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Belem Capital is a Luxembourg-based digital asset investment platform and solution partner for professional and institutional investors. The platform is built around a core team with more than five years of operating history and experience managing digital-asset strategies at multi-billion-dollar scale, under institutional-grade risk, custody, and governance frameworks.
Belem Capital delivers consistent, low-volatility, and uncorrelated returns from digital markets - without direct exposure to volatility or technical complexity - backed by institutional risk management, regulatory oversight, and monthly liquidity.
Belem captures yield from inefficiencies in blockchain-based financial systems through four strategies: liquidity provisioning, market-making, arbitrage, and liquidation harvesting. Originally deployed through Segregated Managed Accounts, these strategies have been available via dedicated fund share classes since April 2025, each denominated in the corresponding asset and offering access to a portfolio combining those strategies.
USDC Share Class - Built on fully regulated USD stablecoins, targeting absolute returns in USD terms.
ETH Share Class - For investors holding or allocating to Ethereum; aims to grow ETH-denominated exposure.
BTC Share Class - For Bitcoin holders or FIAT allocators seeking BTC exposure and yield.
Since inception, Belem Capital has delivered positive net returns every quarter, including during periods of market stress.
Liquid strategies for Institutional Investors
Ex: LFV des Vosges Investments, Capgemini
Ed: Hult, MBA ,
ESILV Msc. Computer Science, EPFL
Ex: ESL Investments, Association Familiale Mulliez, W3i Blockchain fund
Ed: Msc, Management, Sorbonne University
Harvard Business School core executive
Ex: BNP, EY, UBS, Soc. Générale
Ed: Msc. Finance, ESSEC,
Msc.
Computer Science, Mines-Telecom
Ex: Soc. Générale, Jarvis
Ed: Msc. Finance, Shanghai Uni.
Ex: Soc. Générale, KPMG
Ed: Msc. Computer Science, Ingetis
Ex: Losless.io
Ed: Bsc. Economics, ISM Uni.
Ed: HEC Paris
Ed: Paris X Dauphine University
Ex: Head of Equities & Derivatives APAC at Société Générale.
Ed: EM Lyon
Ex: Bear Stearns, Andante Partners, W3i Blockchain Fund
Ed: Bsc Mathematics, Edinburgh Uni.
Ex: Nokia, Madvertise,
W3i Blockchain Fund
Ed: Bsc. Economics, ICADE Madrid
The Total Value Locked (TVL) in DeFi protocols — a metric akin to Assets Under Management (AUM) in traditional finance — has seen substantial increases with a global TVL reaching approximately $275B in January 2026.
Since 2020, DeFi has experienced significant growth, positioning itself as a notable segment within the financial industry.
It has generated more than $30B of cumulated income over the last 5 years, primarily through fees associated with various services provided by market participants, such as market-makers, lenders, and borrowers.
Total Value Locked in DeFi protocols
Monthly DeFi fees across all DeFi protocols
Since 2020, our exclusive asset management team has established as a leader in the DeFi space with the strongest track-record in the sector.
Belem Capital strategies are operatedby a technology-driven asset management team led by the fund's co-founding General Partners,
with a five-year track record and over $1B in digital assets under management and custody
AUM
$2M
Team Members
2
AUM
$4M
Team Members
4
AUM
$25M
Team Members
8
AUM
$100M
Team Members
10
AUM
$500M
Team Members
15
AUM
$1Bn
Team Members
18
AuM Growth (digital assets deployed on-chain)
AuM
$2M
Team Members
4
MEV Capital becomes one of the first EU-regulated on-chain digital asset manager
Launch its first stablecoin-denominated strategy
AuM
$4M
Team Members
4
On-board first notable clients: HNWI’s, European FO’s, Funds of funds through Segregated Managed Accounts (SMAs)
AuM
$25M
Team Members
8
Creation of an ISIN registered note with MAREX solutions
Launch its ETH-denominated strategy
AuM
$100M
Team Members
10
Number of clients >30
MEV capital top 5 liquidity providers on DeFi protocols.
AuM
$500M
Team Members
15
Number of clients >50
AuM x 5 YoY
Launch its BTC-denominated strategy
AuM
$1B+
Team Members
18
Scaling of the vaults curation activity
Launch its first SOL-denominated strategy
Co-founds Belem Capital, an institutional-grade Luxembourg AIF vehicle
No need to manage private keys, smart contract interactions, or on-chain operations. The fund simplifies access to DeFi yield.
Transparent fund reporting, administration by Caibuo Capital - a leading AIFM independent investment fund services provider in Luxembourg - and fully regulated oversight streamline investment management.
No operational burden on investors; the fund enables efficient capital allocation with simplified onboarding and monthly liquidity options.
Name
Belem Capital
ISIN
LU3048151081 (USDC), LU3048150943 (BTC), LU3048151164 (ETH)
Fund structure
Luxembourg AIF (B294863)
Investor type
Accredited Investor
Underlying assets
BTC, ETH, USDC
Reference currency
EUR
Fund strategy
Extract Yield and capitalize on market inefficiencies across DeFi Protocols
Investment style
Opportunistic, Data-Driven, Active
Subscription / Redemption
Monthly
NAV
Monthly
Performance objective
9-20% average APY
Minimum commitment
250,000 EUR
Accepted currencies
EUR, USD, CHF, GBP, BTC, ETH, USDC
Fee structure (%)
2/20 with High Water-Mark
Profit tax
Transparent for client
Auditor
Auren Luxembourg
Custodian
Fordefi institutional MPC wallet
Fund Administrators
Caibuo Capital, NAV Fund Services
Depositary bank
Swissquote, Ebury Santander Group Luxembourg
Decentralized Finance (DeFi) offers unparalleled transparency, accessibility, and competitive yield without reliance on traditional intermediaries...
Luxembourg, 1 October 2025
MEV Capital, General Partner and exclusive asset manager of Belem Capital, to oversee Société Générale-Forge’s stablecoin operations within the decentralized-finance ecosystem.
Luxembourg, 30 Septembre 2025
Stanislas de Maistre, General Partner at Belem Capital, returned to BFM Business to detail the firm's significant Q3 progress, highlighted by the partnership between MEV Capital (GP of the fund) with Société Générale-Forge and the growing attractiveness of the fund to major names of the banking industry.
Paris, 29 Septembre 2025
Belem Capital is a Special Limited Partnership based in Grand Duchy of Luxembourg, under registration with the Register of Commerce and Corporations, with head office located 152 Boulevard de la Pétrusse, L-2330 Luxembourg.
152 Boulevard de la Pétrusse, L-2330 Luxembourg. RCS: B294863
Disclaimer
The content of this website is not intended for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”)) other than persons who are “qualified purchasers” (as defined in the United States Investment Company Act of 1940, as amended) and/or “accredited investors” (as defined in Rule 501(a) under the Securities Act).
Information in relation to BELEM CAPITAL is available through this website to institutional, professional and well-informed investors only. This website is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.
Under no circumstances should any material at this website be used or considered as an offer to sell or a solicitation of any offer to buy securities, any other instruments or interests of any fund (described below), whether or not sponsored or managed by belem capital. in particular, this website is not intended as marketing of any fund in any member state of the european economic area for the purposes of the eu directive 2011/61/eu on alternative investment fund managers.
Any such offer or solicitation can and will be made only by means of the prospectus or explanatory memorandum of each such investment fund or other applicable document, only in jurisdictions in which such an offer would be lawful and only to individuals who meet the investor suitability and sophistication requirements that are determined from time to time by belem capital in its sole and absolute discretion.
Access to Belem Capital's investment products may be restricted in certain jurisdictions. It is the investor’s responsibility to ensure compliance with applicable laws and regulations in their country of residence.
© 2025 Belem Capital. All rights reserved.
