Dan Tapiero, chief executive and chief investment officer of crypto growth equity firm 50T Funds, has turned down more than 400 crypto equity deals over the past six years, according to comments he made in an interview published on Thursday, November 12.

Tapiero framed the high rejection rate as a matter of valuation discipline. "Deploy capital at anything other than a reasonable price against revenue," he said, indicating that the entry price relative to a company's revenue is a central condition for any investment his firm makes.

Spread across six years, the tally averages out to roughly 70 declined deals per year — a quantified measure of how selective an established crypto growth equity manager can be when gating capital deployment on fundamentals such as revenue.

Growth equity investing in the digital asset sector typically involves taking stakes in private, revenue-generating companies at mid- to later stages of development. In this approach, entry valuation relative to fundamentals is widely regarded as a decisive driver of long-term outcomes, a principle Tapiero emphasized in his remarks. His price-against-revenue condition also reflects a valuation yardstick used across growth equity more broadly, where revenue multiples serve as a common reference point for pricing expansion-stage private companies.

Tapiero is a veteran macro investor who previously co-founded 10T Holdings, a growth equity firm focused on private companies in the digital asset ecosystem, and now leads 50T Funds, which applies a comparable growth equity strategy to the crypto sector.

This content was first published on COINOTAG.