Suggestions
Elliot Chun
At the Frontlines of Crypto -> M&A and Strategic Financing Advisory
Elliot Chun is currently a Partner at Architect Partners LLC, a blockchain and crypto asset-dedicated M&A and strategic financing advisory team.1 He has over 20 years of experience in capital markets across various asset classes, including digital asset markets, equities, FX, and real estate.2
Prior to his role at Architect Partners, Elliot was the Co-Founder & Managing Partner at Emergents @ Weild & Co., which later merged with Architect Partners.1 His experience spans across different functions, including investment banking, buy-side, consulting, and sell-side.2
Elliot has been focusing on crypto full-time for more than four years, helping traditional companies transition into the industry and assisting crypto companies in accessing capital markets.2 He has worked with companies of various sizes, from startups to large institutions like Bank of America and Perella Weinberg Partners.2
In addition to his work in finance and crypto, Elliot has been involved in ventures related to blockchain and other emerging technologies. He has also built an alternative asset management platform for a leading boutique investment bank and consulted on various initiatives for major investment banks.2
Elliot's diverse background and expertise in both traditional finance and the crypto industry make him a valuable asset in the rapidly evolving world of digital assets and blockchain technology.
Highlights
I've been listening to Jeff Dorman, CFA & Arca's #ThatsOur2Satoshis for years and on Tues Aug 27th at 1600 EST, I'll be joining the show #live to discuss:
1️⃣ Architect Partners' report on crypto's value creation surpassing the Internet's at the same stage. 2️⃣ The $100B question: With few M&As or IPOs, where is crypto's ROI? 3️⃣ BTC Nashville's political optimism – are we transitioning from The Great Purge to The Great Surge?
Join here👉 https://twitter.com/arca
1H 2024 performance: -> BTC up 35% -> Architect Index up 25% -> S&P 500 up 15% -> Gold up 12%
Q2 2024 delivered the most active quarter for #CryptoPublicCompanies since Q2 2022.
11 of the 21 constituents in the #ArchitectCryptoPublicCompanyIndex announced meaningful corporate actions in the quarter. (full breakdown coming in Architect Partners' Q2 Crypto M&A and Financings Report)
Last week, capital activity in BTC Mining continues with Coatue investing $150M in Hut 8 (HUT) through a convertible note. This investment aligns with the BTC Mining and AI compute combination thesis as well as the transition of BTC network operators to energy infrastructure providers. Coatue’s participation is important as they were one of the most active crossover funds who invested in crypto during the last cycle. Having an investor of this magnitude return to crypto is a strong indicator that new capital will flow into the industry.
Acquisition activity in BTC Mining also continued its rampant pace as CleanSpark (CLSK) announced two additional acquisitions. They acquired GRIID Infrastructure (GRDI) for $155M in an all-stock transaction, which they expect will add 400MW of capacity in Tennessee. GRIID was one of the few crypto companies to complete a public listing through the SPAC process, though they experienced significant delays along the way. CLSK also acquired 5 BTC mining sites in Georgia for $25.8M in all cash. With 4 acquisitions in 2024, CLSK is actively executing their BTC Miner roll-up strategy while showing their flexibility to structure all-cash and all-stock transactions. They have positioned themselves in reach for the title of #largestpubliclytradedBTCMiner.
In Feb, Architect Partners said we expect “meaningful” mining-related M&A in the second half of 2024, and into next year. With 8 M&A transactions in 2024, the activity came faster than even we thought.
Our industry needs legitimacy in order to attract new high quality market participants. One of the best ways of legitimizing crypto is having traditional financial services organizations provide crypto services.
In the last two weeks, Banco Itaú (ITUB, $54B Mkt Cap), Standard Chartered (STAN.L, $18B Mkt Cap), and Santander (SAN, $72B Mkt Cap) all announced crypto trading services.
From a product perspective, Nubank (NU, $61B Mkt Cap) announced a partnership with Lightspark to bring the Bitcoin Lightning Network to Nubank’s users. State Street SPDR ETFs (STT, $22B Mkt Cap) and Galaxy (GLXY) announced digital asset investment products that focus on all the other investable assets that are happening in our $2.3T digital asset ecosystem, outside of BTC and ETH.
Both of these are important announcements as they improve our industry’s distribution and eventual adoption of the asset class.
All this real capital, M&A, products and services activity in the 1H 2024 signals an accelerating and robust go-forward market environment for our industry.
We are just getting started.

