# The Stable Fund The Stable Fund is an Asset Manager based in Toronto, Canada. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Toronto, Canada - **Region:** North America - **Address:** Toronto, ON, Canada - **Assets under management:** Undisclosed - **Website:** thestablefund.com ## Regulatory record - **Reports private funds:** No ## About The Stable Fund operates out of Toronto as an asset manager with deep roots in the Ethereum ecosystem. Founded by Josh Stark, Liam Horne, and Jeff Coleman, the firm emerged from the same group that organized L4 Ventures and the ETHGlobal hackathon series, placing it at the center of developer-focused crypto innovation. The principals' operational experience running community infrastructure shapes how the fund evaluates and supports portfolio companies. Strategy focuses on early-stage crypto startups, with emphasis on seed and pre-seed rounds where the team can leverage its technical and developer-relations expertise. The fund's known portfolio includes participation in OpenSea's seed round, where it co-invested alongside Andreessen Horowitz (a16z) and 1confirmation. Beyond direct equity, The Stable Fund maintains ecosystem exposure through Dai stablecoin positions and Maker Protocol infrastructure, reflecting a dual-pronged approach — venture stakes in application-layer companies paired with liquid participation in core DeFi protocols. Geographic concentration spans North American crypto hubs, with Toronto as the anchor and deal flow extending into San Francisco and New York. The three co-founders serve as the primary investment decision-makers, operating without a layered analyst structure. The firm maintains a grant program, The Stable Fund Grant Program, which extends capital to open-source developers and protocol contributors outside the standard venture model. The fund keeps a deliberately lean team, reflecting the capital efficiency common among early crypto-native funds that emerged before the institutional LP wave. The fund's structural differentiator is its combination of a venture portfolio with direct protocol-level exposure, a pattern few generalist funds execute credibly. Rather than a pure equity shop or a pure DeFi yield vehicle, The Stable Fund sits at the intersection — holding both illiquid startup positions and liquid infrastructure assets that inform their venture thesis. This architecture mirrors the operating background of its founders, who built developer tooling while simultaneously deploying capital into the networks those developers were creating. ## Sectors - FinTech - Digital Assets & Blockchain - Web3/Crypto ## People - Josh Stark — Co-founder, Manager - Liam Horne — Co-founder, Manager - Jeff Coleman — Co-founder, Manager ## Questions ### Who runs investment decisions at The Stable Fund? The three co-founders — Josh Stark, Liam Horne, and Jeff Coleman — jointly manage investment decisions. They built ETHGlobal and L4 Ventures before launching the fund, bringing deep operator experience from Ethereum ecosystem infrastructure rather than traditional finance backgrounds. ### How does The Stable Fund source proprietary deal flow? Deal flow is sourced primarily through the founders' roles as Ethereum community organizers. By running ETHGlobal hackathons and maintaining active developer relationships, the team meets founding teams at the pre-seed stage, often before formal fundraising processes begin. ### Does The Stable Fund invest in tokens directly or only equity? The fund pursues both paths. It holds liquid exposure to Dai stablecoin and Maker Protocol infrastructure while also taking equity in application-layer startups like OpenSea. This hybrid model gives the portfolio direct protocol participation alongside venture-stage upside. ### What is the relationship between The Stable Fund, L4 Ventures, and ETHGlobal? The three entities share a common founding group. Josh Stark, Liam Horne, and Jeff Coleman co-founded L4 Ventures and ETHGlobal alongside The Stable Fund. L4 served as an earlier venture and research vehicle, while ETHGlobal remains an active hackathon and developer community organization. ### How does The Stable Fund's grant program work? The Stable Fund Grant Program provides non-dilutive funding to open-source developers and protocol contributors. It operates outside the fund's venture portfolio, allocating capital to public goods and infrastructure work that benefits the broader crypto ecosystem. ## Related profiles - [The Social Internet Fund](https://altss.com/profile/the-social-internet-fund) - [The Turning Point](https://altss.com/profile/the-turning-point) --- Source record modified: 2026-06-03T20:00:00.000Z Last verified: not supplied by this public snapshot. ## Sources and provenance - Organization website as recorded: https://thestablefund.com/ Source links do not imply that every field was verified on the page modification date. See [Altss methodology](https://altss.com/methodology). Canonical page: https://altss.com/profile/the-stable-fund Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology