A thought-provoking phenomenon: when a leading venture capital giant places cryptocurrencies alongside AI as part of a long-term national strategic plan, many industry insiders dismiss this field.

The underlying issue is quite revealing—did the firm that recently raised 15 billion dollars, accounting for 18% of US venture capital, simply misjudge, or did we?

Data speaks for itself. Over the past three years, this top global VC has made a spectacular transition from traditional financial investments to a strategic investment powerhouse, currently managing assets worth 90 billion. Their crypto investment portfolio covers a wide range of sectors, from infrastructure to application layers, leaving almost no gaps. In 2025 alone, they participated in 33 funding rounds, maintaining high investment enthusiasm.

How does the situation in Asia compare? The entire region's crypto VCs are almost at a standstill—either completely transforming or avoiding the primary market altogether. Meanwhile, they continue to make frequent bets. This difference may reflect two entirely different understandings of the crypto world. Just like in the 2018 bear market, most saw desolation, while a few saw opportunities ten years ahead.

Another detail worth pondering is that this VC publicly stated that its investment mission revolves around "ensuring the US wins the technological competition of the next century," a clear national strategic focus. This also explains why they are known for being particularly cautious about certain team backgrounds. They are no longer just financial investors but are executing a grander strategic mission.