Infrastructure at the edge of adoption

Infrastructure businesses in crypto get discounted twice. First by generalist investors who compare them to AWS margins and second by crypto natives who compare them to L1 tokens. Both discounts are usually wrong.

The right frame is that these are B2B software companies operating in a market with a genuinely new distribution surface. When Alchemy or Fireblocks close a large enterprise contract, they do it in a market where the buyer, the supplier, and the workload can all be verified on public infrastructure. That collapses the classical sales cycle in ways SaaS spent a decade trying to replicate.

The venture-scale question is which parts of the stack retain pricing power as competition compresses margins. Our answer, tested through 60+ investments in this bucket, is: proprietary data, unique developer relationships, and native access to token flow.

A company that ships weekly, a team with at least one person who has been in this industry across two full cycles, and a wedge that is defensible without needing the counterfactual to be a fork of the codebase.

The best infra companies of 2026 look boring on the outside. They own the pipe that everyone else has to route through, and they have quietly captured a rent on that pipe that nobody else can dislodge without rebuilding the entire supply chain.