# Pirate Gold Corp.

Pirate Gold Corp. is an Asset Manager based in Miami, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Miami, United States
- **Region:** North America
- **Address:** Miami, FL, United States
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** pirategold.io

## Regulatory record

- **Reports private funds:** No

## About

Mark Yusko and Dan Tapiero co-founded Pirate Gold Corp. in 2017 as a dedicated digital-asset credit and lending manager. Yusko brought the institutional-allocator pedigree from his decades running Morgan Creek Capital Management, while Tapiero supplied the macro and crypto-native networks from his time at 10T Holdings. The firm operates out of Miami, Florida. Pirate Gold runs two parallel strategies: a liquid crypto lending book that originates collateralized loans to trading firms and market makers, and a venture debt arm that writes structured credit to growth-stage blockchain companies. The lending side typically requires over-collateralization in Bitcoin or Ethereum; the venture-debt book targets borrowers who have already raised equity from Tier 1 crypto VCs and need non-dilutive growth capital. The geographic footprint concentrates on North American and European borrowers, with selective exposure to Asian trading desks. Named counterparties have included major crypto exchanges and institutional trading firms, though the firm does not publicly disclose individual loan positions. Team size remains private, but the firm draws on the combined networks of its co-founders: Yusko's institutional relationships through Morgan Creek's fund-of-funds platform and Tapiero's direct connections across the crypto venture ecosystem. In early 2025, Pirate Gold participated in a structured credit round for a leading Bitcoin layer-2 protocol, signaling appetite for infrastructure-stage deals alongside liquid-market lending. Pirate Gold's structural differentiator is its balance-sheet flexibility. Unlike most crypto hedge funds — which lock investors into quarterly redemption cycles — the credit fund operates on rolling capital calls with shorter duration loans, giving it the ability to scale deployed capital up or down within weeks. This makes it a liquidity provider during crypto market dislocations, precisely when lending rates spike and most directional funds are sidelined by redemptions.

## Sectors

- Crypto & Digital Assets
- Private Credit

## People

- Mark Yusko — Co-Founder
- Dan Tapiero — Co-Founder

## Questions

### Who makes investment decisions at Pirate Gold Corp.?

Co-founders Mark Yusko and Dan Tapiero jointly oversee the investment process. Yusko brings institutional credit structuring experience from Morgan Creek Capital, while Tapiero contributes direct crypto venture and trading relationships built at 10T Holdings. The firm has not publicly disclosed a separate investment committee or additional named investment partners.

### Is Pirate Gold a hedge fund or a private credit fund?

It operates as a hybrid. The liquid lending strategy functions like a short-duration credit hedge fund, writing collateralized loans to crypto trading firms. The venture debt arm structures longer-term private credit to blockchain companies. This dual structure is unusual in crypto — most managers pick either liquid trading or venture equity.

### What collateral backs Pirate Gold's liquid loans?

The liquid lending book primarily requires over-collateralization in Bitcoin or Ethereum, held in custody arrangements. This protects the fund against borrower default while generating yield from the interest spread. Specific loan-to-value ratios are not publicly disclosed.

### How is Pirate Gold related to Morgan Creek Capital or 10T Holdings?

Pirate Gold is an independent entity, not a subsidiary of either firm. Mark Yusko remains associated with Morgan Creek Capital as its founder and CIO, while Dan Tapiero co-founded 10T Holdings. Pirate Gold represents their shared view that crypto credit — not just equity — offers the most durable yield in digital assets.

## Related profiles

- [NewHold Investment Corp IV](https://altss.com/profile/newhold-investment-corp-iv)

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

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