Disruptive
CAPITAL PARTNERS
Institutional grade digital asset infrastructure
March 2026 · Confidential
The Opportunity

Consolidate. Scale.
Monetise.

We are building the institutional infrastructure company for proof-of-stake blockchain networks, acquiring profitable validator businesses at compressed valuations, consolidating them into a compliance-ready platform, and over time expanding into higher-margin onchain execution and liquidity services.

$700B+
Staking market TAM
40%
3-year CAGR
2.7x
Acquisition entry P/S
10x+
Listed peer P/S
Regulatory tailwind SEC-CFTC Interpretive Release 33-11412 (March 17, 2026) classifies 16 major PoS tokens as digital commodities and clears all staking as non-securities activities.
Revenue engine

Validator business model

1
Institutions delegate assets
Clients stake via DCP's validator infrastructure across major PoS networks
2
Validators earn protocol rewards
~4% APY average, paid in-kind on a constant basis
3
DCP retains commission
~7% of rewards — programmatic revenue directly from protocol
Simple revenue model AUM × APY × DCP commission
Revenue characteristics
Recurring & predictable
Protocol-level settlement, no counterparty credit risk
65-75% EBITDA margin
Predominantly fixed infrastructure costs
Scales linearly
Minimal incremental cost per additional stake
Programmatic
Revenue settles directly from protocol on-chain
Hedgeable
Systematic conversion of in-kind rewards to fiat
Strategy

Long term strategy

Infrastructure today, execution and liquidity tomorrow

PHASE 1 — NOW
Institutional Staking Services
Validator operations across major PoS networks (SOL, SUI, ETH, MON, etc.)
White-label infrastructure for institutions and foundations
Delegation management, monitoring, and reporting
Multi-chain coverage through acquisition roll-up
Institutional-grade compliance, SLAs, and insurance
Revenue generating
PHASE 2 — 2027+
Onchain Execution & Liquidity
MEV extraction and block building
Solver network participation (intent-based execution)
Expansion into higher-margin adjacent businesses (execution, DeFi yield, liquidity) leveraging proprietary infrastructure
Proprietary products on top of our infrastructure (e.g. LSTs, Staking hubs, structured yield products, etc.)
Future expansion
Timing

Why now

01 Fragmented market Highly fragmented market with hundreds of small operators to potentially consolidate.
02 40% CAGR growth Staking TAM grew $249B to $746B in three years. Approaching $1T.
03 Compressed valuations Operators available at 2-4x revenue. Founders seeking exit after recent crypto underperformance.
04 Institutional growth Institutional ownership of digital assets rapidly increasing through ETFs and similar products.
05 Regulatory clarity SEC March 2026 ruling provides legal certainty for staking.
Market size

Nearing $1 trillion

$249B
2023
$489B
2024
$746B
2025
$704B
2026
$985B
2027E
40% CAGR (3-year)
Consistent cashflow
Validators earn a fixed percentage fee. Revenue is programmatic, recurring, with no invoicing.
Defensible moat
Professional validation requires niche engineering, 24/7 monitoring, and compliance infrastructure.
Institutional tailwind
Financial buyers staking to maximise income need corporatised counterparties small operators can't provide.
Core thesis

The multiple arbitrage

Buy at 2-3x revenue. Consolidate. List at 6-10x.

```
ACQUIRE
2–3x
revenue multiple
Acquire profitable, founder-led validator businesses at compressed valuations
→
OPTIMISE
30–40%
cost reduction
Centralise shared services and consolidate infrastructure. Leverage AI-driven agentic automation for deployments and updates — reducing per-validator operating costs by 30-40%
→
LIST
6–10x+
listed peer multiples
ASX listing provides equity currency, institutional credibility, and access to public capital markets
Implied outcome $5-10M revenue at 6-8x multiple = $30-80M market cap from a sub-$10M total investment.
```
Acquisition target

Deal A: Solana validator

$100M
Delegated stake
$840K
Annual revenue
$2M
Acquisition price
~2.4x
Revenue multiple
Business overview
·~$100M delegated stake, primarily Solana
·~$840K revenue, ~$200K opex, ~76% EBITDA margin
·Proprietary bare-metal server infrastructure
·White-label validator services
·Strong infrastructure automation, lean ops
Strategic value
·Founder becomes Group CTO
·YouTube channel provides built-in distribution
·~2.4x revenue, ~3.3x EBITDA entry
·Solana: top-tier PoS chain
Consideration: $2M total ($1M upfront + $1M milestone earnout). Up to 25% in equity.
Acquisition target

Deal B: Sui + Solana genesis validator

$180M
Delegated stake
$630K
Annual revenue
$2M
Acquisition price
~3.2x
Revenue multiple
Business overview
·~$180M delegated stake, primarily Sui
·Solana genesis validator (rare, high credibility)
·~$630K revenue, ~$170K opex, ~73% EBITDA margin
·Strong infrastructure automation
·Founder-led with highly technical operator
Strategic value
·Founder becomes Head of Engineering
·Sui: fastest-growing L1 ecosystem
·Solana genesis status = unique credibility
·Diversifies chain exposure
Consideration: $2M total ($1.5M upfront + $0.5M milestone earnout).
Financial model

Illustrative projections

Conservative 25% organic CAGR vs industry 40%

Day 1 combined
Delegated Stake~$280M
Annual Revenue~$1.47M
Annual OpEx~$370K
EBITDA~$1.1M
EBITDA Margin~75%
Blended Multiple~2.7x
5-year revenue path ($M)
$2.48M
2026
$4.31M
2027
$6.89M
2028
$8.7M
2029
$10.76M
2030
RevenueEBITDA
Peer multiples

Valuation & public comps

CompanyMarket Cap2025 RevP/S
Coinbase$69B$7.0B9.8x
Circle$28B$2.7B10.3x
Figure$7.6B$507M15.2x
Galaxy Digital$10B$1.8B5.5x
Bullish$3B$280M10.7x
Sol Strategies$300M$27M11.0x
Intellistake$60M$6M10.0x
DCP entry: ~2.7x blended revenue. Median listed peer trades at ~10x P/S.
Risk management

Key risks & mitigants

Each risk identified and actively managed

```
Market risk
Crypto downturn reduces delegated stake value and in-kind revenue
MITIGANT
Systematic conversion of rewards to fiat; fee-based revenue (% of yield) and downturn is more than reflected in compressed acquisition multiples
Yield compression
Staking yields declining as adoption increases
MITIGANT
Multi-chain diversification; expansion into higher-margin execution & liquidity and market growth to outpace fee compression over medium term
Chain concentration
Initial portfolio weighted to Solana and Sui
MITIGANT
Deals C-E targeting ETH, HYPE, CC, XPL coverage
Slashing risk
Infrastructure failure causing validator penalties
MITIGANT
Limited exposure — Solana and Sui do not implement traditional slashing. Geographic diversity; independent infrastructure per validator; insurance
Integration risk
Merging multiple founder-led businesses
MITIGANT
Earnout structures align incentives; retain founders as team where value-add
Regulatory
Evolving digital asset regulations across jurisdictions
MITIGANT
SEC March 2026 ruling provides US clarity; compliant-by-design structure
```
Leadership

Team

Richard Galvin
CHAIRMAN
Executive Chairman & CIO of DACM, which he founded in 2017. DACM is a leading global provider of digital asset investment management to institutional and family office investors. Has more than 20 years' experience in senior investment banking roles focused on the TMT sector at Goldman Sachs, JBWere, and J.P. Morgan. Richard is a thought leader and global commentator on the evolution of digital assets and the long-term investment opportunities in this asset class.
Davide Marcotti
CEO
Former CEO of a listed entity. 10+ years in Strategy & Digital Transformation advising financial institutions across APAC and Europe. Scaled a validator business from $60M to $350M AUM in 18 months. Partnered with institutions, foundations, and custodians on digital asset strategies, including staking, validator operations, and treasury deployment.
Post-acquisition: Deal A founder → Group CTO | Deal B founder → Head of Engineering
Investment summary

$5M Seed Round

80% deployed into Day 1 revenue-generating acquisitions

$700B+
TAM
75%
EBITDA margin
2.7x
Entry multiple
10x+
Peer multiples
Funds Deal A + B + working capital
ASX listing Q4 2026 / Q1 2027
Equity currency for further acquisitions
Path to $10M+ revenue by 2030
Richard Galvin, Chairman · Davide Marcotti, CEO