Friends of Triton Liquid,
Please find our Q4 2024 update here. Note that this is a public version, and for an update that includes fund performance figures, you are welcome to reach out.
Q4 2024 was pivotal for Triton Liquid in many ways, and we’re confident in the foundation that we have built for a successful 2025.
Triton’s Q4 in brief:
In the crypto markets, after a lackluster December, the markets kicked off the year with an initial uptick, then cooled down, and continued into the Presidential Inauguration. There is a lot to be excited about this year with a new regime in the US that is so pro-crypto that the US president is launching his own suite of meme coins.
At Triton, we believe 2025 will be a massive year for the industry, with new legal clarity, a potential nation-state bid on Bitcoin, and continued growth in use cases and applications across the space.
As always, we encourage you to reach out with any questions on the crypto markets. Given the complexity and speed at which these markets operate, we are happy to be a resource.
Please reach out to Chris@tritonliquid.com and Luis@tritonliquid.com to set up a time. We are often in person in the UAE and NYC.
Thank you for your continued support.
Sincerely,
Christopher Keshian
Founder and CIO of Triton Liquid Fund
On rare occasions, we publish details on our highest-conviction investments. This week, we revisit our thesis on $GEOD. Our view: GEODNET’s rapidly scaling RTK network and token buyback model make it an underappreciated physical AI infrastructure play.
On rare occasions, we like to publish details on high conviction public-market positions. Galaxy Digital ($GLXY) is one of these. Our thesis rests on three layers; Galaxy’s data center expansion, growing institutional digital-asset business, and emerging compute-futures opportunity.
Treasury’s decision to double bond buybacks to $4B has reinforced the Liquidity Pivot thesis, helping drive a broad crypto repricing. Strong growth, robust earnings, easing core inflation, and limited Fed tightening pressure continue to support the risk-on backdrop, while oil volatility and Treasury support remain key variables.