Concentrated Capital

Concentrated Research: Circle Hyperscaler Memo

Crypto has it’s own set of hyperscalers that just get bigger and better all the time

May 22 • Alexander Salnikov

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March 2026

February 2026

Building VC Fund AI Operating System

Here's what I've been building and why I think every company should be doing the same.

Feb 23 • Alexander Salnikov

January 2026

Concentrated Capital - 15 Years of Crypto Theses, Market Update

Sharing crypto education deck prepared for YPO chapter, feel free to reproduce. State of the (bear)market

Jan 31 • Alexander Salnikov

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December 2025

Concentrated Capital - Four year cycle pendulum is alive

Why I believe the four year cycle is intact, what are the long opportunities meanwhile and risks to the thesis I'm watching closely

Dec 12, 2025 • Alexander Salnikov

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November 2025

Concentrated Capital - Shutdown and Macro Update

Bear market is now consensus. Double sell off on crypto cycle exhaustion and AI bubble fears. Fresh set of venture deals.

Nov 21, 2025 • Alexander Salnikov

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Concentrated Capital - Late Cycle Signs

Has bear market started Oct 10?

Nov 14, 2025 • Alexander Salnikov

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Concentrated Capital — How It Started

I’ve been nurturing the idea of the fund for a while now.

Nov 10, 2025 • Alexander Salnikov

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September 2025