Wave Digital Assets
- Company typePrivate
- Founded2018
- HeadquartersLos Angeles, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
Wave Digital Assets firmographics
Firmographics- Name
- Wave Digital Assets
- Legal name
- Wave Digital Assets LLC
- Website
- https://www.wavegp.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Wave Digital Assets industry classification
Industry- Product category
- Digital Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Finance Services (6199)
- akta.pro primary industry
- Index-Tracking Funds, ETPs & Structured Index Products (Crypto) (FSADAHAC)
- akta.pro secondary industries
- Treasury Management & Corporate Crypto Yield Programs (FSADAHAL), High-Net-Worth & Private Wealth Digital Platforms (Digital Private Banking) (FSAGAEAI), Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)
Keywords
Where Wave Digital Assets is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Wave Digital Assets business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Management Fees on AUM: Charged as a percentage of assets under management annually. Treasury Management: 1% per annum on AUM. Select 5 Crypto Index Fund: 1% p.a. management fee. BTC Income & Growth Fund: 1% management fee on NAV.
- Performance / Incentive Fees: Performance fees on DeFi yields and fund returns. BTC Income & Growth Fund: 5% fee on option premiums generated. Treasury/Wealth Management: 15% of option premiums, 10% of DeFi yields. Whiskey Fund: 15% performance fee on sold barrels.
- Derivative Strategy Fees: Fees on futures contracts and options strategies: 0.10% of futures contracts calculated on notional value. Applied to derivative yield programs and covered call strategies.
- Acquisition/Setup Fees: Whiskey Fund charges 5% upfront acquisition fee on barrel purchases. Other funds may have offering-related fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Treasury Management: 1% AUM + 15% option premiums + 10% DeFi yields + 0.10% futures |
| Subscription | Annual | BTC Income & Growth Fund: 1% management fee + 5% fee on option premiums |
| Subscription | Annual | Select 5 Crypto Index Fund: 1% management fee, no performance fee |
| One time/ perpetual license | Annual | Whiskey Fund: 5% upfront + 1% p.a. management + 15% performance on sold barrels |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels9 records
Wave Digital Assets product offering
Product offeringCore offering
Wave Digital Assets is an SEC-registered investment advisory firm providing institutional and private wealth digital asset management through five SEC-registered investment funds (Select 5 Crypto Index Fund, BTC Income & Growth Fund, Wave Genesis, cFund, Whiskey Fund) and three bespoke services (Corporate Treasury Management, Wealth Management, Protocol Inventory Management) covering CeFi/DeFi strategies, derivatives, staking, tokenized real-world assets, and venture capital for qualified/accredited investors, family offices, corporate treasuries, and blockchain protocols.
Product overview
Wave Digital Assets is an SEC-registered investment advisory firm offering a platform of institutional-grade digital asset management products. The core offerings include: five distinct investment funds (Select 5 Crypto Index Fund, BTC Income & Growth Fund, Wave Genesis VC fund, cFund, and Whiskey Fund) providing exposure from passive crypto beta to active venture capital; and three service offerings (Treasury Management, Wealth Management, and Protocol Inventory Management) providing bespoke digital asset management including lending, derivatives, and staking strategies. The products collectively serve qualified investors seeking regulated exposure to digital assets through multiple strategies from indexed beta to early-stage venture capital.
Differentiator
Problem solved
Functional benefit
Brands
- cFund: Early-stage sector agnostic venture fund focused on blockchain industry anchored by IOHK and managed by Wave Digital Assets.
- Select 5 Crypto Index Fund (WS5)
- BTC Income & Growth Fund (WBIG)
- Wave Genesis
- Whiskey Fund
Products and services
- Select 5 Crypto Index Fund (WS5) A market cap-weighted cryptocurrency index fund providing exposure to the top 5 cryptocurrencies (Bitcoin, Ethereum, BNB, Solana, XRP), with monthly rebalancing and no cap or floor. Covers approximately 80-86% of cryptocurrency market capitalization. Designed for qualified investors seeking diversified pure beta exposure to crypto.
- BTC Income & Growth Fund (WBIG) A professionally risk-managed Bitcoin fund that generates income by selling one-month covered call options backed by Bitcoin held in the fund, targeting 1.0% monthly dividends (12% per annum) while retaining Bitcoin exposure. Designed to convert BTC volatility into stable yield.
- Wave Genesis An actively-managed liquid venture capital fund investing in early-stage blockchain companies, protocols, and cryptocurrencies since 2018, spun out of Wavemaker Partners. Takes a thesis-driven approach investing in both tokens and equity.
- cFund An early-stage sector-agnostic venture fund anchored by IOHK and focused on the Cardano blockchain ecosystem, managed by Wave Digital Assets. Invests in companies and projects building on Cardano in both tokens and equity.
- Whiskey Fund (Wave Whiskey 2020 Digital Fund) The world's first tokenized whiskey barrel fund capturing value appreciation associated with the aging of Kentucky bourbon, backed by insured premium hard assets (up to 2,700 barrels from Wilderness Trail Distillery in Kentucky). Closed-end fund designed to be recession resistant.
- Corporate Treasury Management Corporate treasury management services including digital asset lending programs, derivative strategies, and DeFi protocol operations (lending, borrowing, trading, yield farming, staking, mining) designed to capture additional yield with bespoke risk management. Operates across multiple DeFi protocols with vetted qualified custodians and counter-parties.
- Wealth Management Digital asset portfolio management service combining custody, execution, and tailored investment strategies for corporate and individual investors. Includes digital asset lending, premium asset disposal, investment advisory, and derivative strategies for HNWIs and family offices.
- Protocol Inventory Management Tokenized staking fund for blockchain protocols providing programmable liquidity through fully-compliant global exchanges. The fund holds protocol tokens as core holdings at custodian, staked to generate yield, with derivative programs (selling options) to generate premium while managing token disposal positions.
Quantifiable outcome
- Over $1B in assets managed since 2018
- +4 more outcomes
Companies that use Wave Digital Assets
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles4 records
Wave Digital Assets technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Wave Digital Assets partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered flagship, core and minor.
- MatrixdockflagshipMatrixdock, Asia's leading real-world asset tokenization platform, expanded its XAUm tokenized gold product to the Stellar blockchain with Wave Digital Assets providing on-chain liquidity support and dedicated deposit vaults. XAUm ranks among top 4 tokenized gold products globally and is Asia's largest with over 88,000 unique on-chain addresses and 730,000 lifetime transactions.
- Rosemawr ManagementflagshipRosemawr Management partnered with Wave Digital Assets to design the New Hampshire Business Finance Authority's Bitcoin-backed municipal bond product. The $100M issuance represents the world's first Bitcoin-backed municipal bond by a U.S. state, with Rosemawr providing financial structuring expertise alongside Wave's digital asset product design capabilities.
- Orrick, Herrington & SutcliffecoreOrrick, Herrington & Sutcliffe provided legal structuring advice for the New Hampshire Business Finance Authority's Bitcoin-backed municipal bond issuance, the world's first Bitcoin-backed municipal bond by a U.S. state.
- Fidelity Digital AssetscoreFidelity Digital Assets provides institutional-grade custody services for Wave's client assets. Wave is a client of Fidelity's Custodial Services. The relationship provides world-class digital asset custody infrastructure for Wave's fund and wealth management products.
- Coinbase InstitutionalcoreCoinbase Institutional provides institutional trading and custody infrastructure. Wave utilizes Coinbase alongside Kraken as primary exchanges for sourcing large crypto assets. The partnership supports Wave's fund operations and asset management.
- Copper.cocoreCopper provides institutional-grade custody for the Select 5 Crypto Index Fund and other Wave fund products. The fund holds crypto assets in custody accounts with Copper, which also provides connected and secure suite of digital asset solutions.
- IOHK (Input Output Global)flagshipIOHK is the technology and research company that developed the Cardano blockchain. Wave Digital Assets manages cFund, an early-stage venture fund anchored by IOHK, focused on investing in companies and projects building on the Cardano network. IOHK-affiliated persons are investors in Wave's parent company. IOHK is the controlling interest-holder in cFund.
- Schroth (SRZ)coreSchroth (SRZ) is an international law firm providing legal advisory services to Wave's fund structuring and corporate operations.
- Willkie Farr & GallaghercoreWillkie Farr & Gallagher provides legal structuring advice and counsel for Wave's fund products and digital asset investment management operations.
- DeloittecoreDeloitte provides professional services including audit and advisory support for Wave's fund operations and financial reporting.
- CapbridgeminorCapbridge serves as a distribution partner helping to connect Wave's investment products with qualified investors and institutional clients in the Asia-Pacific region.
- HarneyscoreHarneys provides offshore legal and corporate services supporting Wave's fund structuring, particularly for BVI and Cayman Island entity structures.
- BitGo Trust CompanycoreBitGo Trust Company serves as the custodian for the New Hampshire Business Finance Authority's Bitcoin-backed municipal bond project. BitGo provides institutional-grade digital asset custody in a segregated wallet structure for the $100M bond issuance.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Wave Digital Assets competitors and assessment
Company assessmentBroad incumbents
- Grayscale Investments: Largest digital asset manager offering spot crypto funds (GBTC, ETHE) and a growing multi-product platform. Both Grayscale and Wave run SEC-disclosed crypto fund products (index/exposure-oriented), targeting the same accredited/institutional investor base; Grayscale is the scale incumbent while Wave is more multi-strategy.
- Galaxy Digital: Public crypto financial services firm offering asset management, trading, and corporate advisory for digital assets. Directly overlaps with Wave's fund management, treasury/yield strategies, and institutional advisory offerings; Galaxy is much larger and fully integrated across trading and prime services.
- Digital Currency Group (Grayscale/Foundry/Genesis lineage): Holding company over multiple crypto-native financial services businesses including asset management, trading, and venture. Provides a useful peer template of a multi-vertical crypto financial firm; Wave's combined VC + fund + wealth model mirrors this diversified approach on a smaller scale.
- Coinbase Asset Management: Custody-/exchange-linked asset management business of Coinbase offering institutional index funds and yield strategies. Comparable as a regulated, institutional-grade crypto asset manager and key distribution counterparty; Coinbase is also Wave's primary custodian.
Direct peers
- Bitwise Asset Management: Crypto-focused asset manager offering index funds (Bitwise 10), single-asset funds, and separately managed accounts to financial advisors and institutions. Directly comparable to Wave's Select 5 Crypto Index Fund and managed-account wealth services in product set and target customer.
- Pantera Capital: Long-running crypto-native VC and fund manager offering venture, early-stage token, and liquid token funds. Closely comparable to Wave Genesis and cFund as an early-stage crypto VC manager, but Pantera is purely crypto-native whereas Wave blends traditional finance and digital assets.
- CoinShares: European crypto asset manager offering ETPs, hedge fund-style products, and treasury management for digital assets. Highly comparable to Wave's mix of index/income products plus corporate treasury yield services, with overlapping institutional customer base.
Emerging players
- 21Shares: One of the world's largest crypto ETP issuers offering single-asset and index crypto exchange-traded products. Comparable to Wave on crypto index/exposure funds, though 21Shares operates primarily in ETPs versus Wave's 1940'-style interval/closed-end fund structure.
- Securitize: Tokenization and digital securities platform operating in the same RWA/tokenization space as Wave's Whiskey Fund and Protocols Inventory. Wave is also an investor via Genesis, so the two are both portfolio peers and collaborators in the tokenization stack.
Regional players
- HashKey Capital: Asia-focused crypto asset manager and venture investor offering funds, staking, and treasury services. Directly comparable business model to Wave (VC + funds + treasury), but operating primarily in Asia where Wave has only nascent distribution via Capbridge.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Wave Digital Assets social profiles
Digital presenceWave Digital Assets compliance and trust
Trust signalCompliance1 record
Wave Digital Assets financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wave Digital Assets leadership team
Management profileNumber of profiles
Profiles10 records
Wave Digital Assets subsidiaries and ownership
Company hierarchySubsidiaries1 record
Wave Digital Assets funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wave Digital Assets M&A and investment
M&A and investmentM&A
Investments110 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wave Digital Assets
What does Wave Digital Assets do?
Wave Digital Assets is an SEC-registered investment advisory firm providing institutional and private wealth digital asset management through five SEC-registered investment funds (Select 5 Crypto Index Fund, BTC Income & Growth Fund, Wave Genesis, cFund, Whiskey Fund) and three bespoke services (Corporate Treasury Management, Wealth Management, Protocol Inventory Management) covering CeFi/DeFi strategies, derivatives, staking, tokenized real-world assets, and venture capital for qualified/accredited investors, family offices, corporate treasuries, and blockchain protocols.
Is Wave Digital Assets a public or private company?
Wave Digital Assets is a private company. It is classified as venture growth investor backed and is currently operating.
When was Wave Digital Assets founded?
Wave Digital Assets was founded in 2018. It employs 11 to 50 people.
Where is Wave Digital Assets based?
Wave Digital Assets is headquartered in Los Angeles, United States, in the North America region.
How does Wave Digital Assets make money?
Four revenue lines are on record. Management Fees on AUM is the primary driver. The others are performance / Incentive Fees, derivative Strategy Fees and acquisition/Setup Fees.
Who are Wave Digital Assets's main competitors?
Broad incumbents on record are Grayscale Investments, Galaxy Digital, Digital Currency Group (Grayscale/Foundry/Genesis lineage) and Coinbase Asset Management. Direct peers are Bitwise Asset Management, Pantera Capital and CoinShares. Emerging players are 21Shares and Securitize. HashKey Capital is listed as a regional player.
Does Wave Digital Assets have an API?
No public API is recorded for Wave Digital Assets.
What industry is Wave Digital Assets in?
Wave Digital Assets's product category is Digital Asset Management. Its primary akta.pro industry code is FSADAHAC, Index-Tracking Funds, ETPs & Structured Index Products (Crypto), with a secondary code of FSADAHAL, Treasury Management & Corporate Crypto Yield Programs. Its NAICS code is 523940 and its SIC code is 6282.