto trading infrastructure built by its founders. Matuszewski led Circle Trade during stablecoin USDC's formative years, while Cho ran trading at Cumberland, the crypto unit of DRW. Collard-Seguin brought the technology architecture perspective from Circle. The three merged operational liquidity provisioning with principal investing, shaping CMS as a firm that can size positions large enough to move markets without external LP constraints. The strategy spans liquid tokens, venture equity, and structured DeFi. Publicly known positions include Solana, Bitcoin, Ethereum, Avalanche, Injective, Ondo Finance and Pendle. The firm targets protocol-level stakes — validator infrastructure, token treasury deals, and early-stage rounds where its trading flow provides an informational edge. CMS does not operate as a traditional fund-of-funds; its capital is mostly proprietary, arranged through direct positions rather than outside GP commitments. The geographic focus is global, with a heavy concentration in New York and access to Asian digital-asset markets through Cho's participation in the Council of Korean Americans. Team scale and aggregate capital remain undisclosed. The firm maintains a physical presence in New York, including a private event and meeting space known as the 7-inch Cube. Matuszewski is an early signer of the Crypto Giving Pledge, committing 1% of crypto holdings to charitable causes. The structural distinction is its lack of a traditional LP base. CMS runs a proprietary pool managed by operators who once supplied institutions with billions in daily liquidity. This architecture avoids the duration and redemption constraints of a venture fund, letting the firm pivot from liquid DeFi yield strategies to multi-year protocol incubation without a mandate reset. It is, in effect, a private trading house that invests like a venture shop.

## Sectors

- FinTech
- Digital Assets

## People

- Dan Matuszewski — Founder
- Bobby Cho — Founder
- Julien Collard-Seguin — Founder
- Jack Begaj — Chief Operating Officer
- Michael Leonard — Vice President of Finance

## Questions

### Who runs investment decisions at CMS Holdings?

The three founders — Dan Matuszewski, Bobby Cho and Julien Collard-Seguin — are the core decision-makers. Matuszewski previously led Circle Trade, Cho was Head of Trading at Cumberland (DRW's crypto unit), and Collard-Seguin was a technology executive at Circle. The firm has not disclosed a separate investment committee beyond the founding team.

### Does CMS Holdings manage outside LP capital or is it a proprietary book?

CMS operates primarily with proprietary capital. The firm has not announced any external fundraises or disclosed a traditional LP base, which structures it more like a private merchant operation than a registered investment fund. This allows flexible capital allocation without redemption cycles.

### What does CMS Holdings invest in?

The firm targets large-cap liquid tokens, early-stage protocol equity, and structured DeFi strategies. Publicly known positions include Solana, Bitcoin, Ethereum, Avalanche, Injective, Ondo Finance and Pendle. The team leverages its institutional trading background to take protocol-level stakes that benefit from active liquidity provisioning.

### How does CMS source proprietary deal flow?

Deal flow is anchored in the founders' operational roles at the center of early crypto market infrastructure. Running Circle Trade and Cumberland gave CMS access to project teams, exchange relationships, and OTC flow that reveals protocol demand earlier than public markets reflect. Bobby Cho's membership in the Council of Korean Americans adds a direct line into Asian digital-asset networks.

### Is CMS Holdings related to Circle or DRW?

No equity relationship has been disclosed. The connection is historical: Matuszewski and Collard-Seguin are Circle alumni, and Cho came from Cumberland, DRW's crypto division. CMS is an independent firm founded by former executives of those organizations.

## Related profiles

- [CMC Capital Partners](https://altss.com/profile/cmc-capital-partners)
- [Coastal Investment Company](https://altss.com/profile/coastal-investment-company)

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Last updated: 2026-08-11T02:43:31.692Z

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