Case Study Focus

 

Submit your highest conviction investment idea for a publicly traded token with a market cap over $5M USD. M31 Capital is a long-only, thesis-driven investment firm focused on blockchain-based token projects disrupting Wall St. (DeFi) and Silicon Valley (Web3), so priority will be given to submissions with a BUY recommendation on a token project within our focus (see below). 

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The submission should clearly articulate your investment thesis and demonstrate a thorough understanding of the basics:

 

What problem does this technology solve? Who are the users/customers? Are they paying to use the product? How much of that revenue accrues to the token holders? Why can't a competitor copy this? Is the world a better place with this technology in it? Why will more people be using this product a year from now? 

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Finally, you are expected to tie all of these factors back together into a specific price target based on your own valuation analysis included in the submission.

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Sectors we like: 

• Decentralized Finance (DeFi) 

• Decentralized Storage, Compute, AI (Web3) 

• Decentralized Physical Infrastructure Networks (DePIN)

• Decentralized Wireless Networks (DeWi) 

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Sectors we DON'T like: 

• Gaming

• Metaverse

• Art NFTs

• Memecoins

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Case Study Requirements

 

Submissions must adhere to the following guidelines: Limit the document to 5 pages max, in PDF format, and it should encompass the following elements:

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• Investment thesis 

• Analysis of tokenomics, business model, & comparison to competitors

• Key tailwinds & key risk factors 

• Valuation model & price target 

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Pitch Competition

 

Top investment ideas will be selected for a Final Round, 30-minute virtual pitch competition in February 2024 for a chance to secure a spot in the Academy.

 

Each submission will be judged on the investment thesis and supporting analysis, taking into consideration the following factors:

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• Understanding of the business model and industry dynamics 

• Quantitative and qualitative analysis 

• Incorporation of onchain & alternative data 

• Thought process & creativity

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