{"id":"kelvin-koh","title":"Kelvin Koh","content":"**Kelvin Koh** is the Co-Founder, Managing Partner, and Chief Investment Officer (CIO) of Spartan Group, a [blockchain](https://iq.wiki/wiki/blockchain) investment and advisory firm. Before entering the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) sector, Koh had an extensive career in traditional finance, most notably spending 18 years at Goldman Sachs, where he became a Partner and Director of Research. [\\[1\\]](#cite-id-nol5Q2duZd) [\\[2\\]](#cite-id-aJ1oHoku4G)\n\n## Education\n\nKoh attended the National University of Singapore from 1994 to 1997. He graduated with a Bachelor of Business Administration (BBA) with a specialization in Finance. [\\[3\\]](#cite-id-bt8gWjw6m1) [\\[4\\]](#cite-id-oBvsjwTpSo) [\\[11\\]](#cite-id-1djP5tu5UT)\n\n## Career\n\n### Traditional Finance\n\nKoh began his career as a research analyst at Goldman Sachs and remained with the investment bank for 18 years. During his tenure, he worked across the firm's offices in Singapore, Hong Kong, and Beijing, gaining expertise in Asian markets. He progressed through several senior roles, including Executive Director from 2002 to 2006 and Managing Director from 2007 to 2010, ultimately becoming a Partner and the firm's Director of Research. His work focused on financial analysis across various asset classes, , which served as a basis for working in the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) sector.\n\nAfter leaving Goldman Sachs, Koh transitioned to the hedge fund industry. From 2015 to 2017, he served as a Partner at Indus Capital Partners, an Asia-focused equity hedge fund that managed over $6.5 billion in assets at the time. In this role, he also held the position of China CIO. Following his time at Indus Capital, Koh was a Managing Partner at Trident Venture Partners, an early-stage venture capital firm.\n\nIn 2018, Koh co-founded The Spartan Group, a digital asset investment and advisory firm headquartered in Singapore and Hong Kong, alongside Melody He and Casper Johansen. He holds the titles of Co-Founder, Managing Partner, and Chief Investment Officer (CIO) of Spartan Capital, the group's asset management division. The firm was established by veterans from banking and hedge funds to provide advisory services for [blockchain](https://iq.wiki/wiki/blockchain) projects on fundraising and Asia expansion, as well as to make direct investments through its various funds.\n\nUnder Koh's leadership as CIO, Spartan Group launched several specialized funds. In June 2021, the firm launched a $110 million [DeFi](https://iq.wiki/wiki/defi) Venture Fund. By September 2022, this fund's assets were valued at $143 million, having backed 108 projects. Koh noted that the fund's return calculations included unrealized gains from locked and non-public tokens, which he described as standard practice for early-stage venture investments. In March 2022, the firm unveiled a $200 million [Metaverse](https://iq.wiki/wiki/metaverse) and Gaming Venture Fund. The firm also operates a liquid token fund, the Global [Blockchain](https://iq.wiki/wiki/blockchain) Opportunities Fund, which had $91 million in assets as of October 2022. In 2022, Spartan Group established Spartan Labs, a $100 million venture studio intended to co-build [Web3](https://iq.wiki/wiki/web3) projects. After its initial head departed in December 2022, Koh confirmed the studio was set to launch its first project in January 2023. [\\[8\\]](#cite-id-Rc308xzUbs) [\\[3\\]](#cite-id-bt8gWjw6m1) [\\[4\\]](#cite-id-oBvsjwTpSo) [\\[5\\]](#cite-id-gq2MPtCO08) [\\[6\\]](#cite-id-Xr2tTpRZgU) [\\[7\\]](#cite-id-am67M1o5s8) [\\[11\\]](#cite-id-1djP5tu5UT) [\\[12\\]](#cite-id-R4wc32o3cZ)\n\n## Achievements\n\nDuring his 18-year tenure at Goldman Sachs, Koh was recognized for his financial analysis. His research earned him top rankings from several financial industry publications and firms, including *Institutional Investor*, *AsiaMoney*, and Greenwich Associates. [\\[2\\]](#cite-id-aJ1oHoku4G) [\\[5\\]](#cite-id-gq2MPtCO08)\n\n## Investment Philosophy and Market Commentary\n\nKoh is a vocal proponent of the disruptive potential of [decentralized finance](https://iq.wiki/wiki/defi) (DeFi), with his public profile stating a belief that \"DeFi will eat up TradFi.\" He views the rise of [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) as a fundamental, world-changing event that facilitates a \"generational wealth transfer from the old to the young... from the establishment to the guys who dare to dream up a new world order.\" He advocates for a research-intensive investment approach, stating in a June 2020 post, \"Alpha should rightfully go to the people who put in the time and effort to find it.\" [\\[9\\]](#cite-id-wmZ3zZFlcl)\n\nThroughout his career in digital assets, Koh has provided public market commentary and predictions.\n\n* In November 2020, he criticized a May 2020 assessment from his former employer, Goldman Sachs, that deemed [Bitcoin](https://iq.wiki/wiki/bitcoin) unsuitable for clients, calling it \"one of the worst calls ever.\"\n* For 2021, he predicted [Bitcoin](https://iq.wiki/wiki/bitcoin) would reach $100,000, [Ethereum](https://iq.wiki/wiki/ethereum) would surpass its all-time high within six months, and [Polkadot](https://iq.wiki/wiki/polkadot) would become a top-five [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) by [market capitalization](https://iq.wiki/wiki/market-capitalization).\n* During a significant market downturn in May 2021, he drew parallels to a 2017 crash, noting that a 37% drop was previously followed by a substantial rally. By June 2021, he stated that the market was \"already in a bear market\" due to the magnitude of the correction.\n* In July 2021, he identified a market narrative shift away from [DeFi](https://iq.wiki/wiki/defi) and toward [blockchain](https://iq.wiki/wiki/blockchain) gaming, citing the user adoption of titles like [Axie Infinity](https://iq.wiki/wiki/axie-infinity).\n\nIn May 2025 commentary, Koh described the [Web3](https://iq.wiki/wiki/web3) gaming sector as \"very challenged\" and \"overlooked or under-owned\" by investors. He stated his belief that the sector required a \"big hit game\" to regain market attention and noted that Spartan Group was closely watching the development of games such as *Off the Grid*, *Maplestory Universe*, and *FIFA Rivals*. [\\[9\\]](#cite-id-wmZ3zZFlcl) [\\[10\\]](#cite-id-jOwAKGr4tP)\n\n## Notable Activities\n\nKoh is an active participant in the high-end [non-fungible token](https://iq.wiki/wiki/non-fungible-token-nft) (NFT) market. In February 2023, he announced the acquisition of \"CLUTCHES,\" a digital artwork by the crypto artist XCOPY. The purchase was made for 250 ETH, which was valued at approximately $422,697 at the time of the transaction. [\\[9\\]](#cite-id-wmZ3zZFlcl)\n\n## Interviews\n\n### Token 2049 and Web3 Outlook #01\n\nIn an interview with White Crypto on October 13, 2022, Kelvin Koh outlined his views on the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) sector and the development of [Web3](https://iq.wiki/wiki/web3) initiatives. He described Asia as a region with conditions that favor the adoption of [blockchain](https://iq.wiki/wiki/blockchain)-based solutions, citing its large population of digitally active youth and financial systems that are less developed compared to Western markets.\n$$widget0 [YOUTUBE@VID](https://youtube.com/watch?v=2DdNWvUWDtk)$$\nKoh observed that regulatory approaches in Asia are becoming more defined, with authorities seeking to encourage innovation while addressing potential risks. He identified areas such as gaming, the [metaverse](https://iq.wiki/wiki/metaverse), and [blockchain](https://iq.wiki/wiki/blockchain) applications in sports as fields with potential to expand user participation. He also remarked on the broader role of [non-fungible tokens](https://iq.wiki/wiki/non-fungible-token-nft) (NFTs), noting their applications beyond digital collectibles, including use cases in asset ownership and membership systems.\n\nRegarding investment criteria, Koh emphasized the relevance of team capabilities, market size, competitive positioning, and clear distribution strategies. He suggested that the downturn in the crypto market, commonly referred to as a “crypto winter”, could create entry points for investment, with possible recovery connected to developments such as [Ethereum’s](https://iq.wiki/wiki/ethereum) network upgrades and the [Bitcoin](https://iq.wiki/wiki/bitcoin) [halving](https://iq.wiki/wiki/halving) scheduled for 2024.\n\nHe further mentioned that Spartan has been involved with projects in Asia, including ventures related to gaming, alternative sports formats, and “move-to-earn” platforms. These, in his assessment, illustrate approaches that seek to connect [blockchain](https://iq.wiki/wiki/blockchain) technologies with broader consumer bases through established digital activities. [\\[14\\]](#cite-id-VINBaUohUW)\n\n### Navigating the Crypto Space #02\n\nOn October 10, 2024, Kelvin Koh participated in an interview on the Beyond Bitcoin YouTube channel with host Derek Graham. During the discussion, Koh presented his perspective on investment approaches within the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) sector, with emphasis on [Web3](https://iq.wiki/wiki/web3) and [decentralized finance](https://iq.wiki/wiki/defi) (DeFi). He stated that effective evaluation of projects involves differentiating short-term price movements from longer-term value indicators, including adoption rates, user growth, and [total value locked](https://iq.wiki/wiki/tvl) (TVL).\n$$widget0 [YOUTUBE@VID](https://youtube.com/watch?v=-w4CWUyvBhc)$$\nKoh described Spartan Capital’s dual structure of hedge funds and venture funds, which provides exposure to both liquid markets and early-stage ventures. Drawing on his background in traditional finance, he noted that risk management is central to the firm’s strategy, addressing factors such as portfolio concentration, liquidity, macroeconomic developments, and regulatory considerations.\n\nHe drew parallels between the early stages of [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) markets and historical developments in emerging market equities, citing high volatility and fragmentation as defining characteristics. Koh also indicated that conventional valuation models can be adapted to crypto assets, particularly [Layer 1](https://iq.wiki/wiki/layer-1) networks and [DeFi](https://iq.wiki/wiki/defi) protocols, when adjusted to account for features such as community participation and network activity.\n\nThe conversation further covered the potential expansion of tokenization, with Koh suggesting that assets such as equities, real estate, and art may eventually be integrated into [blockchain](https://iq.wiki/wiki/blockchain)-based systems. He also commented on the changing composition of crypto investors, pointing out that institutional involvement remains limited due to regulatory uncertainty, while retail investors currently have access to early-stage opportunities. In his remarks, he stressed the importance of risk control, discipline, and informed decision-making when participating in the sector. [\\[13\\]](#cite-id-02ZrRznZVO)","summary":"Kelvin Koh is the Co-Founder, Managing Partner, and CIO of The Spartan Group, a crypto investment firm. 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