Zhan Capital

The world is entering
the post-software cycle.

We research and invest at the intersection of sovereign AI infrastructure, energy, and digital monetary systems — where the next decade of value creation will occur.

Request AccessRead the thesis
Hashprice
$0.0327/TH/s
EU / US Tech Ratio
2.415
US Strat. BTC Reserve
69,400 BTC
Thesis horizon
2025 – 2040
Research updated
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Investment Thesis
The market is still pricing AI as a software story. It is becoming a power story, a logistics story, a rare earth story — and through hashprice, a monetary story. Capital has already begun to rotate.
I
Energy & Nuclear Renaissance
The compute bottleneck has flipped to power. Utilities with secured PPAs, uranium producers, and SMR developers become the rails of physical AI deployment. The grid cannot scale as fast as demand.
CCJ · NEE · NuScale
II
Rare Earth & Supply Chain Control
Physical AI requires neodymium motors, precision sensors, and LIDAR. China controls 90% of rare earth refining. Whoever controls these supply chains controls the deployment itself.
MP · LYSDY · FCX
III
Hashprice as Macro Signal
Bitcoin's hashprice — revenue per unit of computation — is a real-time clearing price where energy costs, industrial demand, and monetary policy intersect. We model it through 2040.
PSC Forward Curve
How We Invest
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Scenario-based long-term positioning. We build forward curves under distinct macro scenarios — AGI deployment, commercial SMR rollout, geopolitical supply-chain disruption — and position for the range of outcomes.
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Physical-world bias over software multiples. We are systematically long mid-cap European and Japanese industrials, uranium, rare earths, and fiber infrastructure. We are underweight large-cap software facing commoditization.
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Sovereign infrastructure as the core holding. Zhan's operational thesis is that private, self-hosted AI on owned hardware structurally outperforms cloud dependency. We invest accordingly — and we operate accordingly.
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Bitcoin mining economics as a leading indicator. Through proprietary hashprice modeling, we maintain direct exposure to the energy-compute nexus and use it to inform cross-asset allocation.
Get In Touch

Interested in our
research and infrastructure?

We work with a small number of investors, operators, and infrastructure partners who are building at the intersection of AI, energy, and digital money. Reach out directly to start a conversation.

Or email directly: teo@zhan.capital

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Live hashprice dashboard · PSC macro · Signal feed