We own the toll booths, not the traffic.
PTTY Capital is a private holding company. We acquire ownership in autonomous, deterministic and immutable businesses and hold them permanently for the cash they produce.
These are businesses that run without staff, follow rules fixed in advance, and cannot be altered after the fact. Where most capital competes on direction, we underwrite revenue: each holding is a standing claim on the fees a business collects every time it is used. Patience is the moat — the revenue accrues to capital that commits through the cycle, and that premium is the return.
What We Own
Three properties · non-negotiableEvery business the fund acquires has to satisfy all three. Together they describe a company that cannot be mismanaged, cannot change its terms on you, and cannot stop paying while it is being used.
Autonomous
No staff, no management, no payroll. The business operates as written, continuously, without anyone deciding whether it should. Revenue arrives without operating costs scaling against it.
Deterministic
What the business pays, and to whom, is computed — not decided by a board or subject to a quarterly vote. The same inputs produce the same outcome every time, and the formula is public before you commit a dollar.
Immutable
Nobody can alter the agreement after you have bought into it — not the founders, not a later owner, not us. What the business was on the day we acquired it is what it remains.
Why it matters. Most business risk is human: a management team that misallocates, a board that cuts the distribution, terms rewritten in a shareholder's favour. Removing people from the operation removes that entire category of risk. What remains is the honest question — is the business being used, and does it charge enough when it is.
The Ownership Fund
One mandate: own more of Curve every week than we did the week before. The Ownership Fund treats veCRV not as a trade but as a permanent holding to be enlarged — every stream of income the position throws off is routed back into acquiring more of it. Nothing is withdrawn. The position compounds on itself.
The Businesses
Two names, plainlyCurve
Curve began as an exchange for digital dollars and has become five businesses wearing one name: it exchanges currencies, extends credit against collateral, prices and settles derivatives through its liquidation engine, issues its own dollar, and finances the liquidity that makes all of it possible. None of these are available to buy separately on any exchange — you either own the whole company or none of it. The company earns a share of all five.
Stake DAO
An asset manager. It pools depositors' capital to secure better terms than any of them could obtain alone — the same logic as a buying cooperative. The company deposits there and shares in what the platform earns.
The Compounding Loop
04 stages · continuousIncome is never the product. It is the raw material. Each stage below converts one form of yield into the next, and the final stage returns it to the first — larger than it left.
The position pays out
Two income streams arrive each week. Votemarket pays the fund for directing its voting weight toward the pools that want liquidity. Curve separately distributes a share of the exchange's trading fees to committed holders. Both are a function of position size — the larger the stake, the larger the weekly draw.
Income is redeployed, not spent
That weekly income is deposited into Stake DAO rather than taken as profit. Routing through OnlyBoost means the fund's deposits earn at an optimised boost rate instead of a base one — the same capital, working at a higher multiple.
Capital seeks the highest-paying pools
Deployed capital is allocated to the liquidity positions offering the strongest returns, with one filter applied above all others: the position must pay in CRV. Yield denominated in anything else would break the loop. This is the discipline that makes the strategy a flywheel rather than a portfolio.
CRV is locked into the stack
The CRV harvested in stage three is committed back into the fund's veCRV position, permanently enlarging it. The base that generates stage one is now bigger than it was last week — so next week's payout is bigger too.
The Record
Updated monthlyveCRV owned at each month's close. Income is compounded back in rather than withdrawn, so the count should only rise.
A small share of income is retained in ETH to cover transaction costs.
Deployed Capital
Stake DAO · OnlyBoostStages two and three of the loop. These are the positions the fund's weekly income is deployed into. Values and net APRs are taken from Stake DAO and reflect the boost actually applied to each position, not a projected maximum. Refreshed 3 September 2026.
Holdings
03 positionsTwo positions, each with a distinct job. One is the asset being accumulated; the other is the machinery that accumulates it.
A long-duration committed stake in Curve, the dominant venue for stable-asset exchange. It generates the fund's weekly income and carries the voting weight that Votemarket pays for. Current blended rate 12.2% — roughly 3.3% from Curve's fee distribution, the balance from vote incentives.
A locked stake in Convex, which aggregates voting power across the Curve ecosystem and is paid by projects to direct it. Future yield on this position was drawn forward and is repaying itself.
A long-term committed stake in Stake DAO, the platform through which weekly income is redeployed. It improves the terms the fund receives on everything it routes through the loop.
In The Works
Not yet fundedStated in advance so the record shows what was intended, not only what worked.
The Treasury
The company's reserve. Where Strategy I concentrates deliberately in one asset and locks it away, the treasury does the opposite — the two most durable assets in the sector, accumulated steadily and kept liquid, so that capital is available when the company wants it.
Mandate. Accumulate Ether and Bitcoin. The target is 10 ETH and 1 BTC. The underlying is never sold — it may be put to work where it earns without being given up. Unlike Strategy I, this capital can be drawn on.
Terms. Funded by new capital, later supplemented by income from the company's Convex position — which is retained, not sold. Each strategy stands on its own: its own assets, its own cycle. Unlike Strategy I, this capital can be drawn on.