Each digital industrialization decentralizes one domain and centralizes another. The internet transformed distribution but concentrated value in platforms. AI will transform access to competence, but consolidate value in the physics that make it possible: energy, compute, and fabrication. Bitcoin affords everyone access to capital, but concentrates credibility in those who steward it wisely and structure it well. That is the pattern of progress. Each industrial epoch begins by collapsing costs and ends by consolidating scarcity that makes the system stable. The internet expanded land with code and made logistics, discovery, and brand more valuable. AI is expanding labor with code and making knowledge, expression, and repetition scalable. Bitcoin solidifies capital into code, making credibility verifiable, fungible, portable, distributable, and finite which results in capital becoming equitable and trustworthy.
Ten31 exists to industrialize capital’s digital transformation. To organize capital and companies for the bitcoin era just as Morgan once organized steel and KKR organized credit. We have backed builders at both ends: those who digitize the constraints, and those who hold the scarce capital that finances them. This is the pattern of digital industrialization: distribution becomes digital land, competence becomes digital labor, and credibility becomes digital capital.
Land
Historically land meant location of ports, rail lines, storefronts, and physical distribution. It was the geography of access, defining reach, moat, and monopoly. An address mattered as much as its machinery. Then the internet transformed digital land and expanded businesses from somewhere in particular to everywhere at once. The mantra “location, location, location” morphed into “access, access, access.” A storefront became a website and billboards became banners and pop-ups. As distribution costs collapsed, firm formation exploded. The barriers to entry fell, but value migrated inward to those who enabled the digitization of the hard constraints of compute, attention, discovery.
Amazon Web Services is the clearest example. AWS turned the fixed cost of compute into a variable cost of growth, collapsing the capex that once gated entry. Facebook converted attention into captured audiences auctioning them off to any business with a budget. Google indexed the world’s information and monetized the route between curiosity and commerce. Each digitized a constraint (compute, attention, discovery) and exposed it as a rentable base for the next wave of builders.
More businesses than ever before, but competition pushed down margins at the edges and consolidated revenues to the centers. A café, a niche brand, a SaaS startup could appear overnight, yet all paid the new landlords of digital land through ad auctions, search rankings, hosting, and fulfillment. Abundance at the edge, consolidation at the core. Scale accrued to those who industrialized reliability, brand, and delivery. That was the first digital transformation: the digitization of land. When distribution was assisted by code, geography mattered less, and now competence itself is undergoing the same transformation.
Labor
Large language models and embodied systems are digitizing competence. The cost of knowing how to do something (write, code, design, model, simulate) will converge towards the marginal cost of electricity. Copilots have made “good enough” ubiquitous, allowing excellence to expand and collapsing the requirements needed for analysis and, in short order, production in the physical world. As access to competence becomes abundant, value consolidates wherever physics defends the margin. Scarcity now lives in the systems that make digital labor real: semiconductors, fabs, energy generation, cooling, data centers, robotics, logistics, and safety certification. These are slow to build, capital-intensive, and defended by regulation and time. Firms that master these constraints will define the infrastructure of the embodied economy.
NVIDIA is an obvious example that delivers proprietary software freely, but because they control the data center stack that others depend on (chips, ethernet switches, compilers, supply chain) its margins today are protected by atoms, not code. The same logic will apply to humanoid robotics, grid interconnection, and power distribution. Abundance in competence creates scarcity in energy, hardware, and manufacturing throughput as demand increases and supply lags. At the edges, the inverse dynamic unfolds. Cheap competence enables an explosion of new businesses: AI-enabled artisans, autonomous service operators, local integrators who deploy robots for specific environments. They will multiply as digital storefronts once did. Millions of small operators customizing generalized capability to unique contexts. They will compete with each other to thin margins, but they will push productivity to the limits of human imagination.
This is the new division of labor: centralization where physics and capital intensity defend margin, decentralization where creativity and service chase proximity to the consumer. The majority of economic value accrues to those who solve the hard constraints that make abundance possible (chips, energy, robotics, infrastructure) while the abundance itself spawns millions of edge participants. And as AI makes skill abundant, bitcoin will make credibility valuable through finite scarcity consolidating trust.
Capital
If digital land lowered the cost of distribution and digital labor lowers the cost of competence, then digital capital lowers the cost required for trust resulting in credible finance. Bitcoin solidifies credibility at its core becoming digital capital as a monetary good with finite supply, global portability, instant settlement, and neutral governance. Bitcoin introduces true scarcity as no one can ever create more. It is not software in the traditional sense, it is monetary infrastructure hardened into a global protocol, secured by rules that no actor can change which forms a truly global equitable playing field.
This is not partisan ideology or rhetoric, it is equilibrium. In a world of abundance, finite scarcity provides balance. Capital, the lifeblood of an economy, allows land and labor to coordinate and scale when the cost of trust does not expand. When capital is unstable, everything built atop it inherits that instability. A century of credit expansion blurred the link between productivity and price, distorting market signals. Debts swelled on the assumption that money would be cheaper tomorrow than today. We adopted the procrastinator’s creed deferring work, investment, and repair because when money is infinite time no longer matters.
Bitcoin restores time to money. It reintroduces scarcity to capital and anchors growth in credibility rather than limitless credit. It lets firms store earned energy equitably as a bearer asset, finance expansion with reduced counterparty risk, and settle instantly across the world. It collapses the cost of trust towards zero as anyone can hold it, no one can print it, and everyone can verify it, thus enabling a new era of credible finance. That is the meaning of digital capital. Not a speculative asset, but a public monetary good, which is stable ground for a world learning to value time again.
Ten31: Industrial Capitalists of the Digital Age
Ten31 invests where bitcoin meets production. Where energy, storage, compute, and security intersect with the neutrality of digital capital. We began with plumbing: Unchained securing custody, Strike moving value, Fold integrating commerce, and Mempool illuminating the chain. Each solved an institutional constraint and became new ground for others to build upon.
The next wave will not just use bitcoin but operate on it, treating bitcoin as both capital and operating infrastructure. Satoshi Energy pairs large energy loads with HPC and settles power invoices by the minute utilizing lightning. AnchorWatch insures custody for mitigating risk. Battery Finance pairs bitcoin with real-world collateral. Others will finance current projects by issuing bitcoin preferred shares and convertibles, raise dual-collateral loans, and use sat-grants as equity incentives. Their advantage will not come from speculation but from lowering costs versus peers still tied to debasement. Just as AWS abstracted compute, Google discovery, and Facebook attention, bitcoin abstracts credibility. Now that credibility is open source, the advantage shifts to those who can structure and steward it well. The optimal strategy is clear: exchange a small portion of today’s equity for digital capital while the option remains mispriced. The future belongs to those who preserve rather than print, whose assets appreciate in credibility as their operations scale.
What has emerged from Ten31 is not a portfolio but a compounding network effect. Compute, custody, energy, payments, and data infrastructure are converging around a single monetary truth: credibility is the final scarce resource. In a world where distribution and competence are abundant, the quality of capital decides who wins. The old economy was built on leverage against insider favors, while the new one will be built on equitable digital capital. Bitcoin does not replace market forces, it transforms them. It removes discretion that corrodes trust and replaces it with rules anyone can verify, thereby creating more trust than any policy regime can enforce.
The companies and capital allocators that understand this shift will not merely survive it, they will institutionalize it and thrive.