When a giant with a financing scale of 15 billion and accounting for 18% of total US venture capital investment places cryptocurrency and AI as the core pillars of national strategy, we are instead mocking this industry.

This discrepancy is worth pondering.

Over the past three years, this leading venture capital firm has undergone a stunning transformation—from a purely financial VC to an investment giant with national strategic significance, managing assets swelling to 90 billion. Their deployment in the cryptocurrency field is extremely broad, covering top projects across various sub-sectors. Although the pace slowed somewhat in 2025, they still participated in 33 funding rounds.

In contrast, the crypto VC ecosystem in Asia has almost fallen silent—either ceasing operations or leaving the primary market. Yet, this institution continues to make frequent moves. What does this indicate?

Perhaps our way of viewing cryptocurrency fundamentally differs from that of genuine strategic investors. Just like in the 2018 bear market, most saw a desolate landscape, while a few were already capturing the next wave of opportunities.

Another intriguing detail is that this institution’s core mission is publicly defined as "ensuring the US maintains a leading position in technological competition over the next century," with competitors explicitly named. This explains why they are known for their caution within the industry and maintain distance from projects with certain team backgrounds. Because they are not just financial investors but strategic participants.