Fenbushi Capital

The firm sources deal flow through its deep integration with the blockchain developer community and its in-house research arm, which publishes technical reports on cryptographic primitives such as MP-FHE and zkVMs. This research function connects the firm directly to protocol teams and infrastructure builders before projects seek broader institutional capital. Additionally, Fenbushi's multi-hub presence in locations including San Francisco, Shanghai, and Hong Kong provides on-the-ground access to regional developer ecosystems.

Fenbushi targets early-stage seed and startup rounds, as well as growth-stage investments, according to its stated strategy. The firm's involvement with Ethereum during its formative period exemplifies its willingness to engage at the protocol genesis stage. It also maintains positions in later-stage companies, creating a full lifecycle exposure from pre-launch infrastructure to scaled applications.

Fenbushi built its reputation on early backing of Ethereum, which remains a foundational position in both its investment narrative and its research output. The firm's technical publications frequently address Ethereum scaling infrastructure, including data availability, PBS relay economics, and zkVM benchmarking. This relationship reflects an ongoing capital and research commitment rather than a single historical trade.