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About Arca
Arca is a crypto asset management firm that operates like a traditional investment house but for digital assets. Its core business includes actively managed funds that invest in liquid tokens, as well as venture capital and OTC trading desks. The firm's main narrative is that crypto assets should be valued using the same fundamental principles as stocks or bonds — looking at revenue, profit margins, capital allocation, and cash flows. Arca addresses a key market pain point: the lack of disciplined, institutional-grade valuation methods in crypto, which has historically led to speculative bubbles and mispriced assets. The firm also emphasizes regulatory compliance, being a registered investment adviser, which helps bridge the gap between traditional finance and the crypto world.
Over the past six months (Feb-Aug 2026), Arca has been vocal about the shift toward fundamentals in crypto investing. In August 2026, its CIO publicly pushed back against the narrative that Bitcoin's decline was caused by AI hype, arguing instead that Bitcoin's price is driven by its own liquidity and macro flows. The firm also published research on token valuation, stressing that protocols generating revenue must eventually return value to token holders through buybacks or other mechanisms. Arca has consistently advocated for treating digital assets as a distinct asset class requiring its own analytical framework, rather than forcing them into existing models. The firm's recent commentary suggests it is positioning itself as a thought leader in fundamental crypto analysis, while continuing to manage funds that focus on liquid tokens and early-stage digital asset ventures.
Arca, a Los Angeles-based digital asset management firm founded in 2018, has evolved through a series of strategic milestones. Its core philosophy, articulated by CIO Jeff Dorman, emphasizes fundamental analysis of digital assets based on cash flows and value capture, rather than speculative trading. A key long-term development was the firm's early advocacy for token buybacks as a mechanism to align protocol revenues with tokenholder value, a stance outlined in its 2019-2021 research. The firm also actively invests in early-stage infrastructure and DeFi projects, such as leading the $1 million angel round for cloud gaming PC lending protocol Shaga in March 2025. On-chain data reveals Arca's active portfolio management, including significant positions in tokens like ENA and IMX, with deposits to exchanges indicating tactical trading. These actions reflect Arca's commitment to bridging traditional investment principles with the evolving crypto landscape, focusing on sustainable value creation.
In the past six months, Arca has focused on investment research and valuation frameworks. CIO Jeff Dorman published commentary arguing that protocols like Hyperliquid and Aave generate real revenue, but protocol revenue alone does not equal token value; buybacks are the most direct mechanism linking protocol economics to tokenholder value, while reinvestment returns and capital allocation must also be assessed. Arca expects crypto valuations to move closer to equity models by 2026, with markets demanding tokens that clearly define economic rights and sustainable value capture, emphasizing revenue sharing, fee capture, and sustainable token design. Separately, the SEC approved NYSE Arca’s amended rules for commodity trust shares, permitting active management and a 15% buffer, reflecting evolving regulatory frameworks. Arca’s stated roadmap centers on shifting from narrative-driven to fundamentals-driven investing, focusing on revenue growth, margins, moats, reinvestment needs, and excess capital ultimately returned to tokenholders.
Co-founders: Phil Liu (Co-founder & CLO), Rayne Steinberg (Co-founder & CEO). Core executives: Jeff Dorman (CIO), Katie Talati (Director of Research).
Phil Liu: Co-founder and CLO at Arca. Rayne Steinberg: Co-founder and CEO, previously co-founded WisdomTree. Jeff Dorman: CIO, manages portfolio and risk, ex-COO of Harvest Exchange. Katie Talati: Director of Research.