Big Ambitions, Small Errors
When you’ve got some of the best minds working together and quite literally aiming for the stars, what could hold them back? A complex “Millenium Prize” problem, perhaps? Well, as it turns out, it was the tiniest of errors – one a sharp primary student might catch – that brought an entire space program crashing down!
On December 11, 1998, NASA mission launched The Mars Climate Orbiter. Its purpose was to relay communications for the Mars Polar Lander and gather data on the Red Planet’s weather and surface conditions. But after travelling over 400 million miles from Earth, on September 23, 1999, as the spacecraft attempted to enter Mars’ orbit it descended too low and was destroyed by the planet’s atmosphere.
The total cost of the Mars Climate Orbiter mission was $125 million, but the greater loss was the disruption in NASA’s Mars exploration program. It was meant to relay communications for the Mars Polar Lander, which later failed, leaving NASA without critical data for its Mars studies.
The culprit? A simple unit conversion error was attributable to miscommunication between two teams. Lockheed Martin, responsible for building the spacecraft, used imperial units (pounds of force), while NASA’s Jet Propulsion Laboratory, which managed the navigation, used metric units (newtons). The discrepancy caused the orbiter to fly dangerously close to Mars’ surface—35 miles instead of the planned 87–93 miles—leading to its destruction.
This story is a powerful reminder of the value of attention to detail. While focusing on the big picture is essential, small missteps can lead to serious consequences. As Steve Jobs famously said, “Details matter. It’s worth waiting to get it right.” In investing, that small detail others miss often helps identify the elusive multi-bagger.
On that note, hope you are all enjoying the post-election market run, and maybe this upcoming weekend, take a step back and ask yourself: where in your life could a bit more attention to “imperial vs metric” lead to outsized rewards?
Market Highlights
The crypto landscape has seen a remarkable surge in activity and adoption over the past year. In September, blockchain activity hit a record high, with over 220 million unique addresses engaging with various networks—a figure that has more than tripled since December of last year. This unprecedented growth reflects the increasing legitimacy and appeal of digital assets, drawing more investors each month. Notably, more than 90% of central banks are now either exploring or actively developing digital currencies, signaling a commitment to integrating digital assets into the global financial system and paving the way for greater stability in the sector.
The U.S. election on November 5 has further bolstered the outlook for crypto, with a new Congress that leans significantly pro-crypto: 263 representatives in the House and 18 senators have signaled their support for crypto initiatives. This shift has fueled optimism for regulatory changes that could benefit the industry, resulting in early gains for tokens previously affected by SEC actions. Additionally, decentralized finance (DeFi) is gaining renewed investor interest, with many seeing it as poised for substantial liquidity growth.
Looking forward, experts anticipate a favorable economic environment for crypto, supported by projected growth and fiscal measures that could boost USD liquidity and encourage investment. The early November market already reflects the impact of these factors. In the first 11 days, Bitcoin (BTC) reached a historic milestone, breaking $89,000, while Ethereum (ETH) saw substantial gains as well. These developments underscore the potential for continued growth into the new year. Exchange-traded funds (ETFs) have also become a driving force in the crypto market. Global ETF assets are expected to reach $14 trillion by the end of the year, with the iShares Bitcoin Trust (IBIT) setting records as the most successful ETF launch in history, amassing
$21.5 billion in assets in just seven months. With the support of a pro-crypto administration, ETFs are positioned to play a transformative role in the future of the digital asset space.
Our Performance
Despite the peaks and valleys experienced in the world of digital investing over the past year, our funds have maintained strong positive trends on all fronts.
Our Blue-Chip portfolio has netted a rate of return slightly over 60% in the past 12 months. This has coincided with a valuation of over $1.1 million for our limited partner capital within this fund. Our Value and Gaming & RWA funds have also experienced increasingly positive returns in the past 12 months, coming in at 120% and 178%, respectively. The value of our limited partner capital has also risen to $900K for both funds.
We project that these valuations will only continue to improve, specifically due to the recent surge in Bitcoin value. With BTC being the flagbearer in the crypto world, other assets follow similar patterns in the months following big shifts. Our funds are diverse, and we use multiple styles of thinking and innovation to ensure their success. We confidently expect their value to ascend in a similar way to what BTC has just experienced.
Asset Highlights
We are strong believers in the potential of alternative coins. With a pro-crypto administration on the horizon, the debate around whether coins beyond Ethereum and Bitcoin have staying power may soon be laid to rest. Experts are increasingly optimistic about a possible “alt-coin mega run,” and we are well-positioned to benefit. Our Bluechip portfolio maintains sufficient exposure to leading altcoins, while our Value and Gaming & RWA portfolios emphasize altcoin investments to capture early value and maximize gains in the months and years ahead.
Historically, the crypto cycle has followed a pattern where Bitcoin leads, stabilizes, and is then followed by an amplified altcoin rally. Given Bitcoin’s current momentum, we are hopeful for a strong altcoin run in the near future. Our investment in Solana ($SOL) reflects this outlook. As the third most profitable crypto sector—following stablecoins and layer-1 network fees—Solana’s performance has been exceptional. In recent months, we have steadily increased our position in Solana, expecting medium- to long-term growth as it continues to strengthen its unique role in the crypto ecosystem.
Goldfinch Protocol ($GFI) is another key altcoin within our Value and Gaming & RWA portfolios. With projections for 2025 estimating its value between $4.08 and $4.83, we are optimistic about its potential growth. Meanwhile, Solana’s price surged over 33% in the first 11 days of November alone, fueling expectations it could reach $250 by the end of 2024.6
Lastly, Render ($RNDR) stands out as a highly regarded asset in the industry. At Myrtle Nexgen, we identified Render’s potential early on and continue to hold a significant position, confident in its long-term prospects.
As the crypto industry turns a new chapter, we are excited about the future of the digital asset sector and the next phase of growth for our three funds.
