Blockchain Coinvestors is a United States-based venture investment platform focused exclusively on the blockchain sector. The firm operates primarily as a fund-of-funds, allocating capital to specialist blockchain venture funds while also making select direct investments in early-stage blockchain companies. It was co-founded by Matthew C. Le Merle and Alison Davis, both of whom have backgrounds spanning corporate strategy, Silicon Valley venture capital, and digital asset markets.
The firm's core thesis is that the blockchain industry is still in an early innings phase, and that exposure through a diversified fund-of-funds structure reduces the binary risk inherent in single-asset crypto bets. Blockchain Coinvestors has positioned itself as an access vehicle for institutional and accredited investors who want managed exposure to the blockchain venture ecosystem without running their own deal sourcing. The firm has published several reports and books on the topic – Le Merle co-authored Blockchain Competitive Advantage – giving the team a research-oriented public profile unusual among funds of this size.
Notable investments
- Coinbase – indirect exposure via portfolio fund stakes during Coinbase's pre-IPO growth phase.
- Kraken – held through underlying fund positions in early-stage crypto infrastructure funds.
- Circle – stablecoin issuer, accessed through fund-of-funds positions in fintech-adjacent blockchain vehicles.
- Ripple / XRP ecosystem companies – cross-border payments vertical represented in multiple underlying funds.
Public information on the firm's direct portfolio is limited. The fund-of-funds structure means that most underlying exposure is reported at the sub-fund level rather than disclosed publicly. With a tracked direct portfolio count of approximately five companies, Blockchain Coinvestors is not a high-volume direct deployer.
Team
Matthew C. Le Merle is a managing partner. He previously served as a partner at A.T. Kearney and held advisory roles at several Silicon Valley technology companies. He has been an active public voice on blockchain adoption since at least 2014 and has spoken at major industry conferences. Alison Davis is co-founder and managing partner, with prior board-level experience at companies including Unison, Thales, and Xero. Public information about other investment team members is limited.
Recent activity
In 2021 the firm filed for a Special Purpose Acquisition Company, Blockchain Coinvestors Acquisition Corp (BCSA), targeting a merger with a blockchain-sector operating company. The SPAC did not complete a deal within its window and was wound down – a common outcome for the SPAC wave of 2021–2022. Since then, public announcements from the firm have been limited, and no successor transaction has been confirmed. The firm continues to raise and manage its series of annual funds, though specific AUM figures and Fund IV/V close sizes are not publicly disclosed.
Blockchain Coinvestors occupies a niche position in the market: a structured, research-led fund-of-funds aimed at investors who want broad blockchain venture exposure without single-manager concentration risk. The failed SPAC is a mark against execution, but the underlying fund-of-funds strategy has continued. With disclosed retail ROI at roughly 7% and a small direct portfolio, returns appear modest relative to top-quartile crypto venture benchmarks from the same vintage years. Investors evaluating the firm should request audited fund-level performance data directly, as public disclosures are sparse. More information is available via the firm's official website and their Crunchbase profile.
