Updated:
Two Prime
Two Prime, co-founded by Alexander Blume and Marc Fleury, is a crypto-native investment firm running a hybrid venture, liquid token, and derivatives...
Two Prime
Two Prime was founded in Boulder, Colorado in 2018 by Alexander Blume and Marc Fleury. Fleury previously founded open-source software company JBoss, which sold to Red Hat in 2006, before shifting into private investment and blockchain technology. Blume brought a background in traditional finance and asset allocation. The firm emerged during the post-ICO cycle, aiming to build a regulated, institutional-grade structure for digital-asset investing rather than operating as a venture-studio or token-only fund. The firm runs a hybrid mandate that spans liquid token positions, early-stage blockchain venture investments, and derivatives-based yield strategies. Two Prime targets both public tokens and private equity across infrastructure protocols, DeFi, and enterprise blockchain applications. The public portfolio has included positions in Bitcoin and Ethereum alongside stakes in emerging layer-one and layer-two networks. The venture book has concentrated on financial primitives and middleware, with portfolio companies drawn from the Web3 infrastructure and decentralized finance sectors. The firm's combining of venture capital with actively managed liquid exposure and options-writing strategies distinguishes it from the majority of pure-play crypto venture funds. Two Prime has maintained a lean operations footprint, with no publicly disclosed offices beyond its Boulder headquarters. Team size and assets under management are not publicly disclosed. In May 2024, the firm announced the launch of the Two Prime Digital Assets Fund, a closed-end interval fund registered under the Investment Company Act of 1940, making it one of the earliest crypto-native managers to offer a '40 Act vehicle for digital assets (per the firm, May 2024). The fund is designed to provide qualified investors with regulated access to a diversified portfolio of digital-asset equities, tokens, and derivatives. Unlike many crypto managers who structure their mandates sequentially — raising closed venture funds and managing separate liquid books — Two Prime pools venture and liquid exposure within overlapping vehicles. The 2024 '40 Act fund launch signals a compliance-first posture that puts the firm on a parallel track with more traditional registered investment companies, while still pursuing the early-stage private investments that define the crypto venture landscape. That dual regulatory and structural posture is uncommon among digital-asset investment firms.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boulder
Corporate office
Boulder, CO, United States
Principals
Marc Fleury
Co-Founder
Alexander Blume
Co-Founder & CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Two Prime?
Co-founders Alexander Blume and Marc Fleury lead the firm. Blume serves as CEO and brings traditional asset allocation experience to portfolio construction. Fleury, known for founding JBoss and selling it to Red Hat, guides the firm's technology and protocol-level investment thesis. Specific CIO titles or investment committee composition beyond the co-founders is not publicly disclosed.
Is Two Prime structured as a venture firm or a hedge fund?
Two Prime operates a hybrid model that combines venture capital in early-stage blockchain and Web3 startups with actively managed liquid token positions, as well as derivatives-based income strategies. The firm's May 2024 launch of a registered '40 Act interval fund further blurs the line, offering institutional access through a regulated closed-end fund vehicle that can hold both private and public digital assets.
Does Two Prime participate in fund commitments or only direct deals?
Two Prime invests directly in both liquid crypto tokens and private blockchain company equity. The firm has not publicly indicated a fund-of-funds allocation strategy or a material commitment to backing external GP-led crypto venture funds. Its public disclosures emphasize direct deployment into assets the team underwrites internally.
What investment stages does Two Prime typically target?
On the venture side, Two Prime focuses on early-stage companies building financial primitives, middleware, and infrastructure for the blockchain ecosystem — essentially seed through Series A, though specific check sizes are not public. On the liquid side, the firm trades major crypto assets and deploys options-based strategies designed to generate yield and manage volatility.
How is Two Prime's '40 Act fund different from other crypto funds?
The Two Prime Digital Assets Fund, launched in May 2024, is a closed-end interval fund registered under the Investment Company Act of 1940. That structure subjects it to SEC regulatory oversight, liquidity requirements, and standardized investor protections — a rarity among crypto-native fund managers who typically operate via Reg D private placements or offshore vehicles. The fund can hold a mix of digital-asset equities, tokens, and derivatives.
What is Two Prime's known posture on co-investments alongside external GPs?
Two Prime has not publicly disclosed a co-investment program alongside external general partners. The firm's public focus is on internally sourced and underwritten direct opportunities across both private and liquid digital-asset markets, rather than syndicated deals led by third-party fund managers.
Where does the underlying capital come from?
Two Prime has not publicly disclosed its limited partner base or a specific wealth-origin narrative. Co-founder Marc Fleury's liquidity event from the JBoss sale to Red Hat provided personal capital, but whether the firm manages exclusively partner capital, external institutional commitments, or a mix of both is not publicly broken out.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on registered investment advisers?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: