Maven 11: Crypto, the most asymmetric opportunity in global finance

8 juni 2026

Crypto is increasingly viewed not just as a volatile asset class, but as a structural shift in global finance. Victor van Eijk, Director Global Business Development, and Joost van der Plas, Managing & General Partner, both at Maven 11, share their perspectives on why crypto represents a highly asymmetric investment opportunity, covering volatility, on-chain yield, risk management, and accelerating institutional adoption.

By Harry Geels

Thinking about crypto markets, volatility immediately comes to mind. How appealing is volatility? And how do you deal with it?

Victor van Eijk: ‘Volatility is inherent to any emerging asset class. But make no mistake: this is the fastest-growing digital revolution to date. Crypto adoption is often compared to, and even exceeds, the pace of the early internet in the 1990s. By 2031, projections estimate up to 1.6 billion users worldwide. Despite volatility, assets like Bitcoin have been among the best-performing of the past decade.

There are roughly three ways to invest in this revolution. First, through venture capital, backing companies building a new financial infrastructure. Second, as an increasingly institutionalized asset class, via long-only or long-short strategies. Third, by viewing crypto as a new financial system where investors can earn returns by providing capital to support its early growth.

We offer solutions across all three. Within the third domain, our recently launched Maven 11 Yield Fund is particularly relevant for investors seeking steady returns. It is based on the idea that, beneath price movements, the digital asset ecosystem generates persistent demand for liquidity, leverage and credit. Rather than speculating on prices, we monetize that structural demand. The result is a market-neutral strategy designed to deliver stable, income-like returns regardless of market direction.’

How would you describe a crypto yield fund to a traditional asset manager? Where do the returns come from, and how sustainable are they?

Joost van der Plas: ‘The fund has two primary objectives: capital preservation first, yield generation second. We target net returns of 10–15% annually, with a riskadjusted profile comparable to moneymarket or short-duration credit strategies, but with higher yields due to inefficiencies and structural premia in digital markets.

We deploy capital across diversified, market-neutral strategies, including structured credit and real-world asset opportunities with institutional counterparties, delta-neutral carry trades, liquidity provisioning, private LP arrangements, as well as DeFi lending and prime brokerage strategies.

The digital asset ecosystem generates persistent demand for liquidity, leverage and credit. Rather than speculating on prices, we monetize that structural demand.

Examples include Credit Coop, which finances credit-card receivables from stablecoin card issuer Rain, and Figure, which provides home equity lines of credit (HELOC loans) and has built a billion-dollar business on-chain. Across all strategies, returns are driven by spreads, fees and funding premiums, not by directional exposure to crypto prices.

The fund is explicitly market-neutral. Positions are hedged where needed, and we apply strict position-level controls and portfolio construction rules to limit market sensitivity. While yields are expected to remain attractive in the near term, they will likely compress over time as markets mature.’

Could you elaborate on the decision-making process and risk management?

Victor van Eijk: ‘We combine two approaches. First, continuous coverage of publicly available USD-denominated yield opportunities across the ecosystem. Second, leveraging the Maven 11 network – our credit activities, venture portfolio and broader ecosystem relationships – to access privately structured opportunities often unavailable to the broader market.

Each investment undergoes a multi-step underwriting process, including due diligence on teams or protocols, risk identification, early-warning indicators, monitoring tools and de-risking triggers, followed by Investment Committee approval. Monitoring continues throughout the lifecycle of each position.’

Joost van der Plas: ‘Key risks include counterparty and credit risk, smart contract risk, liquidity risk and stablecoin de-pegging risk. These are real but fundamentally different from speculative price risk.

Every exposure is assessed through structured underwriting, and continuously monitored. Risk management operates at both portfolio and position level. We use a tiered structure – Core, Growth and Venture – with strict allocation limits and concentration caps. For example, private LP opportunities are capped at 20% of assets under management.

We also apply stop-losses, de-peg triggers and a 24/7 automated risk engine. Predefined exit triggers and continuous monitoring help contain adverse events. The tiered framework is designed to limit the impact of any single failure.

Across all strategies, returns are driven by spreads, fees and funding premiums, not by directional exposure to crypto prices.

The fund offers monthly liquidity without exit fees. Importantly, at least 25% of the portfolio is allocated to Core Liquidity (assets redeemable within one month) providing flexibility in both normal and stressed conditions.’

What developments are driving institutional interest in tokenized credit and on-chain yield today?

Victor van Eijk: ‘Our yield fund is particularly suited for investors seeking crypto exposure without the volatility of long-only positions. Since launch earlier this year, we’ve onboarded asset managers and family offices.

In previous years, we saw resistance from bank platforms, but this is rapidly fading as major financial players such as Fidelity and Morgan Stanley roll out crypto products. Today, virtually every serious financial institution is exploring how to access crypto-related risk premiums.

We are at the forefront of this shift. Clients see us as an industry pioneer, offering institutional-grade solutions under robust regulatory and operational standards.’

What is your outlook for the crypto market in the coming years?

Joost van der Plas: ‘Growth will continue. We are seeing rapid development across technologies. One particularly interesting trend – still in its infancy – is the use of crypto infrastructure for trading traditional assets such as equities, bonds, ETFs and investment funds.

For example, Deutsche Börse recently deepened its partnership with Kraken through a $ 200 million investment, while NYSE parent ICE is investing heavily to enable 24/7 tokenized trading of traditional assets.

We have crossed critical milestones, and the next phase will bring full institutional participation. Regulation is increasing, further maturing the market. Enhanced infrastructure and clearer regulatory frameworks are steadily making participation more accessible and practical for institutional investors.’

Read the full interview in Financial Investigator magazine