Three Arrows Capital (3AC) initially focused on arbitraging emerging-market foreign-exchange derivatives before pivoting to cryptocurrencies around 2017-2018. In the crypto market, their strategy involved exploiting market inefficiencies, such as the Grayscale Bitcoin Trust (GBTC) premium through leveraged borrowing, and investing in high-risk return crypto projects, particularly within the DeFi sector.
75% of their portfolio is in Crypto & Web3. Average disclosed round size is $71.5M (across 4 rounds with reported amounts).
Portfolio
4
Fund Size
$18B
Top Stage
Growth
Last 12 Mo
0
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
4 investments
| Company | Round | Amount | Date |
|---|---|---|---|
| OOrderly Network | Strategic | $20M | Jun 2022 |
 Thetanuts Finance | Seed | $18M | Mar 2022 |
 Orca | Series A | $18M | Sep 2021 |
| AAvalanche Foundation | Growth | $230M | Jun 2021 |
Top Co-Investors
Polychain Capital2 shared
Dragonfly2 shared
Jump Crypto2 shared
CMS1 shared
Placeholder1 shared
Pantera1 shared
Sequoia China1 shared
Alameda Research1 shared
GSR Ventures1 shared
Last updated: 15 April 2026