Spencer Noon is a crypto investor and analyst based in the United States, best known for founding OurNetwork, a weekly newsletter focused on on-chain data and crypto metrics. He began his career in crypto investing at DTC Capital, where he served as Managing Partner and built an early reputation for applying quantitative, data-driven analysis to token investments. Around 2021, he joined Variant Fund as a General Partner, a firm co-founded by Jesse Walden and Li Jin that backs user-owned protocols and Web3 infrastructure.
As an independent angel investor alongside his fund roles, Noon has backed a small number of early-stage Web3 projects. Public information on his specific angel portfolio is limited – the deals documented number roughly six – and deal sizes have not been disclosed. His investment thesis centers on protocols with genuine on-chain traction: active users, growing transaction volume, and sustainable token economics. He is widely followed on X (Twitter), where he regularly shares on-chain data breakdowns that inform his deal sourcing.
Notable investments
- OurNetwork – the on-chain data media property he founded, later grown into a contributor-driven newsletter community
- Early-stage DeFi and Web3 infrastructure projects backed through Variant Fund and personal angel checks (specific names not fully disclosed publicly)
Public information about the exact composition of his personal angel portfolio is limited. Most of his documented deal activity runs through Variant Fund rather than as a solo angel.
Team
Spencer Noon operates as a solo angel investor. At Variant Fund he works alongside co-founders Jesse Walden (former a16z crypto) and Li Jin (former a16z consumer). His analytical background is in on-chain metrics and token economics rather than traditional venture or finance. He studied at the University of Virginia and built his audience through consistent public writing on crypto data before moving into investing full-time.
Recent activity
Through 2024 and into 2025, Noon has remained active primarily through Variant Fund's investment activities in user-owned networks and Web3 primitives. He has continued publishing on-chain analysis across X and OurNetwork. No major new solo angel deals have been announced publicly in the 12–18 months prior to mid-2026, though he has been vocal about on-chain metrics for Layer 2 networks and decentralized social protocols as areas of interest. AUM figures for his personal angel activity are not publicly disclosed.
Noon is a credible voice in data-driven crypto investing, particularly for founders who can demonstrate real on-chain usage. His reach through OurNetwork and X gives him broad deal flow. Because most of his institutional activity runs through Variant Fund, founders seeking a check from him directly should expect a high bar on verifiable on-chain metrics and a preference for user-owned protocol designs. Geographic focus is global with a base in the United States.
