Digital Asset Management

Liquid strategies for Institutional Investors

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INVESTMENT MANDATE

Institutional-Grade Access to Market-Neutral DeFi Strategies

Belem Capital is a Luxembourg-based digital asset investment platform and solution partner for professional and institutional investors. The firm combines years of operating history managing digital-asset strategies at multi-billion-dollar scale with decades of senior expertise from traditional asset management and regulated financial institutions, enabling institutional-grade risk management, custody, and governance frameworks.

Belem Capital delivers consistent, low-volatility, and uncorrelated returns from digital markets, supported by regulatory oversight and monthly liquidity. Yield is generated by applying established financial market activities to blockchain-based infrastructure, including liquidity provision, lending and borrowing, and arbitrage strategies. Strategies are accessible through multiple institutional channels, including registered fund structures across several jurisdictions and Segregated Managed Accounts.

USDC Share Class - Built on fully regulated USD stablecoins, targeting absolute returns in USD terms.
ETH Share Class - For investors holding or allocating to Ethereum; aims to grow ETH-denominated exposure.
BTC Share Class - For Bitcoin holders or FIAT allocators seeking BTC exposure and yield.

Since inception, Belem Capital has delivered positive net returns every quarter, including during periods of market stress.

MISSION

Why Belem Capital?

Decentralized Finance (DeFi) offers unparalleled transparency, accessibility, and competitive yield without reliance on traditional intermediaries. However, institutional adoption is often hindered by market volatility, complex on-chain tools, and accounting constraints associated with digital assets.

Belem Capital provides a market-neutral approach, generating yield independent of digital asset market fluctuations. Our strategies deliver stable returns with monthly liquidity while mitigating market risk.

At the same time, more institutional investors recognize stablecoins as an effective cash management tool, offering a high-yield alternative to traditional money markets. By integrating DeFi-native strategies within a fully Luxembourg regulated framework, Belem Capital enables treasury diversification while maintaining full FIAT-based accounting and reporting.

PERFORMANCE

Belem Capital offers high-performance market-neutral strategies across different asset classes allowing Investors to generate yield regardless of market direction.

ETH Annual Yield 2024 (Net of fees)

13% Monthly Liquidity

BTC Annual Yield 2024 (Net of fees)

9% Monthly Liquidity

USDC Annual Yield 2024 (Net of fees)

33% Monthly Liquidity

>$1BN

AuM

99%

Positive Months Since 2020

100%

Liquid (Monthly)

18

FTEs

TEAM

Six founding General Partners
combining finance & technology expertise

Liquid strategies for Institutional Investors

General Partners

Stanislas de Maistre

CEO

Ex: LFV des Vosges Investments, Capgemini

Ed: Hult, MBA ,
ESILV Msc. Computer Science, EPFL

Charles Desclos le Peley

COO

Ex: BNP, EY, UBS,
Soc. Générale


Ed: Msc. Finance, ESSEC,
Msc.
Computer Science, Mines-Telecom

Nicolas Reynaud

CCO

Ex: ESL Investments, Association Familiale Mulliez, W3i Blockchain fund

Ed: Msc.  Management, Sorbonne University
Harvard Business School core executive

Nassim Alexandre

CIO

Ex: Soc. Générale, KPMG

Ed: Msc. Computer Science, Ingetis

Xavier Guénard

CTO

Ex: Direction Générale de l'Armement

Ed: École Polytechnique,
University Paris Saclay

Gytis Trilikauskis

CFO

Ex: Losless.io

Ed: Bsc. Economics, ISM Uni.

Partners

Tim Bousser

Head of Business Development

Ex: Head of Equities & Derivatives
 APAC at Société Générale.

Ed: Msc. Finance, EM Lyon

Tim Stevenson

Risk Management

Ex: Bear Stearns, Andante Partners, W3i Blockchain Fund


Ed: Bsc Mathematics, Edinburgh Uni.

Gonzague de la Tournelle

Investor Relations

Ex: Nokia, Madvertise,
W3i Blockchain Fund

Ed: Bsc. Economics, ICADE Madrid

Governance Committee & Strategic  Board

Pierre Pourquery

Biba Homsy

Ivan Bascle

Ambre Soubiran

ASSET MANAGER

Institutional Digital Asset Management at Scale

Liquid strategies for Institutional Investors

Five years of operating history and experience managing digital-asset strategies at multi-billion-dollar scale.

2020

AUM

$2M

Team Members

2

2021

AUM

$4M

Team Members

4

2022

AUM

$25M

Team Members

8

2023

AUM

$100M

Team Members

10

2024

AUM

$500M

Team Members

15

2025

AUM

$1Bn

Team Members

18

AuM Growth (digital assets deployed on-chain)

2020

AuM

$2M

Team Members

4

One of the first EU-regulated on-chain digital asset manager

Launch first
stablecoin-denominated strategy

2021

AuM

$4M

Team Members

4

On-board first notable clients: HNWI’s, European FO’s, Funds of funds through Segregated Managed Accounts (SMAs)

2022

AuM

$25M

Team Members

8

Creation of an ISIN registered note

Launch 
ETH-denominated 
strategy

2023

AuM

$100M

Team Members

10

Top 5 liquidity providers on DeFi protocols.

2024

AuM

$350M

Team Members

15

Number of clients >50

AuM
x 5 YoY

Launch its 
BTC-denominated
strategy

2025

AuM

> $500M

Team Members

17

Institutional maturity:
Deployment of a professional-grade risk and operational framework with enhanced regulatory oversight

Global access:
Strategies are available via registered funds across multiple jurisdictions and Segregated Managed Accounts (SMAs).

VALUE PROPOSITION

A compliant way for Institutional Investors to access DeFi Strategies

Liquid strategies for Institutional Investors

Institutional channels

Strategies are accessible through multiple institutional channels, including registered funds across various jurisdictions and Segregated Managed Accounts (SMAs).
No operational burden on investors: we enable efficient capital allocation with simplified onboarding and monthly liquidity options.

Seamless Asset Custody & Access to the Fund

No need to manage private keys, smart contract interactions, or
 on-chain operations. The fund simplifies access to DeFi yield.

Institutional-Grade Compliance & Accounting

Transparent fund reporting, administration by 
Caibuo Capital, a leading AIFM  independent investment fund services provider in Luxembourg, and fully regulated oversight streamline investment management.

FUND INFORMATION

Regulated, secure, liquid : Belem Capital’s institutional-grade fund overview

Liquid strategies for Institutional Investors

Name

Belem Capital

ISIN

LU3048151081 (USDC)  
LU3048150943 (BTC)
LU3048151164 (ETH)

Fund structure

Luxembourg AIF (B294863)

Investor type

Accredited Investor

Underlying assets

BTC, ETH, USDC

Reference currency

EUR

Fund strategy

Capture yields from traditional financial market activities applied to blockchain: liquidity provisionning, lending/borrowing, arbitrage.

Investment style

Opportunistic, Data-Driven, Active

Subscription / Redemption

Monthly

NAV

Monthly

Performance objective

9-20% average APY

Minimum commitment

250,000 EUR

Accepted currencies

EUR, USD, CHF, GBP, BTC, ETH, USDC

Fee structure (%)

2/20 with High Water-Mark

Profit tax

Transparent for client

Auditor

Auren Luxembourg

Custodian

Fordefi institutional MPC wallet

Fund Administrators

Caibuo Capital, NAV Fund Services

Depositary bank

Swissquote SA

Liquid strategies for Institutional Investors

Belem Capital is reinforcing its institutional framework through the establishment of a Governance Advisory Committee.

The appointment of two senior figures to a newly formed committee reinforces independent strategic oversight and transparency, ensuring that risk and operational processes remain aligned with the highest industry standards.

Luxembourg, 09 March 2026

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Belem Capital is internalizing its historical institutional asset management team.

The integration of the team historically in charge of the fund's portfolios consolidates a global core of 10 specialists, unifying monitoring and execution processes within a single platform to reinforce risk management and strategy frameworks.

Luxembourg, 25 February 2026

Read More
SYZ Group invests in Belem Capital fund.

Decentralized Finance (DeFi) offers unparalleled transparency, accessibility, and competitive yield without reliance on traditional intermediaries...

Luxembourg, 1 October 2025

Read More
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Belem Capital is a Special Limited Partnership based in Grand Duchy of Luxembourg, under registration with the  Register of Commerce and Corporations, with head office located  152 Boulevard de la Pétrusse, L-2330 Luxembourg.