CMS Holdings is a United States-based digital asset investment and trading firm that operates across both liquid token markets and early-stage venture. The firm was founded around 2018, during the period when institutional interest in crypto infrastructure was beginning to take shape. Unlike pure venture funds, CMS Holdings combines proprietary trading with minority equity stakes, giving it exposure across asset lifecycle stages.
The firm is closely associated with co-founder Dan Matuszewski, who previously served as head of OTC trading at Circle, one of the earliest regulated dollar-on-ramp businesses in the industry. That background shaped CMS Holdings' orientation toward market structure, liquidity, and protocol-level infrastructure rather than consumer applications. Public information about additional managing partners and the full founding team is limited.
CMS Holdings does not publicly disclose AUM. Based on available reporting, the firm manages assets across multiple strategies including market making, token investments, and structured venture positions. Its 35-project portfolio and 7 lead investments reflect a selective posture compared with multi-stage funds that deploy across hundreds of deals.
Notable investments
- DeFi infrastructure protocols – CMS Holdings has been an active early backer of decentralized exchange and derivatives infrastructure, with reported exposure to projects in the perpetuals and AMM categories.
- Layer 1 and Layer 2 networks – The firm has participated in rounds for base-layer blockchain projects, consistent with its focus on market structure primitives.
- Stablecoin and settlement infrastructure – Given Matuszewski's Circle background, the firm has shown consistent interest in dollar-denominated settlement layers and yield-bearing stablecoin designs.
Public information about specific deal names, round sizes, and co-investors is limited. CMS Holdings does not maintain a public portfolio page as of mid-2026, and the firm rarely issues press releases on individual investments.
Team
Dan Matuszewski is the most publicly visible figure at CMS Holdings. His tenure at Circle gave him direct exposure to regulatory dynamics, OTC liquidity provision, and institutional on-boarding. He has been quoted in industry media on topics including market microstructure and DeFi risk. The broader team background is not fully disclosed publicly.
Recent activity
CMS Holdings has maintained a lower public profile through 2024 and into 2025, a period when many crypto funds pulled back from aggressive deployment following the 2022 market downturn and associated contagion events. The firm's reported retail portfolio ROI of 5.38x suggests meaningful early-entry positions that appreciated through market cycles. No significant fund closure or restructuring has been publicly announced.
Geographic focus remains the United States, with investment activity concentrated in protocols accessible to global users but incorporated in standard US-friendly jurisdictions. The firm does not appear to run a dedicated Asia or Europe strategy based on available information.
CMS Holdings occupies a distinct position among crypto-native funds: trading-first in culture, selective in venture bets, and deliberately quiet about its book. For a niche audience tracking serious market-structure investors in crypto, it is a firm worth monitoring, even if public disclosures remain thin. Further detail can be found via Crunchbase and industry databases such as The Block, which occasionally report on CMS-linked deal activity.
