Friends of Triton Liquid,
Please find our Q3 2024 update here. Note that this is a public version, and for an update that includes fund performance figures, you are welcome to reach out.
Q3 has been a period of consolidation for the market, establishing a strong foundation for what we believe will be a more sustained rally in Q4.
Moving forward, we believe the election will be a pivotal moment for crypto regulatory headwinds in the United States. Yet irrespective of the election outcome, we believe there are fundamental catalysts that will continue to propel the space over the next 18 months.
As always, we encourage you to reach out with any questions on the crypto markets. Given the complexity and speed at which these markets operate, we are happy to be a resource.
Please reach out to Chris@tritonliquid.com and Anne@tritonliquid.com to set up a time. We are often in person in the UAE and NYC.
Thank you for your continued support.
Sincerely,
Christopher Keshian
Founder and CIO of Triton Liquid Fund
On rare occasions, we publish details on our highest-conviction investments. This week, we revisit our thesis on $GEOD. Our view: GEODNET’s rapidly scaling RTK network and token buyback model make it an underappreciated physical AI infrastructure play.
On rare occasions, we like to publish details on high conviction public-market positions. Galaxy Digital ($GLXY) is one of these. Our thesis rests on three layers; Galaxy’s data center expansion, growing institutional digital-asset business, and emerging compute-futures opportunity.
Treasury’s decision to double bond buybacks to $4B has reinforced the Liquidity Pivot thesis, helping drive a broad crypto repricing. Strong growth, robust earnings, easing core inflation, and limited Fed tightening pressure continue to support the risk-on backdrop, while oil volatility and Treasury support remain key variables.