This page separates two different kinds of information: transactions closed by the team in the past, and publicly reported market reference transactions. They are not the same thing and should not be conflated. The Fund's own historical investment data is outside the scope of what this website discloses.
In line with disclosure requirements, transactions are shown by company name only. Detailed transaction terms are provided during due diligence.
Company names are grouped by industry and business type and listed in no particular order. They are shown solely to illustrate the team's past business coverage and do not constitute any form of partnership endorsement or return commitment. Transaction targets, amounts and dates are outside the scope of what this website discloses.
We do not tell our performance story through individual transactions. This section sets out, using publicly available industry research only, how the domain asset class has performed relative to mainstream equity investments.
The shortest letter and number combinations have a mathematical ceiling. They cannot be regenerated or issued anew. As corporate branding and the internet and artificial intelligence industries keep expanding, demand rises while supply stays fixed — so the price centre of top-tier domains drifts upwards over the long term, on a basis independent of market sentiment.
The long-running SPIVA research from S&P Dow Jones Indices shows that more than 90% of actively managed equity funds worldwide fail to beat their own benchmark over 15 years — and the proportion is higher over 20 years. Over the same period, publicly reported transaction data shows that top-tier short domains and premium industry dictionary domains have appreciated faster than the long-term average annualised return of the major stock indices.
Domain prices are set by corporate branding demand, industry cycles and end-buyer budgets — not by the earnings expectations of listed companies. They are therefore not revalued daily with the index. That means domain assets often chart their own course during sharp equity drawdowns, and can serve as an allocation that diversifies portfolio volatility.
| Dimension | Top-tier domain assets | Actively managed equity funds |
|---|---|---|
| Supply constraint | Capped in number, cannot be increased | Holdings can be issued and expanded at will |
| Source of return | Scarcity-driven revaluation and corporate branding budgets | Earnings growth of holdings and valuation swings |
| Correlation with public markets | Low, not revalued daily with the index | High, directly exposed to secondary-market volatility |
| Long-run hit rate | Price centre of top-tier assets drifts upwards over time | About nine in ten underperform their own benchmark over 15 years |
| Cost of holding | Mainly a fixed renewal fee, a small share of capital committed | Management and custody fees accrued annually, eroding net return |
| Liquidity | Lower; a sale requires matching a buyer, on a timescale of months | High; realisable instantly during trading hours |
The publicly reported high-value transactions below illustrate the price scale that top-tier domains command.
| Domain | Sale price (US$) | Year | Notes |
|---|---|---|---|
| AI.com | 70,000,000 | 2026 | The highest publicly disclosed domain transaction to date, paid for entirely in cryptocurrency |
| icon.com | 12,000,000 | 2025 | The highest publicly disclosed domain sale of 2025 |
| Voice.com | 30,000,000 | 2019 | Acquired by Block.one from MicroStrategy |
| 360.com | 17,000,000 | 2015 | Acquired by Qihoo 360 |
| Chat.com | 15,500,000 | 2023 | A representative publicly disclosed AI-related domain transaction |
| NFTs.com | 15,000,000 | 2022 | A benchmark transaction during the NFT boom |
| Internet.com | 18,000,000 | 2009 | A long-run value case study in a generic industry-term domain |
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