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Unchained Capital
Unchained Capital is a Bitcoin-native family office founded by Joseph Kelly, originating $2B in loans by 2025.
Unchained Capital
Unchained Capital was founded in 2016 by Joseph Kelly, Will Cole, David Harness, and Ryan Breen, who accumulated Bitcoin early and turned their holdings into a capital base for a crypto-native financial services firm. The firm operates primarily from Austin, Texas, with an additional office in Dubai, and discloses no traditional AUM, instead emphasizing its loan origination volume and RIA platform. The firm's strategy centers on Bitcoin-collateralized lending, allowing clients to borrow dollars against their Bitcoin holdings without triggering a taxable sale. It also offers qualified custody through a multisig model, and an RIA platform that serves Bitcoin-only investment advisors. Deployments have surpassed $2 billion in loans originated by 2025, with borrowers active globally. The firm has not disclosed specific portfolio companies, but its focus is on direct lending to individuals and institutions rather than venture or equity investments. Unchained employs roughly 80 people per public records and maintains a lean team focused on Bitcoin infrastructure. Team members include Alex Gladstein (Chief Strategy Officer) and Nic Carter (Board Observer), tied to the broader Bitcoin policy ecosystem. The firm also operates a research arm that publishes on Bitcoin custody, monetary policy, and network security. In December 2024, the firm announced a partnership with Swan Bitcoin to offer joint IRA services (per public record, December 2024). The structural differentiator for Unchained is its reliance on Bitcoin-native multisignature technology to reduce counterparty risk. Unlike traditional custodians that use a single entity to hold keys, Unchained splits keys across three independent signers, one of which is the client. This model distinguishes the firm from both centralized exchanges and legacy family offices that typically rely on bank custody or third-party managers.
General information
Firm type
Single Family Office
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Austin
Corporate office
Austin, TX, United States
Additional offices
Dubai, United Arab Emirates
Principals
Joseph Kelly
CEO & Co-Founder
Will Cole
President & Co-Founder
David Harness
Co-Founder
Ryan Breen
Chief Technology Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Unchained Capital?
Joseph Kelly, Co-Founder and CEO, leads the firm's strategy. The executive team includes Will Cole (President) and David Harness, along with Chief Strategy Officer Alex Gladstein, who guides the firm's Bitcoin policy and research direction.
How does Unchained Capital source proprietary deal flow?
The firm's lending business creates a closed loop: borrowers who take dollar loans retain Bitcoin custody with Unchained, producing recurring revenue from interest and custody fees. The RIA platform also brings advisory clients who often become lending borrowers.
Is Unchained Capital structured as a single family office or does it operate more like a venture firm?
Unchained operates as a Bitcoin-collateralized lending and custody firm that serves external clients, not exclusively a family office. The founding team's Bitcoin wealth provides the capital base, but the firm also accepts client capital for lending.
What investment stages does Unchained Capital typically target?
The firm focuses on individuals and institutions that hold Bitcoin long-term, offering loans and custody rather than equity-stage investments. It does not typically invest in venture-backed startups or public equities.
Which sectors does Unchained Capital explicitly avoid?
The firm avoids non-Bitcoin cryptocurrencies, equities, real estate, and traditional alternative assets. Its mandate is limited to Bitcoin-backed lending and custody.
Does Unchained Capital maintain philanthropic structures, and how are they separated?
The firm has not disclosed a separate philanthropic arm. However, its research publications and advocacy for Bitcoin policy through executives like Alex Gladstein suggest a mission-aligned approach rather than a formal foundation.
How is Unchained Capital related to the broader Bitcoin ecosystem?
The firm is deeply embedded in the Bitcoin Network, with strategic ties to Swan Bitcoin, Fidelity, and NYDIG. Nic Carter, a board observer, is a well-known Bitcoin policy researcher.
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.
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