About M31 Capital
M31 Capital is a research-driven investment firm that identifies paradigm shifts before consensus forms. We operate at the intersection of money, technology, and power—tracking the signals that indicate when conventional wisdom is about to break.
Think of us as the RAND Corporation for venture investing: rigorous, independent, unafraid to examine questions that carry reputational risk elsewhere. We take heterodox ideas seriously without abandoning analytical discipline.
We are not a traditional venture fund that produces research as marketing. We are a research organization that invests based on what we find.
The Role
We’re looking for an Investment Analyst to join M31’s core team. This is a junior role with senior exposure. You’ll handle the day-to-day analytical work that keeps the fund running—deal flow tracking, due diligence, market monitoring, portfolio support—while also sitting in on investor meetings and client calls from day one.
The right candidate is someone we can put in front of an LP or founder without hesitation. You’re polished and professional, but you didn’t learn about crypto from a bank research report. You’ve been in the trenches: navigating Etherscan, evaluating tokenomics, tracking governance proposals, maybe running a node or two. You understand this technology because you believe in what it represents.
This is a high-agency role. We’re a small team, which means you’ll have real responsibility early.
If you’re looking for a structured training program with clearly defined tasks, this isn’t it. If you’re looking to learn by doing at a firm that takes digital assets seriously as both an investment category and a civilizational development, keep reading.
Responsibilities
- Deal flow management — Source, screen, and track investment opportunities across M31’s coverage areas, with particular focus on DeFi and Web3 infrastructure
- Due diligence — Conduct technical and financial analysis on potential investments, including protocol architecture review, tokenomic modeling, team assessment, and competitive landscape mapping
- Market intelligence — Monitor on-chain data, governance developments, and ecosystem trends; surface insights that inform investment decisions
- Portfolio support — Assist portfolio companies with research, introductions, and strategic analysis as needed
- Investor relations — Prepare materials for LP communications; participate in investor meetings and calls
- Research contribution — Support the research team with data gathering, fact-checking, and analysis for M31’s published briefs
What We’re Looking For
The Profile
- Recent graduate or early-career professional with exceptional crypto-native knowledge and the professionalism to operate in institutional contexts. You’ve probably been deep in this space for years—not because someone assigned it to you, but because you couldn’t help yourself.
Requirements
- Deep Web3 infrastructure expertise. You can explain DePIN economics, compare decentralized storage protocols (Filecoin vs. Arweave vs. Ceramic), evaluate compute networks (Akash, Render, io.net), and analyze tokenomic designs with precision. This isn’t a “nice to have”—it’s the core of the role.
- DeFi fluency. You understand AMM mechanics, lending protocol risks, MEV dynamics, and cross-chain bridging. You’ve used these protocols, not just read about them.
- On-chain literacy. You can navigate Etherscan, Dune, and similar tools to extract insights. You know how to trace transactions, analyze smart contracts, and interpret on-chain behavior.
- Professional presence. You can hold your own in a room with institutional investors. Clear communication, polished materials, appropriate judgment about context and audience.
- High agency. You identify problems and solve them without waiting for instructions. You take ownership of your work and follow through.
- Strong work ethic. This is a demanding role at a small firm. You’re not looking for work-life balance—you’re looking for the opportunity to learn and contribute at an accelerated pace.
Values Alignment
We’re looking for someone who genuinely believes in what this technology represents— not just its investment potential. You should resonate with:
- Self-sovereignty — The right of individuals to control their own assets, data, and digital identity without intermediary permission
- Permissionless innovation — Open protocols that anyone can build on, fork, or improve without gatekeepers
- Privacy as a human right — Not something to be negotiated away for convenience or surrendered to state surveillance
- Anti-authoritarian technology — Systems designed to resist capture, censorship, and centralized control
- Sound money — The case for Bitcoin as a monetary system beyond the reach of political manipulation
What We’re Not Looking For
- Tourist interest in crypto. If your exposure is limited to buying ETH on Coinbase and reading The Block, this role will be a struggle. We need someone who has lived in this ecosystem.
- Pure finance background with crypto bolted on. Traditional finance skills are useful, but they’re not a substitute for genuine protocol-level understanding.
- “Number go up” motivation. We invest in this space because we believe in what it’s building, not just because we think tokens will appreciate. Alignment matters.
- People who need hand-holding. We’ll teach you plenty, but you need to show up with foundational knowledge and the initiative to build on it independently.