Wave Financial is a Los Angeles-based digital asset management firm founded in 2018. The company operates as an SEC-registered investment adviser, offering institutional-grade crypto funds to accredited investors and family offices. Its strategy spans three areas: actively managed bitcoin and digital asset funds, yield-generating products, and early-stage venture investments in Web3 infrastructure and decentralized finance. Wave Financial positions itself as a bridge between traditional asset management practices and the crypto economy, applying compliance-first structures to a space that long operated without them.
The firm is led by David Siemer, co-founder and CEO, who previously worked in technology and private equity before pivoting to digital assets. Benjamin Tsai serves as President, overseeing fund operations and investor relations. Both have backgrounds that lean toward institutional finance rather than pure crypto-native circles, which shapes Wave's emphasis on regulatory compliance and structured fund vehicles. Beyond the two principals, detailed public information on the broader team is limited.
Wave Financial manages a small but focused portfolio of approximately 19 investments, with direct lead participation in two deals. The firm tends to co-invest alongside larger crypto-native funds rather than anchor rounds independently. Specific portfolio company names are not consistently disclosed in public filings or press releases, making independent verification of individual positions difficult. The reported retail ROI of 0.01 suggests that at least a portion of the portfolio has underperformed – consistent with broader venture crypto vintage years 2021–2022, when many early-stage Web3 bets declined sharply alongside token markets.
Notable investments
Public information about Wave Financial's specific portfolio companies is limited. The firm has disclosed involvement in DeFi and Web3 infrastructure projects but does not publish a comprehensive portfolio page. Investors seeking deal-level detail should consult Wave Financial's Crunchbase profile or SEC Form ADV filings, which list fund structures if not individual holdings.
Team
- David Siemer – Co-founder and CEO. Background in technology entrepreneurship and private equity. Has spoken at institutional crypto conferences on regulated digital asset products.
- Benjamin Tsai – President. Focuses on fund structuring, compliance, and LP relationships.
Additional partners and analysts are not prominently disclosed in publicly available sources.
Recent activity
Wave Financial has maintained a lower public profile since 2023. During 2024 and into 2025, the firm focused on managing existing fund positions through a difficult vintage period for crypto venture. No major new fund announcements or flagship investments have been widely reported in that window. The firm's official site at wavegp.com and its SEC ADV filings remain the most reliable sources for current fund status.
Wave Financial occupies a niche that has grown more crowded: regulated, institutional-focused crypto asset managers based in the United States. Firms such as Bitwise, Grayscale, and Galaxy Digital compete for the same LP base with significantly larger balance sheets and brand recognition. Wave's competitive edge, if it has one, rests on its early positioning as an SEC-registered adviser and its ability to serve smaller family offices that larger funds overlook. Whether that edge translates into strong returns for the 2022–2026 vintage will depend on how its Web3 and DeFi bets resolve as markets mature.